16th Section Land Revenues Jump 42% from 2007 to 2008

Jackson, MS—In just one year alone, 16th Section land revenues have skyrocketed 42% and put $22.8 million additional dollars into the hands of our school children.

“These numbers show our new system of posting the leases on the Secretary of State’s website, arming our School Boards with current financial information, and personally reviewing each lease that comes through our Office works and has substantially increased the rate of return on our 16th Section lands,” says Secretary of State Delbert Hosemann.

In twelve months ending June 30, 2007, the total amount of funds generated from 16th Section lands was $54,292,624. In twelve months ending June 30, 2008, the revenue increased to $77,109,142, a total gain of $22,816,518.

“The largest increase comes in oil and gas royalties,” noted Secretary Hosemann. “An additional $2-million dollar salt dome lease in Simpson County was not listed in these returns. Further, our preliminary numbers for June 30, 2009 show a large increase of approximately $300,000 per year (56%) in hunting and fishing leases.”

“While campaigning, I promised the citizens of this State we could do better with our 16th Section lands,” says Secretary Hosemann. “During these tough economic times, our schools need all of the money they can get. I am pleased we were able to get more money back into the hands of our school children, without raising taxes. By working closely with local school boards and the Mississippi Forestry Commission, we have come up with a system that works in the best interest of our most valuable asset—our children.”