MS SB2786

Authorizes the Department of Finance and Administration to lease Mississippi State Penitentiary land for power generation projects, commercial projects, or industrial projects for up to 40 years combined with renewals, with approval from the Governor, Secretary of State, and Commissioner of Corrections.

Requires all leases to include periodic rent adjustments, decommissioning and restoration bonds, and reserves oil, gas, and mineral rights to the State of Mississippi.

Directs 15% of monies derived from leasing penitentiary land under the new power generation and commercial lease provisions to be distributed annually to public schools in Sunflower County on a student pro rata basis.

Deposits all remaining lease revenues from penitentiary land into the Prison Agricultural Enterprise Fund to conduct, operate, and manage agricultural and nonagricultural enterprises of the Department of Corrections.

Takes effect July 1, 2012.