MS SB2829

Department of Finance and Administration authorized to accept all right, title, and interest in approximately 293.9 acres of real property from the Tennessee Valley Authority located in Tishomingo County, Mississippi, to be titled to the State of Mississippi for benefit of the Mississippi Development Authority.

Tennessee Valley Authority's outstanding indebtedness on the property is forgiven as a condition of acceptance, and a Phase I environmental assessment must be completed and submitted to the Mississippi Development Authority prior to execution of any deed.

State of Mississippi agrees to indemnify and hold harmless the Tennessee Valley Authority from all liabilities arising from the environmental condition of the property.

Mississippi Development Authority may donate or sell portions of the property for industrial purposes at not less than current fair market value as determined by averaging at least two qualified appraisals.

Funds received from sales and conveyances, plus tax revenues collected on the property (except school support taxes), shall be paid to the Yellow Creek State Inland Port Authority for equipment or facilities necessary to port operations.