MS HB1148

Designates submerged logs on public trust tidelands and submerged lands as property of the State of Mississippi that cannot be removed without Secretary of State approval through a leasehold agreement.

Requires lessees to pay an appraised leasehold interest for use of the removal area plus 15% of the stumpage value received from removed logs.

Mandates the Secretary of State to require a performance bond from lessees with conditions to ensure compliance with leasehold agreement terms.

Directs all funds derived from submerged log removal leases to be paid to the school district where the tidelands or submerged lands are located for expenditure under the same purposes as sixteenth section land funds.

Takes effect July 1, 2019, and authorizes the Secretary of State to adopt necessary rules for implementation under the Administrative Procedures Law.