MS HB1241

Authorizes the Mississippi Fair Commission to accept donations, including funds to be awarded as prizes in livestock competitions.

Gives the Commission full control over the State Fairgrounds in Jackson, Mississippi, including all buildings and improvements, and authority to hold the annual Mississippi State Fair and other approved events.

Permits commercial, charitable, or governmental entities to pay for naming rights on fairground buildings, improvements, objects, or events, with proceeds used for capital improvements or operating budget.

Authorizes the Commission chairman to establish a private foundation or nonprofit corporation to receive and disburse funds from naming rights and donations, subject to state audits and reporting requirements.

Allows the Commission to enter into lease or right-of-way agreements with third parties for fairground lands or buildings, with resulting funds retained in a special fund for capital improvements or operations; effective July 1, 2014.