Relating to the authority of the Texas Military Department 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.

89(R) SB 2139 - Enrolled version - Bill Text

S.B. No. 2139

AN ACT

relating to the authority of the Texas Military Department 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 Texas Military Department 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 Texas

Military Department 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 Texas Military Department or

by another means determined reasonable by the department 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 Texas Military Department

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 Texas Military Department 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 Texas

Military Department 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 Texas Military Department 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 department 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 department may release

those interests in exchange for sufficient monetary consideration,

as determined by the Texas Military Department, 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, 2025.

______________________________

______________________________

President of the Senate

Speaker of the House

I hereby certify that S.B. No. 2139 passed the Senate on

May 1, 2025, by the following vote: Yeas 31, Nays 0.

______________________________

Secretary of the Senate

I hereby certify that S.B. No. 2139 passed the House on

May 23, 2025, by the following vote: Yeas 125, Nays 8, two

present not voting.

______________________________

Chief Clerk of the House

Approved:

______________________________

Date

______________________________

Governor