88R12975 KBB-D
By: Rogers H.B. No. 3436
A BILL TO BE ENTITLED
AN ACT
relating to the authority of the General Land Office to negotiate
the release of a reversionary interest and certain other interests
of the state in certain property in Palo Pinto County owned by the
Palo Pinto County Livestock Association.
BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
SECTION 1. (a) The General Land Office shall determine the
fair market value of the property described in Section 2 of this Act
on the date the property was transferred by the state to the City of
Mineral Wells as provided by Senate Bill 197, Acts of the 53rd
Legislature, Regular Session, 1953. The General Land Office shall
also determine the present fair market value of interests retained
by the state in buildings, structures, and other property located
or installed on the transferred property as required by that Act.
The fair market value of the transferred property and other
property interests may be established by an independent appraisal
obtained by the asset management division of the General Land
Office or by another means determined reasonable by the asset
management division if an independent appraisal of that value is
not feasible.
(b) Upon determining the fair market value of the property
described in Section 2 of this Act and any buildings, structures, or
other property located or installed on that property, as provided
by Subsection (a) of this section, the General Land Office shall
negotiate and close a transaction with the Palo Pinto County
Livestock Association for the release of the state's reversionary
interest in the property described by Section 2 of this Act and any
other interest of the state in buildings, structures, or other
property located or installed on that property.
(c) In negotiating and closing the transaction under
Subsection (b) of this section, the General Land Office shall
determine whether the state has received as consideration for the
state's transfer of the property described by Section 2 of this Act
the fair market value of the property, as determined under
Subsection (a) of this section, through the property's use since
its transfer for a fair, livestock show, and rodeo ground in
furtherance of a public purpose of this state, as provided by
covenants imposed in consideration of the transfer. The General
Land Office shall also consider whether the state has received
sufficient additional consideration through that use to equal the
present fair market value of buildings, structures, or other
property located or installed on the property described by Section
2 of this Act to which the state retains title.
(d) If the General Land Office determines that the state has
received the fair market value of the property described by Section
2 of this Act and any buildings, structures, or other property
located or installed on that property, as determined under
Subsection (a) of this section, the office shall by appropriate
instrument release the state's reversionary interest in the
property described by Section 2 of this Act and the state's interest
in any buildings, structures, or other property located or
installed on that property. Otherwise, the office may release those
interests in exchange for sufficient monetary consideration, as
determined by the General Land Office, to provide the remaining
value owed to the state for the state's transfer of the property
described by Section 2 of this Act and for any buildings,
structures, or other property installed on that property.
SECTION 2. The real property to which Section 1 of this Act
applies is situated in Palo Pinto County, Texas, and is described
more particularly as follows:
A part of Section 13, Abstract 701, T. & P. R. R. Co. Surveys
East of the Brazos in Palo Pinto County, Texas, and described by
metes and bounds as follows:
BEGINNING at a point on the West line of said Section 13, 1044
feet North of the Southwest corner of said section, said beginning
point being on the West line of a tract of 86.5 acres described as
"First Tract" in a deed dated June 18, 1937, from A. L. Howard and
wife, Virginia Howard, to the State of Texas;
THENCE North with the West line of said section, following
the West line of said 86.5 acre tract and the West line of a 45 acre
tract described as "Third Tract" in the above mentioned deed, a
total distance of 2586 feet to the Northwest corner of said 45
acres;
THENCE East with the North line of said 45 acres 625.8 feet to
corner;
THENCE South 2586 feet to corner;
THENCE West 625.8 feet to place of beginning.
SECTION 3. This Act takes effect immediately if it receives
a vote of two-thirds of all the members elected to each house, as
provided by Section 39, Article III, Texas Constitution. If this
Act does not receive the vote necessary for immediate effect, this
Act takes effect September 1, 2023.