School Property Development Act

Sections covered

• Miss. Code Ann. § 37-7-485School Property Development Act; optional method of disposal of surplus school property to generate greater revenue than public sale; school boards authorized to sell, convey or exchange nonoperational property interest in proposed development projects; school boards authorized to contract with other entities for development, design, construction, financing, ownership and operation of surplus school property; school boards authorized to pledge revenues received under Sections 37-7-471 through 37-7-483 for repayment of notes and other obligations; sound business practices to be used; public record of final and signed contract; restrictions on persons related by consanguinity or affinity to members of school board or superintendent from having interests in project; conditions on exercise of option to enter into development agreement; certification regarding statements of economic interest; property developed to be deemed for school or educational purposes