University of Southern Mississippi; authorize to sell or enter long term lease for use of university property., the official text

MISSISSIPPI LEGISLATURE

2026 Regular Session

To: Universities and Colleges

By: Representatives McGee, Foster

House Bill 1488

(As Sent to Governor)

AN ACT TO AMEND SECTION 1, CHAPTER 445, LAWS OF 2016, WHICH
AUTHORIZES THE DEPARTMENT OF FINANCE AND ADMINISTRATION, ACTING ON BEHALF OF
THE BOARD OF TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING, TO SELL AND
CONVEY OR LEASE PARCELS OF CERTAIN STATE-OWNED REAL PROPERTY AND ANY
IMPROVEMENTS THEREON UNDER THE POSSESSION AND CONTROL OF THE UNIVERSITY OF
SOUTHERN MISSISSIPPI, TO PROVIDE THAT THE DEPARTMENT OF FINANCE AND
ADMINISTRATION IS ENTITLED TO DEFER TO THE RECOMMENDATION OF THE UNIVERSITY OF
SOUTHERN MISSISSIPPI FOR THE TERMS OF THE SALE UPON APPROVAL OF THE BOARD OF
TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING; TO REQUIRE EACH PUBLIC
POSTSECONDARY EDUCATIONAL INSTITUTION TO SUBMIT A REPORT TO THE BOARD OF
TRUSTEES OF STATE INSTITUTIONS OF HIGHER LEARNING OR THE MISSISSIPPI COMMUNITY
COLLEGE BOARD, AS APPROPRIATE FOR THE RESPECTIVE GOVERNING BOARD, DETAILING THE
POSTSECONDARY EDUCATIONAL INSTITUTION'S FINANCIAL LITERACY EDUCATION ACTIVITIES
CONDUCTED DURING THE MOST RECENTLY COMPLETED ACADEMIC YEAR BY OCTOBER 1, 2026;
TO REQUIRE THE BOARDS TO COMPILE THE REPORTS RECEIVED INTO A CONSOLIDATED
REPORT TO BE PRESENTED TO THE CHAIRPERSONS OF THE HOUSE AND SENATE UNIVERSITIES
AND COLLEGES COMMITTEE BY NOVEMBER 1, 2026; TO SPECIFY THE COMPONENTS REQUIRED TO
BE INCLUDED IN THE CONSOLIDATED REPORT BY IDENTIFYING WHICH FINANCIAL LITERACY
CONCEPTS ARE ADDRESSED THROUGH ITS FINANCIAL LITERARY EDUCATION ACTIVITIES; AND
FOR RELATED PURPOSES.

BE IT ENACTED BY THE
LEGISLATURE OF THE STATE OF MISSISSIPPI:

SECTION 1.  Section
1, Chapter 445, Laws of 2016, is amended as follows:

Section 1.  (1)  The
Department of Finance and Administration, in consultation with the Board of
Trustees of State Institutions of Higher Learning, is authorized to sell and
convey or lease all or portions of the parcels of certain state-owned real
property and any improvements thereon under the possession and control of the
University of Southern Mississippi, located in Forrest County, Mississippi, and
more particularly described as follows:

The following
described property situated in Forrest County, Mississippi to wit:  South 1/2
of Northeast 1/4 and Southeast 1/4 Section 35 and West 1/2 of West 1/2 and
Southeast 1/4 of Northwest 1/4 and Northeast 1/4 of Southwest 1/4 Section 36 in
Township 5 North range 14 West at St Stephens Meridian and containing 480 acres
more or less, and commence at a 4" x 4" concrete monument at the
Southeast Corner of the NE 1/4 of the NW 1/4 of Section 36, Township 5 North,
range 14 West, Forrest County, Mississippi, and run South 89 degrees 09 minutes
27 seconds West for 660.35 feet to a 1/2 inch rebar and the POINT OF BEGINNING,
from the POINT OF BEGINNING continue South 89 degrees 09 minutes 27 seconds
West for 660.35 feet to a 1/4 inch iron pipe; thence run North 01 degrees 46
minutes 11 seconds West for 1333.93 feet to a 4 inch x 4 inch concrete
monument; thence run North 89 degrees 49 minutes 24 seconds East for 665.80
feet to a 1/2 inch rebar; thence run South 01 degrees 32 minutes 29 seconds
East for 1326.12 feet back to the POINT OF BEGINNING; said parcel of land is a
part of the NE 1/4 of the NW 1/4 of Section 36, Township 5 North, range 14
West, Forrest County, Mississippi, and contains 20.24 acres more or less and
also an easement more particularly described as commence at a 4 inch x 4 inch
concrete monument at the NE corner of the SE 1/4 of the NW 1/4 of Section 36
Township 5 North range 14 West Forrest County, Mississippi for the POINT OF
BEGINNING; from the POINT OF BEGINNING run South 00 degrees 04 minutes 17
seconds West for 699.86 feet to a 3/4 inch iron pipe and the North margin line
of the Country Club paved public road; thence run North 78 degrees 01 minutes
33 seconds West on and along said margin line for 40.00 feet to a 1/2 inch
rebar, thence run North 04 degrees 33 minutes 53 seconds East for 142.19 feet
to a 1/2 inch rebar; thence run North 00 degrees 04 minutes 17 seconds West for
489.86 feet to a 1/2 inch rebar; thence run North 45 degrees 23 minutes 08
seconds West for 44.26 ft. to 1/2 inch rebar; thence run South 89 degrees 09
minutes 27 seconds West for 640.35 feet to a 1/2 inch rebar; then run North 00
degrees 50 minutes 33 seconds West for 28.00 feet to a 1/2 inch rebar; thence
run North 89 degrees 09 minutes 27 seconds East for 700.35 feet back to the
POINT OF BEGINNING; said parcel of land is a part of the SE, 1/4 of the NW 1/4
of Section 36, Township 5 North, range 14 West, Forrest County, Mississippi,
and contains 0.91 acres, more or less; together with all improvements thereon
and appurtenances thereunto belonging.

(2)  (a)  If sold, the real
property described in subsection (1) of this section and any improvements
thereon shall be sold for not less than the current fair market value as
determined by the averaging of at least two (2) appraisals by qualified
appraisers, one (1) of which who shall be selected by the Department of Finance
and Administration, and both of which shall be certified and licensed by the
Mississippi Real Estate Appraiser Licensing and Certification Board.  Except
as otherwise provided herein, the Department of Finance and Administration
shall be entitled to defer to the recommendation of the University of Southern
Mississippi for the terms of the sale upon approval of the Board of Trustees of
State Institutions of Higher Learning.

(b)  If the real
property described in subsection (1) of this section is leased, the University
of Southern Mississippi, with the approval of the Board of Trustees of State
Institutions of Higher Learning, is authorized to negotiate all aspects of any
lease and any terms and ancillary agreements pertaining to any lease as may be
reasonably necessary to effectuate the intent and purposes of this section and
to ensure a fair and equitable return to the state.  Any lease approved and entered
into on the University's behalf shall not exceed a term of forty (40) years and
shall not be cancelled by successor boards based on the binding successor
doctrine.

(3)  The property described
in subsection (1) of this section shall be sold or leased only if such action
is consistent with the university's goals of research, innovation and
commercialization, and only to result in the highest and best use of the
property and to ensure that the property is used in a manner that will not
interfere with the operation of the University of Southern Mississippi.

(4)  The State of
Mississippi shall retain all mineral rights to the real property sold or leased
under this section.

(5)  The Department of
Finance and Administration may correct any discrepancies in the legal
description of the property provided in this section.

(6)  The Department of
Finance and Administration may recover its costs associated with the
transaction authorized by this section from the proceeds of the sale or lease
of the real property described in subsection (1) of this section, and the net
proceeds of the sale or lease shall be deposited into a special fund in the
State Treasury and shall be expended only for the benefit of the University of
Southern Mississippi.

SECTION 2.
(1)  By October 1, 2026, each state institution of higher learning, public
community college or public junior college shall submit a report to either the
Board of Trustees of State Institutions of Higher Learning or the Mississippi
Community College Board, as appropriate, detailing the entity's financial
literacy education activities conducted during the most recently completed
academic year.  Each reported activity under subsections (3) and (4) of this
section shall denote whether the activity is currently ongoing at the
institution or college, as well as whether the activity is required by an
accrediting body.

(2)  The Mississippi
Community College Board and the Board of Trustees of State Institutions of
Higher Learning shall each compile the reports received under subsection (1) of
this section and submit a consolidated report to the Chairpersons of the
Universities and Colleges Committees of the Mississippi Senate and the House of
Representatives no later than November 1, 2026.

(3)  Each report submitted
under subsection (1) shall include, at a minimum, all of the following:

(a)  Policies
concerning financial literacy currently in effect or under development;

(b)  Financial literacy
credit-bearing courses offered to students, including any course required for degree
or certificate completion;

(c)  Financial literacy
certification or credential-style programs offered to students;

(d)  Workshops,
seminars or similar student-facing financial literacy events provided by the
institution;

(e)  Opportunities for
one-on-one financial counseling available to students;

(f)  Any campus-wide
financial education initiatives; and

(g)  Online resources,
digital tools or interactive financial literacy materials available to
students.

(4)  Each report shall
identify which, if any, of the financial literacy concepts listed below are
addressed through the activities described in subsection (3).  For purposes of
this section "financial literacy concepts" include, but is not
limited to, the following:

(a)  Personal budgeting
and cash-flow management;

(b)  Credit, debt and
credit scoring;

(c)  Student loans,
financial aid and repayment;

(d)  Basic tax
obligations and filing requirements;

(e)  Insurance and risk
management;

(f)  Saving, investing
and retirement planning;

(g)  Consumer
protection, contracts and fraud prevention;

(h)  Evaluation of
employment offers, wages and benefits; and

(i)  Investments in
property, including mortgages, leases and liens.

SECTION 3.  Section 1
of this act shall take effect and be in force from and after its passage.
Section 2 of this act shall take effect and be in force from and after July 1,
2026.