Enrolled Bill Summary

Senate Bill 1446 authorizes the General Services Commission to transfer the state's interest in certain property to the City of Austin. The transfer may be by warranty deed only, is subject to the approval of the Legislative Budget Board and the Office of the Governor, and must be for cash consideration in an amount that is not less than the fair market value as established by an independent appraisal. Proceeds from the transfer must be deposited in the state treasury and may be used by the General Services Commission only for deposit into the interest and sinking fund of the outstanding bonds related to the property.