The bill amends R.S. 17:3351(A)(9) to grant the Board of Supervisors of Louisiana State University and Agricultural and Mechanical College the authority to purchase, sell, transfer, or exchange immovable property under specific conditions. These conditions include that the property must be located entirely within East Baton Rouge Parish, not more than one mile from other university-owned properties, and that any transactions must reflect the appraised fair market value. Additionally, the board is required to notify the state land office within five business days of any transaction and must reserve mineral rights for the state when selling property.

The authority granted to the board is set to expire on August 1, 2028, and any transactions approved by the board prior to the effective date of this amendment are ratified. This legislative change aims to streamline the process for the university in managing its real estate assets while ensuring compliance with fair market value assessments and state regulations.

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