MS HB1541

Authorizes the Board of Trustees of State Institutions of Higher Learning to enter into a long-term services agreement on behalf of the University of Southern Mississippi for operation, repairs, maintenance, and/or capital improvements of the university utility system for up to 50 years.

Exempts the services agreement from standard procurement requirements under Section 31-7-13 and classifies it as a personal service contract.

Protects approved services agreements from cancellation by successor boards under the binding successor doctrine.

Grants the university authority to negotiate all agreement terms and conditions, pledge the private or nonprofit entity's interest to secure obligations, and apply all proceeds and revenues according to contract terms.

Returns operation, repair, maintenance, and capital improvement responsibilities of the utility system to the university at the end of the agreement term and exempts utility system property and materials from ad valorem taxation.