Senate Bill No. 518, introduced by Senator Foil, amends R.S. 17:3351(A)(9) to grant the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College (LSU) the authority to buy, sell, transfer, or exchange immovable property under specific conditions. The bill allows these transactions only for properties located within East Baton Rouge Parish and no more than one mile from other LSU properties. Additionally, the purchase price for acquired properties must not exceed their appraised fair market value, while sales must be at or above fair market value, with mineral rights reserved for the state. The board is also required to notify the state land office of any transactions within five business days.

The proposed law retains existing provisions regarding the powers of postsecondary education management boards while providing exceptions for LSU's property transactions. It also includes a ratification clause for previous transactions conducted under the new authority and establishes a sunset provision, terminating the board's authority on August 1, 2028. The bill is set to take effect on August 1, 2026.

Statutes affected:
SB518 Original: 17:3351(A)(9)
SB518 Engrossed: 17:3351(A)(9)
SB518 Reengrossed: 17:3351(A)(9)