MS SB2870

Board of Trustees of State Institutions of Higher Learning authorized to enter into long-term services agreement with private or nonprofit entities for operation, repairs, maintenance, or capital improvements of University of Southern Mississippi utility systems for up to 50 years.

Services agreement defined as personal service contract exempt from standard state procurement requirements under Mississippi Code Section 31-7-13.

Approved services agreements protected from cancellation by successor boards under the binding successor doctrine.

University must deposit upfront consideration exceeding near-term capital expenditure needs into a separate fund, with principal held until agreement expiration and available only for interest and investment earnings until the 50-year term ends.

University utility system property remains exempt from ad valorem taxation and assessments; all operations revert to the university upon agreement termination.