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MS SB2410
Bill
AI Summary
- Allows boards of education to include rent escalation clauses or similar devices in sixteenth section land contracts to adjust rental amounts during the lease term
- Prohibits rental adjustments from exceeding the fair market rental value of the land, excluding improvements, as of the rental adjustment dates
- Maintains existing requirement that lessees with improvements constructed before July 1, 1978 cannot be charged for those improvements in successive lease periods unless the original lease specifies otherwise
- Takes effect July 1, 2024
Legislative Description
16th Section Lands, prohibit rent escalation from exceeding fair market value of land.
Last Action
Died In Committee
3/5/2024
Committee Referrals
Education2/16/2024
Full Bill Text
No bill text available