Plain English Breakdown
The official text does not provide a specific calendar date for effectiveness beyond 'Effective from passage' in the section header.
Law Changing Rules for State Land in Stratford
This law removes an old rule requiring a piece of state land given to Stratford to be used only for schools, allowing the town to use it specifically for parking or sell and lease it for that purpose.
What This Bill Does
- Removes restrictions from a 1968 deed that required the land to be used only for school purposes and prohibited its sale.
- Allows the Town of Stratford to use the parcel for parking purposes only.
- Permits the town to sell, transfer, or lease the land if it is done specifically for parking purposes.
- Requires any sale or lease price to equal the fair market value approved by the Commissioner of Transportation before the transaction occurs.
- Mandates that money from selling, transferring, or leasing the land be paid promptly to the State Treasurer and deposited in the Special Transportation Fund.
Who It Names or Affects
- The Town of Stratford
- The Commissioner of Transportation
- The Office of the State Treasurer
Terms To Know
- Conveyance
- A legal transfer of property ownership from one party to another.
- Revert
- To return the land back to its original owner, in this case, the state.
- Fair Market Value
- The price a property would sell for between willing buyers and sellers.
Limits and Unknowns
- If the town uses the land for any purpose other than parking, ownership returns to the state.
- The specific location or size of the parcel is described by a deed reference but not detailed in this summary text.