AN ACT TO AMEND SECTION 29-3-63, MISSISSIPPI CODE OF 1972, TO PROVIDE THAT IF A BOARD OF EDUCATION LEASES OR EXTENDS A LEASE ON SIXTEENTH SECTION LAND THAT IS CLASSIFIED AS INDUSTRIAL, COMMERCIAL OR RECREATIONAL WITH THE GOVERNING AUTHORITIES OF ANY MUNICIPALITY OR COUNTY, THEN THE BOARD MAY LEASE OR EXTEND THE LEASE FOR LESS THAN THE MINIMUM ACCEPTABLE PERCENTAGE, WHICH IS FIVE PERCENT OF THE CURRENT MARKET VALUE, AS LONG AS THE LEASE OF THE LAND IS UTILIZED BY THE GOVERNING AUTHORITIES FOR A PUBLIC PURPOSE; AND FOR RELATED PURPOSES.

Statutes affected:
As Introduced: 29-3-63
As Passed by the House: 29-3-63