Texas 2025 - 89th Regular

Texas House Bill HB4881 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	89R851 PRL-D
2	2	By: Olcott H.B. No. 4881
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7	7	A BILL TO BE ENTITLED
8	8	AN ACT
9	9	relating to the authority of the Texas Military Department to
10	10	negotiate the release of a reversionary interest and certain other
11	11	interests of the state in certain property in Palo Pinto County
12	12	owned by the Palo Pinto County Livestock Association.
13	13	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
14	14	SECTION 1. (a) The Texas Military Department shall
15	15	determine the fair market value of the property described in
16	16	Section 2 of this Act on the date the property was transferred by
17	17	the state to the City of Mineral Wells as provided by Senate Bill
18	18	197, Acts of the 53rd Legislature, Regular Session, 1953. The Texas
19	19	Military Department shall also determine the present fair market
20	20	value of interests retained by the state in buildings, structures,
21	21	and other property located or installed on the transferred property
22	22	as required by that Act. The fair market value of the transferred
23	23	property and other property interests may be established by an
24	24	independent appraisal obtained by the Texas Military Department or
25	25	by another means determined reasonable by the department if an
26	26	independent appraisal of that value is not feasible.
27	27	(b) Upon determining the fair market value of the property
28	28	described in Section 2 of this Act and any buildings, structures, or
29	29	other property located or installed on that property, as provided
30	30	by Subsection (a) of this section, the Texas Military Department
31	31	shall negotiate and close a transaction with the Palo Pinto County
32	32	Livestock Association for the release of the state's reversionary
33	33	interest in the property described by Section 2 of this Act and any
34	34	other interest of the state in buildings, structures, or other
35	35	property located or installed on that property.
36	36	(c) In negotiating and closing the transaction under
37	37	Subsection (b) of this section, the Texas Military Department shall
38	38	determine whether the state has received as consideration for the
39	39	state's transfer of the property described by Section 2 of this Act
40	40	the fair market value of the property, as determined under
41	41	Subsection (a) of this section, through the property's use since
42	42	its transfer for a fair, livestock show, and rodeo ground in
43	43	furtherance of a public purpose of this state, as provided by
44	44	covenants imposed in consideration of the transfer. The Texas
45	45	Military Department shall also consider whether the state has
46	46	received sufficient additional consideration through that use to
47	47	equal the present fair market value of buildings, structures, or
48	48	other property located or installed on the property described by
49	49	Section 2 of this Act to which the state retains title.
50	50	(d) If the Texas Military Department determines that the
51	51	state has received the fair market value of the property described
52	52	by Section 2 of this Act and any buildings, structures, or other
53	53	property located or installed on that property, as determined under
54	54	Subsection (a) of this section, the department shall by appropriate
55	55	instrument release the state's reversionary interest in the
56	56	property described by Section 2 of this Act and the state's interest
57	57	in any buildings, structures, or other property located or
58	58	installed on that property. Otherwise, the department may release
59	59	those interests in exchange for sufficient monetary consideration,
60	60	as determined by the Texas Military Department, to provide the
61	61	remaining value owed to the state for the state's transfer of the
62	62	property described by Section 2 of this Act and for any buildings,
63	63	structures, or other property installed on that property.
64	64	SECTION 2. The real property to which Section 1 of this Act
65	65	applies is situated in Palo Pinto County, Texas, and is described
66	66	more particularly as follows:
67	67	A part of Section 13, Abstract 701, T. & P. R. R. Co. Surveys
68	68	East of the Brazos in Palo Pinto County, Texas, and described by
69	69	metes and bounds as follows:
70	70	BEGINNING at a point on the West line of said Section 13, 1044
71	71	feet North of the Southwest corner of said section, said beginning
72	72	point being on the West line of a tract of 86.5 acres described as
73	73	"First Tract" in a deed dated June 18, 1937, from A. L. Howard and
74	74	wife, Virginia Howard, to the State of Texas;
75	75	THENCE North with the West line of said section, following
76	76	the West line of said 86.5 acre tract and the West line of a 45 acre
77	77	tract described as "Third Tract" in the above mentioned deed, a
78	78	total distance of 2586 feet to the Northwest corner of said 45
79	79	acres;
80	80	THENCE East with the North line of said 45 acres 625.8 feet to
81	81	corner;
82	82	THENCE South 2586 feet to corner;
83	83	THENCE West 625.8 feet to place of beginning.
84	84	SECTION 3. This Act takes effect immediately if it receives
85	85	a vote of two-thirds of all the members elected to each house, as
86	86	provided by Section 39, Article III, Texas Constitution. If this
87	87	Act does not receive the vote necessary for immediate effect, this
88	88	Act takes effect September 1, 2025.