MS HB1536

Clarifies that local school boards and the Secretary of State are joint trustees of sixteenth section school lands and lands granted in lieu thereof within their respective school districts.

Allows local school boards to sell sixteenth section lands for industrial development at fair market value with Secretary of State approval and county board of supervisors concurrence.

Permits sale of mineral rights on sixteenth section lands designated as part of an economic development project under House Bill No. 1 (2016 First Extraordinary Session), with minerals reverting to the State if commercial production does not begin by December 31, 2022, or if the enterprise defaults on payment obligations.

Requires the local school board to retain a royalty interest of at least 25% in all minerals produced and receive a nonrefundable down payment from the purchaser by March 31, 2016, with completion of sale by September 30, 2016.

Replaces references to the Mississippi Agricultural and Industrial Board with the Secretary of State as the approving authority for sixteenth section land transactions.