MS SB2527

Authorizes the Department of Finance and Administration to sell or lease state-owned property under University of Southern Mississippi's control in Harrison County, located in Section 7, Township 8 South, Range 12 West along Bayou Portage

Requires any sale price to be at least the fair market value determined by averaging two appraisals from certified appraisers licensed by the Mississippi Real Estate Appraiser Licensing and Certification Board

Permits leases up to 40 years, with USM and the Board of Trustees of State Institutions of Higher Learning authorized to negotiate lease terms; leases cannot be cancelled by successor boards

State of Mississippi retains all mineral rights to the property whether sold or leased

Net proceeds from any sale or lease must be deposited into a special State Treasury fund and used exclusively for the benefit of USM's Gulf Park Campus, after DFA recovers its transaction costs