MS SB2034

Presumes leases of sixteenth section lands executed by school boards are valid without requiring Secretary of State approval; Secretary of State may only challenge validity by filing a chancery court action within 30 days demonstrating the lease is unconscionable or invalid.

Grants board members acting in good faith immunity from individual liability for entering into such leases and requires school boards to notify the Secretary of State within 10 days of lease execution.

Requires appraisals of certain sixteenth section lands every 5 years and authorizes school boards to charge leaseholders for the cost of the first appraisal only, not subsequent ones.

Removes the Secretary of State's authority to reclassify sixteenth section lands on their own motion, leaving that authority solely with local school boards, and establishes a tribunal consisting of the Attorney General and State Auditor to hear classification disputes.

Authorizes leaseholders to assign or sublease their leases at their own discretion and requires designation of a Sixteenth Section Land Manager by each school district superintendent.