LEGISLATIVE BUDGET BOARD
Austin, Texas
FISCAL NOTE
74th Regular Session
May 3, 1995
TO: Honorable Ken Armbrister, Chair IN RE: Senate BillNo. 1525
Committee on State Affairs By: Rosson
Senate
Austin, Texas
FROM: John Keel, Director
In response to your request for a Fiscal Note on Senate Bill No.
1525 (Relating to the acquisition by the Texas Parks and Wildlife
Department of real property owned by the permanent school fund:)
this office has determined the following:
The bill would make no appropriation but could provide the legal
basis for an appropriation of funds to implement the provisions
of the bill.
The bill would require the Texas Parks and Wildlife Department
(TPWD) to acquire, by purchase or exchange for fair market value,
all of the real property owned by the Permanent School Fund (PSF)
located within Franklin Mountains State Park in El Paso County.
The conveyance would be for surface and mineral interests on
eleven tracts of land and for mineral interests only on twenty-
two additional tracts. The acquisition would be completed no
later than December 31, 1995.
The gain to the PSF and cost to Account 64, State Parks Receipts,
would depend upon the appraised property value, the sale price,
various transaction costs, and when the sale took place. The
Parks and Wildlife Department estimates the appraised value of
549.77 acres to be $7,440,000 and of mineral interests in the 33
surveys or sections to be $500,000.
Once the net sales proceeds were deposited to the PSF, they would
be invested in income producing assets such as stocks and bonds.
The income from these assets would be deposited to the Available
School Fund (ASF). The gain to the ASF cannot be estimated.
No fiscal implication to units of local government is
anticipated.
Source: Comptroller of Public Accounts, Parks and Wildlife
Department
LBB Staff: JK, PVT, DF