MS HB877

Amends Section 1, Chapter 451, Laws of 2022, to clarify the University of Southern Mississippi's authority to negotiate insurance agreements for leased and subleased property at the Mississippi State Port Authority in Gulfport.

Authorizes the University of Southern Mississippi, with Board of Trustees approval, to include insurance agreements and ancillary terms in lease and sublease negotiations to protect against loss or damage to the property.

Permits the University of Southern Mississippi to insure such property, but does not require it to do so.

Maintains existing lease and sublease provisions that limit terms to forty (40) years maximum and prevent cancellation by successor boards under the binding successor doctrine.