| |
|
|
A BILL TO BE ENTITLED
|
|
|
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, 2023. |
|
|
|
|
|
* * * * * |