(1) The Mississippi Transportation Commission is authorized to acquire by purchase, gift or condemnation, all advertising devices and any property rights pertaining thereto, when such advertising devices are required to be removed under the provisions of Section 49-23-15. Just compensation shall be paid for the acquisition and for the removal of any outdoor advertising lawfully erected as defined in Section 131 of Title 23, United States Code, as amended, that is required to be removed under the provisions of Section 49-23-15. The use of amortization for whatever period shall not constitute just compensation.
(2) If any political subdivision or other governmental agency requires the removal of any outdoor advertising sign lawfully erected, just compensation shall be paid to the owner of the sign for the cost of removal plus the fair market value of the sign removed. The use of amortization for whatever period shall not constitute just compensation.
(3) Damages resulting from any taking in eminent domain shall be ascertained in the manner presently provided by law, or in such manner as the Legislature may hereafter provide, and shall be limited to:
(a) The taking from the owner of such sign, display or device of all right, title, leasehold and interest in such sign, display or device; and
(b) The taking from the owner of the real property on which the sign, display or device is located, of the right to erect and maintain such signs, displays and devices thereon, less enhancement of the property remaining by reason of removal of such sign, display or device and special benefits resulting therefrom.
(4) This section shall not apply to any on-premises sign ordinance adopted by a political subdivision or other governmental agency before May 15, 1992.
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