Texas 2025 - 89th Regular

Texas Senate Bill SB2139 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1		By: King S.B. No. 2139
	2	+	(In the Senate - Filed March 10, 2025; March 24, 2025, read
	3	+	first time and referred to Committee on Business & Commerce;
	4	+	April 28, 2025, reported favorably by the following vote: Yeas 11,
	5	+	Nays 0; April 28, 2025, sent to printer.)
	6	+	Click here to see the committee vote
2	7
3	8
4	9
5	10
6	11		A BILL TO BE ENTITLED
7	12		AN ACT
8	13		relating to the authority of the Texas Military Department to
9	14		negotiate the release of a reversionary interest and certain other
10	15		interests of the state in certain property in Palo Pinto County
11	16		owned by the Palo Pinto County Livestock Association.
12	17		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
13	18		SECTION 1. (a) The Texas Military Department shall
14	19		determine the fair market value of the property described in
15	20		Section 2 of this Act on the date the property was transferred by
16	21		the state to the City of Mineral Wells as provided by Senate Bill
17	22		197, Acts of the 53rd Legislature, Regular Session, 1953. The Texas
18	23		Military Department shall also determine the present fair market
19	24		value of interests retained by the state in buildings, structures,
20	25		and other property located or installed on the transferred property
21	26		as required by that Act. The fair market value of the transferred
22	27		property and other property interests may be established by an
23	28		independent appraisal obtained by the Texas Military Department or
24	29		by another means determined reasonable by the department if an
25	30		independent appraisal of that value is not feasible.
26	31		(b) Upon determining the fair market value of the property
27	32		described in Section 2 of this Act and any buildings, structures, or
28	33		other property located or installed on that property, as provided
29	34		by Subsection (a) of this section, the Texas Military Department
30	35		shall negotiate and close a transaction with the Palo Pinto County
31	36		Livestock Association for the release of the state's reversionary
32	37		interest in the property described by Section 2 of this Act and any
33	38		other interest of the state in buildings, structures, or other
34	39		property located or installed on that property.
35	40		(c) In negotiating and closing the transaction under
36	41		Subsection (b) of this section, the Texas Military Department shall
37	42		determine whether the state has received as consideration for the
38	43		state's transfer of the property described by Section 2 of this Act
39	44		the fair market value of the property, as determined under
40	45		Subsection (a) of this section, through the property's use since
41	46		its transfer for a fair, livestock show, and rodeo ground in
42	47		furtherance of a public purpose of this state, as provided by
43	48		covenants imposed in consideration of the transfer. The Texas
44	49		Military Department shall also consider whether the state has
45	50		received sufficient additional consideration through that use to
46	51		equal the present fair market value of buildings, structures, or
47	52		other property located or installed on the property described by
48	53		Section 2 of this Act to which the state retains title.
49	54		(d) If the Texas Military Department determines that the
50	55		state has received the fair market value of the property described
51	56		by Section 2 of this Act and any buildings, structures, or other
52	57		property located or installed on that property, as determined under
53	58		Subsection (a) of this section, the department shall by appropriate
54	59		instrument release the state's reversionary interest in the
55	60		property described by Section 2 of this Act and the state's interest
56	61		in any buildings, structures, or other property located or
57	62		installed on that property. Otherwise, the department may release
58	63		those interests in exchange for sufficient monetary consideration,
59	64		as determined by the Texas Military Department, to provide the
60	65		remaining value owed to the state for the state's transfer of the
61	66		property described by Section 2 of this Act and for any buildings,
62	67		structures, or other property installed on that property.
63	68		SECTION 2. The real property to which Section 1 of this Act
64	69		applies is situated in Palo Pinto County, Texas, and is described
65	70		more particularly as follows:
66	71		A part of Section 13, Abstract 701, T. & P. R. R. Co. Surveys
67	72		East of the Brazos in Palo Pinto County, Texas, and described by
68	73		metes and bounds as follows:
69	74		BEGINNING at a point on the West line of said Section 13, 1044
70	75		feet North of the Southwest corner of said section, said beginning
71	76		point being on the West line of a tract of 86.5 acres described as
72	77		"First Tract" in a deed dated June 18, 1937, from A. L. Howard and
73	78		wife, Virginia Howard, to the State of Texas;
74	79		THENCE North with the West line of said section, following
75	80		the West line of said 86.5 acre tract and the West line of a 45 acre
76	81		tract described as "Third Tract" in the above mentioned deed, a
77	82		total distance of 2586 feet to the Northwest corner of said 45
78	83		acres;
79	84		THENCE East with the North line of said 45 acres 625.8 feet to
80	85		corner;
81	86		THENCE South 2586 feet to corner;
82	87		THENCE West 625.8 feet to place of beginning.
83	88		SECTION 3. This Act takes effect immediately if it receives
84	89		a vote of two-thirds of all the members elected to each house, as
85	90		provided by Section 39, Article III, Texas Constitution. If this
86	91		Act does not receive the vote necessary for immediate effect, this
87	92		Act takes effect September 1, 2025.
	93	+	* * * * *