Land banks; authorize counties and municipalities to create to convert certain property to productive use.

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To: County Affairs; Ways and
Means
MISSISSIPPI LEGISLATURE REGULAR SESSION 2026

By: Representative Banks

HOUSE BILL NO. 727

AN ACT TO CREATE THE "LAND BANK ACT" TO FACILITATE THE 1
CONVERSION OF VACANT, ABANDONED OR LAND STRUCK OFF TO THE STATE 2
INTO PRODUCTIVE USE; TO AUTHORIZE THE CREATION OF MUNICIPAL AND 3
COUNTY LAND BANK AUTHORITIES AND TO AUTHORIZE COUNTIES AND 4
MUNICIPALITIES TO CREATE JOINT LAND BANK AUTHORITIES; TO PROVIDE 5
THE POWERS AND DUTIES OF SUCH AUTHORITIES; TO AUTHORIZE SUCH 6
AUTHORITIES TO ACQUIRE AND DISPOSE OF PROPERTY; TO PROVIDE AN 7
EXPEDITED PROCEDURE TO CONFIRM AND QUIET TITLE TO PROPERTY 8
ACQUIRED BY SUCH AUTHORITIES; TO AUTHORIZE AUTHORITIES CREATED 9
UNDER THIS ACT TO ENTER INTO INTERGOVERNMENTAL AGREEMENTS FOR 10
CERTAIN PURPOSES; TO AUTHORIZE COUNTIES AND MUNICIPALITIES TO 11
CREATE LOCAL LAND BANK AUTHORITIES TO BORROW MONEY AND ISSUE BONDS 12
AND NOTES; AND FOR RELATED PURPOSES. 13
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MISSISSIPPI: 14
SECTION 1. This act shall be known and may be cited as the 15
"Land Bank Act." 16
SECTION 2. The Legislature finds that there exists in this 17
state a continuing need to strengthen and revitalize the economy 18
of this state and local units of government in this state and that 19
it is in the best interests of this state and local units of 20
government in this state to assemble or dispose of public property 21
in a coordinated manner to foster the development of that property 22
and to promote economic growth in this state and local units of 23
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government in this state. It is declared to be a valid public 24
purpose for a land bank authority created under this act to 25
acquire, assemble, dispose of, and quiet title to property under 26
this act. It is further declared to be a valid public purpose for 27
a land bank authority created under this act to provide for the 28
financing of the acquisition, assembly, disposition, and quieting 29
of title to property, and for a land bank authority to exercise 30
other powers granted to a land bank authority under this act. The 31
Legislature finds that a land bank authority created under this 32
act and powers conferred by this act constitute a necessary 33
program and serve a necessary public purpose. 34
SECTION 3. As used in this act: 35
(a) "Authority" means a land bank authority created 36
under this act. 37
(b) "Casino" means a casino regulated by this state 38
under the Gaming Control Act, or a casino at which gaming is 39
conducted under the Indian Gaming Regulatory Act, Public Law 40
100-497, 102 Stat. 2467, and all property associated or affiliated 41
with the operation of the casino, including, but not limited to, a 42
parking lot, hotel, motel, or retail store. 43
(c) "Intergovernmental agreement" means a contractual 44
agreement between one or more governmental agencies, including, 45
but not limited to, an interlocal agreement, to jointly exercise 46
any power, privilege, or authority that the agencies share in 47
common. 48
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(d) "Local unit of government" means a municipality, 49
county, or any intergovernmental, metropolitan, or local 50
department, agency, or authority, or other local political 51
subdivision. 52
SECTION 4. (1) Except as otherwise provided in this act, an 53
authority may do all things necessary or convenient to implement 54
the purposes, objectives and provisions of this act, and the 55
purposes, objectives and powers delegated to the board of 56
directors of an authority by other laws or executive orders, 57
including, but not limited to, all of the following: 58
(a) Adopt, amend, and repeal bylaws for the regulation 59
of its affairs and the conduct of its business. 60
(b) Sue and be sued in its own name, including, but not 61
limited to, defending the authority in an action to clear title to 62
property conveyed by the authority. 63
(c) Borrow money and issue bonds and notes according to 64
the provisions of this act. 65
(d) Enter into contracts and other instruments 66
necessary, incidental, or convenient to the performance of its 67
duties and the exercise of its powers, including, but not limited 68
to, intergovernmental or interlocal agreements. 69
(e) Solicit and accept gifts, grants, labor, loans, and 70
other aid from any person, or the federal government, this state, 71
or a political subdivision of this state or any agency of the 72
federal government, this state, a political subdivision of this 73
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state, or an intergovernmental entity created under the laws of 74
this state or participate in any other way in a program of the 75
federal government, this state, a political subdivision of this 76
state, or an intergovernmental entity created under the laws of 77
this state. 78
(f) Procure insurance against loss in connection with 79
the property, assets, or activities of the authority. 80
(g) Invest money of the authority, at the discretion of 81
the board of directors of the authority, in instruments, 82
obligations, securities, or property determined proper by the 83
board of directors of the authority, and name and use depositories 84
for its money. 85
(h) Employ legal and technical experts, other officers, 86
agents, or employees, permanent or temporary, paid from the funds 87
of the authority. The authority shall determine the 88
qualifications, duties, and compensation of those it employs. The 89
board of directors of an authority may delegate to one or more 90
members, officers, agents, or employees any powers or duties it 91
considers proper. Members of the board of directors of an 92
authority shall serve without compensation but shall be reimbursed 93
for actual and necessary expenses subject to available 94
appropriations. 95
(i) Contract for goods and services and engage 96
personnel as necessary and engage the services of private 97
consultants, managers, legal counsel, engineers, accountants, and 98
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auditors for rendering professional financial assistance and 99
advice payable out of any money of the authority. 100
(j) Study, develop, and prepare the reports or plans 101
the authority considers necessary to assist it in the exercise of 102
its powers under this act and to monitor and evaluate progress 103
under this act. 104
(k) Enter into contracts for the management of, the 105
collection of rent from, or the sale of real property held by an 106
authority. 107
(l) Do all other things necessary or convenient to 108
achieve the objectives and purposes of the authority or other laws 109
that relate to the purposes and responsibility of the authority. 110
(2) The enumeration of a power in this act shall not be 111
construed as a limitation upon the general powers of an authority. 112
The powers granted under this act are in addition to those powers 113
granted by any other statute. 114
(3) An authority, in its discretion, may contract with 115
others, public or private, for the provision of all or a portion 116
of the services necessary for the management and operation of the 117
authority. 118
(4) The property of an authority and its income and 119
operations are exempt from all taxation by this state or any of 120
its political subdivisions. 121
(5) An authority shall not assist or expend any funds for, 122
or related to, the development of a casino. 123
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(6) An authority shall not levy any tax or special 124
assessment. 125
(7) An authority shall not exercise the power of eminent 126
domain or condemn property. 127
(8) An authority shall adopt a code of ethics for its 128
directors, officers, and employees. 129
(9) An authority shall establish policies and procedures 130
requiring the disclosure of relationships that may give rise to a 131
conflict of interest. The governing body of an authority shall 132
require that any member of the governing body with a direct or 133
indirect interest in any matter before the authority disclose the 134
member's interest to the governing body before the board takes any 135
action on the matter. 136
SECTION 5. (1) Except as provided in Section 4(7) of this 137
act, an authority may acquire by gift, devise, transfer, exchange, 138
foreclosure, purchase, or otherwise on terms and conditions and in 139
a manner the authority considers proper, real or personal 140
property, or rights or interests in real or personal property. 141
(2) Real property acquired by an authority by purchase may 142
be by purchase contract, lease-purchase agreement, installment 143
sales contract, land contract, or otherwise, except as provided in 144
Section 4(7) of this act. The authority may acquire real property 145
or rights or interests in real property for any purpose the 146
authority considers necessary to carry out the purposes of this 147
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act, including, but not limited to, one or more of the following 148
purposes: 149
(a) The use or development of property the authority 150
has otherwise acquired. 151
(b) To facilitate the assembly of property for sale or 152
lease to any other public or private person, including, but not 153
limited to, a nonprofit or for-profit corporation. 154
(c) To protect or prevent the extinguishing of any lien 155
held by the authority or imposed upon property held by the 156
authority. 157
(3) An authority may hold and own in its name any property 158
acquired by it or conveyed to it by this state or a local unit of 159
government or any other public or private person, including, but 160
not limited to, property struck off to the state for delinquent 161
taxes and property with or without clear title. 162
(4) All deeds, mortgages, contracts, leases, purchases, or 163
other agreements regarding property of an authority, including 164
agreements to acquire or dispose of real property, may be approved 165
by and executed in the name of the authority. 166
SECTION 6. (1) An authority may, without the approval of a 167
local unit of government in which property held by the authority 168
is located, control, hold, manage, maintain, operate, repair, 169
lease as lessor, secure, prevent the waste or deterioration of, 170
demolish, and take all other actions necessary to preserve the 171
value of the property it holds or owns. An authority may take or 172
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perform the following with respect to property held or owned by 173
the authority: 174
(a) Grant or acquire a license, easement, or option 175
with respect to property as the authority determines is reasonably 176
necessary to achieve the purposes of this act. 177
(b) Fix, charge, and collect rents, fees, and charges 178
for use of property under the control of the authority or for 179
services provided by the authority. 180
(c) Pay any tax or special assessment due on property 181
acquired or owned by the authority. 182
(d) Take any action, provide any notice, or institute 183
any proceeding required to clear or quiet title to property held 184
by the authority in order to establish ownership by and vest title 185
to property in the authority. 186
(e) Remediate environmental contamination on any 187
property held by the authority. 188
(2) An authority shall be made a party to and shall defend 189
any action or proceeding concerning title claims against property 190
held by the authority. 191
SECTION 7. (1) Except as an authority otherwise agrees by 192
interlocal agreement or otherwise, on terms and conditions, and in 193
a manner and for an amount of consideration an authority considers 194
proper, fair, and valuable, including for no monetary 195
consideration, the authority may convey, sell, transfer, exchange, 196
lease as lessor, or otherwise dispose of property or rights or 197
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interests in property in which the authority holds a legal 198
interest to any public or private person for value determined by 199
the authority. If the Department of Environmental Quality 200
determines that conditions on a property transferred to an 201
authority represent an acute threat to public health, safety, and 202
welfare, or to the environment, the authority shall not convey, 203
sell, transfer, exchange, lease, or otherwise dispose of the 204
property until after a determination by the Department of 205
Environmental Quality that the acute threat has been eliminated 206
and that conveyance, sale, transfer, exchange, lease, or other 207
disposal of the property by the authority will not interfere with 208
any response activities by the department. The transfer and use 209
of property under this section and the exercise by the authority 210
of powers and duties under this act shall be considered a 211
necessary public purpose and for the benefit of the public. 212
(2) All property held by an authority shall be inventoried 213
and classified by the authority according to title status and 214
suitability for use. 215
(3) A document, including, but not limited to, a deed, 216
evidencing the transfer under this act of one or more parcels of 217
property to an authority by this state or a political subdivision 218
of this state may be recorded with the chancery clerk of the 219
county in which the property is located without the payment of a 220
fee. 221
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SECTION 8. Except as otherwise provided in this act, as 222
required by other law, as required under the provisions of a deed, 223
or as an authority otherwise agrees, any proceeds received by the 224
authority may be retained by the authority for the purposes of 225
this act. 226
SECTION 9. (1) An authority may initiate an expedited 227
confirm and quiet title action under this section to confirm and 228
quiet title to real property held by the authority or interests in 229
property held by the authority by recording with the chancery 230
clerk of the county in which the property subject to an expedited 231
confirm and quiet title action is located a notice of pending 232
expedited confirm and quiet title action in a form prescribed by 233
the Secretary of State. The notice shall include a legal 234
description of the property, the street address of the property if 235
available, the name, address, and telephone number of the 236
authority, a statement that the property is subject to expedited 237
confirm and quiet title proceedings under this act, and a 238
statement that any legal interests in the property may be 239
extinguished by a chancery court order vesting title to the 240
property in the authority. If a notice is recorded in error, the 241
authority may correct the error by recording a certificate of 242
correction with the chancery clerk. A notice or certificate under 243
this subsection need not be notarized and may be authenticated by 244
a digital signature or other electronic means. If an authority 245
has reason to believe that a property subject to an expedited 246
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confirm and quiet title action under this section may be the site 247
of environmental contamination, the authority shall provide the 248
Department of Environmental Quality with any information in the 249
possession of the authority that suggests the property may be the 250
site of environmental contamination. 251
(2) After recording the notice under subsection (1) of this 252
section, an authority shall initiate a search of records 253
identified in this subsection to identify the owners of a property 254
interest in the property who are entitled to notice of the confirm 255
and quiet title hearing under this section. The authority may 256
enter into a contract with or may request from one or more 257
authorized representatives a title search or other title product 258
to identify the owners of a property interest in the property as 259
required under this subsection or to perform the other functions 260
set forth in this section required for the quieting of title to 261
property under this act. The owner of a property interest is 262
entitled to notice under this section if that owner's interest was 263
identifiable before the date that the authority records the notice 264
under subsection (1) of this section. 265
(3) An authority may file a single petition with the 266
chancery clerk of the county in which property subject to the 267
action under this section is located listing all property subject 268
to an expedited confirm and quiet title action by the authority. 269
If available to the authority, the list of properties shall 270
include a legal description of a tax parcel identification number 271
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for, and the street address of each parcel of property. The 272
petition shall seek a judgment in favor of the authority against 273
each property listed and shall include a date, within ninety (90) 274
days, on which the authority requests a hearing on the petition. 275
The petition shall request that a judgment be entered vesting 276
absolute title in the authority as provided in this section. 277
Prior to the entry of judgment under this section, the authority 278
may request the court to remove property erroneously included in 279
the petition. 280
(4) The clerk of the chancery court in which a petition is 281
filed under subsection (3) of this section shall immediately set 282
the date, time, and place for a hearing on the petition. The date 283
shall be set by the clerk and shall not be more than ten (10) days 284
after the date requested by the authority in the petition. In no 285
event may the clerk schedule the hearing later than ninety (90) 286
days after the filing of a petition by the authority under 287
subsection (3) of this section. 288
(5) After completing the records search under subsection (2) 289
of this section, an authority shall determine the address or 290
addresses reasonably calculated to inform those owners of a 291
property interest in property subject to an expedited confirm and 292
quiet title action under this section of the pendency of the 293
hearing under subsection (11) of this section. If, after 294
conducting the title search, the authority is unable to determine 295
an address reasonably calculated to inform persons with a property 296
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interest in property subject to the action, or if the authority 297
discovers a deficiency in notice under subsection (10) of this 298
section, the following shall be considered reasonable steps by the 299
authority to ascertain the addresses of persons with a property 300
interest in the property subject to the action or to ascertain an 301
address necessary to correct a deficiency in notice under 302
subsection (10) of this section: 303
(a) For an individual, a search of records of the 304
chancery court for the county in which the property is located. 305
(b) For an individual, a search of the Statewide 306
Elections Management System. 307
(c) For a business entity, a search of the records of 308
the Secretary of State. 309
(6) Not less than thirty (30) days before the hearing under 310
this section, the authority shall send notice by certified mail, 311
return receipt requested, of the hearing to the persons identified 312
under subsection (5) of this section with a property interest in 313
property subject to the action. The authority shall also send a 314
notice via regular mail addressed to the "Occupant" for each 315
property subject to action if an address for the property is 316
ascertainable. 317
(7) Not less than thirty (30) days before the hearing under 318
this section, the authority or its authorized representative or 319
authorized agent shall visit each parcel of property subject to 320
the action and post conspicuously on the property notice of the 321
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hearing. In addition to the requirements of subsection (8) of 322
this section, the notice shall also include the following 323
statement: "THIS PROPERTY HAS BEEN TRANSFERRED TO THE 324
____________ LAND BANK AUTHORITY AND IS SUBJECT TO AN EXPEDITED 325
CONFIRM AND QUIET TITLE ACTION. PERSONS WITH INFORMATION 326
REGARDING THE PRIOR OWNER OF THE PROPERTY ARE REQUESTED TO CONTACT 327
THE LAND BANK AUTHORITY AT ___________________________." 328
(8) The notice required under subsections (6) and (7) of 329
this section shall include: 330
(a) The date on which the authority recorded under 331
subsection (1) of this section notice of the pending expedited 332
confirm and quiet title action. 333
(b) A statement that a person with a property interest 334
in the property may lose his or her interest, if any, as a result 335
of the hearing under subsection (11) of this section. 336
(c) A legal description, parcel number of the property, 337
and the street address of the property, if available. 338
(d) The person to whom the notice is addressed. 339
(e) The date and time of the hearing under subsection 340
(11) of this section and a statement that the judgment of the 341
court may result in title to the property vesting in the 342
authority. 343
(f) An explanation of any rights of redemption and 344
notice that the judgment of the court may extinguish any ownership 345
interest in or right to redeem the property. 346
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(g) The name, address, and telephone number of the 347
authority. 348
(h) A statement that persons with information regarding 349
the owner or prior owner of any of the properties are requested to 350
contact the authority. 351
(9) If the authority is unable to ascertain the address 352
reasonably calculated to inform the owners of a property interest 353
entitled to notice under this section, or is unable to provide 354
notice under subsection (6) or (7) of this section, the authority 355
shall provide notice by publication. Prior to the hearing, a 356
notice shall be published once a week for three (3) consecutive 357
weeks in a newspaper of general circulation in the county in which 358
the property is located. This publication shall substitute for 359
notice under subsection (6) or (7) of this section. The published 360
notice shall include all of the following: 361
(a) A legal description, parcel number of the property, 362
and the street address of the property, if available. 363
(b) The name of any person not notified under 364
subsection (6) or (7) of this section that the authority 365
reasonably believes may be entitled to notice under this section 366
of the hearing under this section. 367
(c) A statement that a person with a property interest 368
in the property may lose his or her interest, if any, as a result 369
of the proceeding under this section. 370
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(d) The date and time of the hearing on the petition 371
under this section. 372
(e) A statement that the judgment of the court may 373
result in title to the property vesting in the authority. 374
(f) An explanation of any rights of redemption and 375
notice that judgment of the court may extinguish any ownership 376
interest in or right to redeem the property. 377
(g) The name, address, and telephone number of the 378
authority. 379
(h) A statement that persons with information regarding 380
the owner or prior owner of any of the properties are requested to 381
contact the authority. 382
(10) If prior to the hearing under this section the 383
authority discovers any deficiency in the provision of notice 384
under this section, the authority shall take reasonable steps in 385
good faith to correct the deficiency before the hearing. The 386
provisions of this section relating to notice of the confirm and 387
quiet title hearing are exclusive and exhaustive. Other 388
requirements relating to notice and proof of service under other 389
law, rule, or other legal requirement are not applicable to notice 390
or proof of service under this section. 391
(11) If a petition for an expedited confirm and quiet title 392
action is filed under subsection (3) of this section, before the 393
hearing, the authority shall file with the clerk of the chancery 394
court proof of notice by certified mail under subsection (6) of 395
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this section, proof of notice by posting on the property under 396
subsection (7) of this section, and proof of notice by 397
publication, if applicable. A person claiming an interest in a 398
parcel of property set forth in the petition to confirm and quiet 399
title who desires to contest that petition shall file written 400
objections with the clerk of the chancery court and serve those 401
objections on the authority before the date of the hearing. The 402
chancery court may appoint and utilize, as the court considers 403
necessary, a special master for assistance with the resolution of 404
any objections to the petition or questions regarding the title to 405
property subject to the petition. If the court withholds property 406
from the action, an authority's ability to include the property in 407
a subsequent petition for an expedited confirm and quiet title 408
action is not prejudiced. No injunction shall issue to stay an 409
expedited confirm and quiet title action under this section. The 410
chancery court shall enter judgment on a petition to be filed 411
under subsection (3) of this section not more than ten (10) days 412
after the conclusion of the hearing or contested case, and the 413
judgment shall be effective ten (10) days after the conclusion of 414
the hearing or contested case. The chancery court's judgment 415
shall specify all of the following: 416
(a) The legal description and, if known, the street 417
address of the property foreclosed. 418
(b) That fee simple title to property foreclosed by the 419
judgment is vested absolutely in the authority, except as 420
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otherwise provided in paragraph (e) of this subsection, without 421
any further rights of redemption. 422
(c) That all liens against the property, including any 423
lien for unpaid taxes or special assessments are extinguished. 424
(d) That, except as otherwise provided in paragraph (e) 425
of this subsection, the authority has good and marketable fee 426
simple title to the property. 427
(e) That all existing recorded and unrecorded interests 428
in that property are extinguished, except a visible or recorded 429
easement or right-of-way, private deed restrictions, plat 430
restrictions, or restrictions or other governmental interests. 431
(f) A finding that all persons entitled to notice and 432
an opportunity to be heard have been provided that notice and 433
opportunity. A person shall be deemed to have been provided 434
notice and an opportunity to be heard if the authority followed 435
the procedures for provision of notice by mail, for visits to 436
property subject to the petition, and for publication under this 437
section, or if one or more of the following apply: 438
(i) The person had constructive notice of the 439
hearing by acquiring an interest in the property after the date of 440
the recording under subsection (1) of this section of the notice 441
of pending expedited confirm and quiet title action. 442
(ii) The person appeared at the hearing under this 443
subsection or submitted written objections to the clerk of the 444
chancery court under this subsection prior to the hearing. 445
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(iii) Prior to the hearing under this subsection, 446
the person had actual notice of the hearing. 447
(12) Except as otherwise provided in subsection (11)(e) of 448
this section, fee simple title to property set forth in a petition 449
filed under subsection (3) of this section shall vest absolutely 450
in the authority upon the effective date of the judgment by the 451
chancery court and the authority shall have absolute title to the 452
property. The authority's title is not subject to any recorded or 453
unrecorded lien, except as provided in subsection (11) of this 454
section and shall not be stayed or held invalid except as provided 455
in subsection (13) of this section. A judgment entered under this 456
section is a final order with respect to the property affected by 457
the judgment and shall not be modified, stayed, or held invalid 458
after the effective date of the judgment, except as provided in 459
subsection (14) of this section. 460
(13) An authority or a person claiming to have a property 461
interest under subsection (2) of this section in property subject 462
to an action under this section may within twenty-one (21) days of 463
the effective date of the judgment under subsection (12) of this 464
section appeal the chancery court's order or the chancery court's 465
judgment. An appeal under this subsection is limited to the 466
record of the proceedings in the chancery court under this 467
section. The chancery court's judgment shall be stayed until the 468
judgment is finally adjudicated. If an appeal under this 469
subsection stays the chancery court's judgment, the chancery 470
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court's judgment is stayed only as to the property that is the 471
subject of that appeal and the chancery court's judgment regarding 472
other property that is not the subject of that appeal is not 473
stayed. To appeal the circuit court's judgment, a person 474
appealing the judgment shall pay to the authority any taxes, 475
interest, penalties, and fees due on the property and provide 476
notice of the appeal to the authority within twenty-one (21) days 477
after the chancery court's judgment is effective. If the chancery 478
court's judgment is affirmed on appeal, the amount determined to 479
be due shall be refunded to the person who appealed the judgment. 480
If the chancery court's judgment is reversed or modified on 481
appeal, the authority shall refund the amount determined to be due 482
to the person who appealed the judgment, if any, and forward the 483
balance to the appropriate taxing jurisdictions in accordance with 484
the order of the appellate court. 485
(14) The authority shall record a notice of judgment for 486
each parcel of property in the office of the chancery clerk of the 487
county in which the property is located in a form prescribed by 488
the Secretary of State. If an authority records a notice of 489
judgment in error, the authority may subsequently record a 490
certificate of correction. A notice or certificate under this 491
subsection need not be notarized and may be authenticated by a 492
digital signature or other electronic means. After the entry of a 493
judgment under this section, if the property has not been 494
transferred by the authority, the authority may cancel the 495
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judgment by recording with the chancery clerk of the county in 496
which the property is located a certificate of error in a form 497
prescribed by the Secretary of State, if the authority discovers 498
any of the following: 499
(a) The description of the property used in the 500
expedited confirm and quiet title action was so indefinite or 501
erroneous that the judgment as to that property was void. 502
(b) An owner of an interest in the property entitled to 503
notice of the expedited confirm and quiet title action and 504
proceedings against the property under this section was not 505
provided notice sufficient to satisfy the minimum due process 506
requirements of the Mississippi Constitution and the Constitution 507
of the United States. 508
(c) A judgment was entered under this section in 509
violation of an order issued by a United States bankruptcy court. 510
(15) If a judgment is entered under subsection (12) of this 511
section, and all existing recorded and unrecorded interests in a 512
parcel of property are extinguished as provided in subsection (12) 513
of this section, the owner of any extinguished recorded or 514
unrecorded interest in that property who claims that he or she did 515
not receive notice of the expedited confirm and quiet title action 516
shall not bring an action for possession of the property against 517
any subsequent owner, but may only bring an action to recover 518
monetary damages as provided in this subsection. The chancery 519
court has original and exclusive jurisdiction in any action to 520
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recover monetary damages under this subsection. An action to 521
recover monetary damages under this subsection shall not be 522
brought more than two (2) years after a judgment is entered under 523
subsection (12) of this section. Any monetary damages recoverable 524
under this subsection shall be determined as of the date a 525
judgment is entered under subsection (12) of this section and 526
shall not exceed the fair market value of the interest in the 527
property held by the person bringing the action under this section 528
on that date, less any taxes, interest, penalties, and fees owed 529
on the property as of that date. The right to sue for monetary 530
damages under this subsection shall not be transferable except by 531
testate or intestate succession. 532
(16) The owner of a property interest with notice of the 533
hearing under subsection (11) of this section may not assert any 534
of the following: 535
(a) That notice to the owner was insufficient or 536
inadequate in any way because some other owner of a property 537
interest in the property was not notified. 538
(b) That any right to redeem property for delinquent 539
taxes was extended in any way because some other person was not 540
notified. 541
(17) The failure of an authority to comply with any 542
provision of this section shall not invalidate any proceeding 543
under this section if a person with a interest in the property was 544
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accorded the minimum due process required under the Mississippi 545
Constitution and the Constitution of the United States. 546
(18) It is the intent of the Legislature that the provisions 547
of this section relating to the expedited confirming and quieting 548
title of property by an authority satisfy the minimum requirements 549
of due process required under the Mississippi Constitution and the 550
Constitution of the United States but that the provisions do not 551
create new rights beyond those required under the Mississippi 552
Constitution or the Constitution of the United States. The 553
failure of an authority, this state, a political subdivision of 554
this state, or a local unit of government to follow a requirement 555
of this section relating to the expedited confirming and quieting 556
title of property held by an authority shall not be construed to 557
create a claim or cause of action against an authority, this 558
state, a political subdivision of this state, or a local unit of 559
government unless the minimum requirements of due process accorded 560
under the Mississippi Constitution or the Constitution of the 561
United States are violated. 562
(19) As used in this section, "authorized representative" 563
includes one or more of the following: 564
(a) A title insurance company or agent licensed to 565
conduct business in this state. 566
(b) An attorney licensed to practice law in this state. 567
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(c) A person accredited in land title search procedures 568
by a nationally recognized organization in the field of land title 569
searching. 570
(d) A person with demonstrated experience in the field 571
of searching land title records, as determined by the authority. 572
SECTION 10. If an authority has reason to believe that 573
property held by the authority may be the site of environmental 574
contamination, the authority shall provide the Department of 575
Environmental Quality with any information in the possession of 576
the authority that suggests that the property may be the site of 577
environmental contamination. 578
SECTION 11. An authority may institute a civil action to 579
prevent, restrain, or enjoin the waste of or unlawful removal of 580
any property from real property held by the authority. 581
SECTION 12. An authority shall be made a party to any action 582
or proceeding instituted for the purpose of setting aside title to 583
property held by the authority, the sale of property by the 584
authority, or an expedited confirm and quiet title action under 585
Section 9 of this act. A hearing in any such proceeding shall not 586
be held until the authority is served with process and proper 587
proof of service is filed. 588
SECTION 13. Property of an authority is public property 589
devoted to an essential public and governmental function and 590
purpose. Income of the authority is considered to be for a public 591
and governmental purpose. The property of the authority and its 592
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income and operation are exempt from all taxes and special 593
assessments of this state or a local unit of government of this 594
state. Bonds or notes issued by the authority, and the interest 595
on and income from those bonds and notes, are exempt from all 596
taxation of this state or a local unit of government. 597
SECTION 14. (1) This act shall be construed liberally to 598
effectuate the legislative intent and the purposes as complete and 599
independent authorization for the performance of each and every 600
act and thing authorized by this act, and all powers granted shall 601
be broadly interpreted to effectuate the intent and purposes and 602
not as a limitation of powers. In the exercise of its powers and 603
duties under this act and its powers relating to property held by 604
the authority, the authority shall have complete control as fully 605
and completely as if it represented a private property owner and 606
shall not be subject to restrictions imposed on the authority by 607
the charter, ordinances, or resolutions of a local unit of 608
government. 609
(2) Unless permitted by this act or approved by an 610
authority, any restrictions, standards, conditions, or 611
prerequisites of a municipality or county otherwise applicable to 612
an authority and enacted after the effective date of this act 613
shall not apply to an authority. This subsection is intended to 614
prohibit special local legislation or ordinances applicable 615
exclusively or primarily to an authority and not to exempt an 616
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authority from laws generally applicable to other persons or 617
entities. 618
(3) The provisions of this act apply notwithstanding any 619
resolution, ordinance, or charter provision to the contrary. This 620
section is not intended to exempt an authority from local zoning 621
or land use controls. 622
SECTION 15. (1) An authority may enter into an 623
intergovernmental agreement with the Mississippi Development 624
Authority for the joint exercise of powers and duties under this 625
act, of the powers and duties of the authority and the Mississippi 626
Development Authority, and for the provision of economic 627
development services related to the activities of the authority. 628
(2) A county or municipality may enter into an 629
intergovernmental agreement with the Secretary of State providing 630
for the transfer to the authority of property in the county or 631
municipality struck off to the state, for the disposition of the 632
proceeds from the sale of the property, and for other activities 633
authorized under this act, including the return or transfer of 634
property under the control of the authority to the county or 635
municipality. 636
(3) A county may create a county authority to exercise the 637
powers, duties, functions, and responsibilities of an authority 638
under this act. If a county authority is created under this 639
subsection, the chancery clerk of the county shall be a member of 640
the authority board. 641
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(4) A municipality may create a municipal authority to 642
exercise the powers, duties, functions, and responsibilities of an 643
authority under this act and for the creation of a local authority 644
to exercise those functions. 645
(5) Counties and municipalities may enter into an 646
intergovernmental agreement with other counties or municipalities 647
to form a joint authority to exercise the powers, duties, 648
functions, and responsibilities of an authority under this act. 649
(6) The ordinances or agreements that establish an authority 650
under subsection (3), (4) or (5) of this subsection shall provide 651
for all of the following: 652
(a) The incorporation of the authority as a public body 653
corporate. 654
(b) The name of the authority. 655
(c) The size of the initial governing body of the 656
authority, which shall be composed of an odd number of members. 657
(d) The qualifications, method of selection, and terms 658
of office of the initial board members. 659
(e) A method for the adoption of articles of 660
incorporation by the governing body of the authority. 661
(f) A method for the distribution of proceeds from the 662
activities of the authority. 663
(g) A method for the dissolution of the authority and 664
for the withdrawal from the authority of any governmental agencies 665
involved. 666
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(h) Any other matters considered advisable by the 667
participating governmental agencies, consistent with this act. 668
(7) A county or municipality may authorize the transfer with 669
or without consideration of any real property or interest in real 670
property to a local authority held or acquired after the creation 671
of the authority, with the consent of the authority. 672
(8) A county or municipality and any agency or department of 673
a county or municipality, or any other official public body, may 674
do one or more of the following: 675
(a) Anything necessary or convenient to aid an 676
authority in fulfilling its purposes under this act. 677
(b) Lend, grant, transfer, appropriate or contribute 678
funds to an authority in furtherance of its purposes. 679
(c) Lend, grant, transfer or convey funds to an 680
authority that are received from the federal government or this 681
state or from any nongovernmental entity in aid of the purposes of 682
this act. 683
(9) An authority may reimburse advances made by a county or 684
municipality under subsection (8) of this section or by any other 685
person for costs eligible to be incurred by the authority with any 686
source of revenue available for use of the authority under this 687
act and enter into agreements related to these reimbursements. 688
(10) An authority may enter into agreements with the county 689
tax collectors of the county for the collection of property taxes 690
or the enforcement and consolidation of tax liens within that 691
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county for any property or interest in property transferred to the 692
local authority. 693
(11) Unless specifically reserved or conditioned upon the 694
approval of the governing body of a county or municipality, all 695
powers granted under this act to an authority may be exercised by 696
the authority without the approval of the governing body of the 697
county or municipality. 698
SECTION 16. (1) By resolution of its board, an authority 699
may borrow money and issue bonds and notes, subject to limitations 700
set forth in this section, for the purpose of achieving the 701
purposes of and objectives incident to and necessary or convenient 702
to carry out the purposes and objectives of the authority, 703
including, but not limited to, necessary administrative and 704
operational costs. The bonds or notes shall mature in not more 705
than thirty (30) years and shall bear interest and be sold and be 706
payable in the manner and upon the terms and conditions 707
determined, or within the parameters specified, by the authority 708
in the resolution authorizing issuance of the bonds or notes. The 709
bonds or notes may include capitalized interest, an amount 710
sufficient to fund costs of the issuance of the bonds or notes, 711
and a sum to provide a reasonable reserve for payment of principal 712
and interest on the bonds or notes. The resolution authorizing 713
the obligations shall create a lien on revenues pledged by the 714
resolution that shall be a statutory lien and shall be a first 715
lien subject only to liens previously created. The resolution may 716
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provide the terms upon which additional bonds or notes may be 717
issued of equal standing and parity of lien as to revenues pledged 718
under the resolution. 719
(2) The municipalities or counties which authorized the 720
formation of an authority under this act may, by a majority vote 721
of its governing body, make a limited tax pledge to support the 722
authority's bonds or notes, or if authorized by the voters of the 723
municipality or county, may pledge its unlimited tax full faith 724
and credit for the payment of principal of and interest on the 725
authority's bonds or notes. 726
(3) The bonds or notes issued under this section shall be 727
secured by one or more sources of revenue available to the 728
authority, as provided by resolution of the authority. 729
(4) The bonds and notes of the authority may be invested in 730
by the State Treasurer and all other public officers, state 731
agencies, and political subdivisions, insurance companies, banks, 732
savings and loan associations, investment companies, and 733
fiduciaries and trustees, and may be deposited with and received 734
by the State Treasurer and all other public officers and the 735
agencies and political subdivisions of this state for one or more 736
of the purposes for which the deposit of bonds or notes is 737
authorized. The authorization granted by this section is 738
supplemental and in addition to all other authority granted by 739
law. 740
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ST: Land banks; authorize counties and
municipalities to create to convert certain
property to productive use.
(5) The net present value of the principal and interest to 741
be paid on an obligation issued by or incurred by the authority to 742
refund an obligation incurred under this section, including the 743
cost of issuance, shall be less than the net present value of the 744
principal and interest to be paid on the obligation being refunded 745
as calculated using a method approved by the State Treasurer. 746
(6) An obligation issued by an authority under this section 747
shall not appreciate in principal amount or be sold at a discount 748
of more than ten percent (10%) unless the obligation of the 749
authority is issued to this state, an agency of this state, the 750
county, or the municipality. 751
(7) Bonds and notes issued by an authority under this 752
section and the interest on and income from the bonds and notes 753
are exempt from taxation by this state or a political subdivision 754
of this state. 755
SECTION 17. This act shall take effect and be in force from 756
and after July 1, 2026. 757