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MS HB1287
Bill
Status
2/2/2021
Primary Sponsor
Manly Barton
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AI Summary
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Amends Mississippi Code Section 29-3-63 to allow boards of education to lease or extend leases on sixteenth section land classified as industrial, commercial, or recreational to municipalities or counties at rental rates below the standard five percent minimum of current market value.
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The reduced rental rate applies only when the municipality or county uses the leased land for a public purpose.
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Maintains the existing five percent minimum rental requirement for industrial and commercial land when leased to private parties or non-governmental entities.
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Takes effect July 1, 2021.
Legislative Description
Sixteenth section land; authorize leasing of certain classified land to cities/counties for less than minimum percentage of market value.
Last Action
Died In Committee
2/2/2021