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Senate Bill 654 |
Senate Author: Seliger |
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Effective: 6-15-07 |
House Sponsor: Pickett |
Senate Bill 654 amends the Natural Resources Code to broaden the authority of the commissioner of the General Land Office and the board of regents of The University of Texas System to determine the terms and conditions of leases and easements of state-owned real property and real property interests dedicated to the permanent school fund and permanent university fund. The bill also revises procedures for recording a memorandum of a lease and changes the rate of interest on past-due payments to equal the rate imposed by the comptroller unless the commissioner or the board enters into an agreement with the grantee of an easement or lease specifying a lower rate. The bill also limits grants of easements on university land to a term of 10 years, specifies that an easement may be renewed by the board of regents, and provides penalties for the construction, maintenance, ownership, or possession of a facility or structure on university land without a proper easement or lease.