MS HB1280

Leases of sixteenth section school lands executed by local school boards are presumed valid without requiring Secretary of State approval; school boards must notify the Secretary of State within 10 days of lease execution

Secretary of State must file an objection in chancery court within 30 days of notification and prove by clear and convincing evidence that a lease is unconscionable or invalid; school board members acting in good faith are immune from individual liability

Former leaseholders of sixteenth section land reclassified from farm residential to forest land within the previous 5 years may opt to re-lease the land as farm residential at fair market rental value determined by appraisal

Allows leaseholders of farm residential sixteenth section lands to transfer their leasehold interest without seeking permission or approval from the board of education

Maintains existing lease terms including maximum 40-year leases for most classifications, 99-year leases for qualifying churches, and required rent adjustments every 10 years for non-residential properties