MS HB866

Authorizes the Department of Finance and Administration to sell state-owned real property under control of the University of Southern Mississippi Gulf Coast located in Long Beach, Harrison County, Mississippi.

Requires the property be sold for no less than fair market value as determined by averaging at least two appraisals from qualified, licensed Mississippi appraisers.

Restricts sale to nonprofit entities located adjacent to the property with which the university has already begun negotiations.

Requires the State of Mississippi to retain all mineral rights to the sold property.

Directs all proceeds from the sale to be deposited into a special fund and expended only for the benefit of the University of Southern Mississippi Gulf Coast; effective July 1, 2012.