AN ACT TO PROVIDE THAT SUBMERGED LOGS SHALL NOT BE REMOVED FROM PUBLIC TRUST TIDELANDS OR SUBMERGED LANDS FOR COMMERCIAL PURPOSES UNLESS APPROVED BY THE OFFICE OF THE SECRETARY OF STATE THROUGH A PUBLIC TRUST TIDELANDS LEASE WITH THE STATE OF MISSISSIPPI, BY AND THROUGH THE SECRETARY OF STATE, THAT AUTHORIZES THE REMOVAL OF SUBMERGED LOGS WITHIN A SPECIFIED AREA AND FOR A SPECIFIED LENGTH OF TIME; TO PROVIDE THAT THE LESSEE SHALL PAY TO THE SECRETARY OF STATE AN APPRAISED LEASEHOLD INTEREST FOR USE OF THE REMOVAL AREA AS SET FORTH IN THE LEASEHOLD AGREEMENT PLUS 15% OF THE STUMPAGE VALUE RECEIVED BY THE LESSEE FROM THE RECOVERED SUBMERGED LOGS; TO REQUIRE LESSEES TO POST A PERFORMANCE BOND TO ENSURE COMPLIANCE WITH THE CONDITIONS AND LIMITATIONS SET FORTH IN THE LEASEHOLD AGREEMENT; TO PROVIDE THAT THE SECRETARY OF STATE SHALL ALLOCATE AND PAY ANY FUNDS DERIVED FROM THE PUBLIC TRUST TIDELANDS LEASE FOR THE RECOVERY AND SALE OF SUBMERGED LOGS TO THE PUBLIC TRUST TIDELANDS FUND; AND FOR RELATED PURPOSES.