MS HB1199

Authorizes the Department of Finance and Administration to sell or lease a 40.44-acre parcel of state-owned property in Lamar County under the control of the University of Southern Mississippi.

Requires any sale to occur at not less than fair market value as determined by averaging two independent appraisals from Mississippi-certified appraisers.

Permits the University of Southern Mississippi to negotiate lease terms with Board of Trustees approval, with lease agreements not to exceed 40 years and not subject to cancellation by successor boards.

Retains all mineral rights to the property for the state regardless of whether the property is sold or leased.

Allows the Department of Finance and Administration to recover transaction costs from sale or lease proceeds, with net proceeds deposited into a special fund for the exclusive benefit of the University of Southern Mississippi.