By Alexander                                          H.B. No. 1494
         76R2667 MI-F                           
                                A BILL TO BE ENTITLED
 1-1                                   AN ACT
 1-2     relating to limited rights to purchase certain permanent school
 1-3     fund minerals other than oil and gas in Henderson County.
 1-4           BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
 1-5           SECTION 1.  (a)  The School Land Board may sell the minerals,
 1-6     other than oil and gas, dedicated to the permanent school fund
 1-7     under, in, or on either of certain tracts in Henderson County to a
 1-8     qualified applicant as provided by this Act if the board determines
 1-9     that the sale is in the best interests of the permanent school
1-10     fund.
1-11           (b)  To qualify as an applicant, a person must be a natural
1-12     person who:
1-13                 (1)  owns the entire surface estate in either of two
1-14     tracts in the E. B.  LaRue, Jr. Survey in Henderson County further
1-15     described as follows:  an 18.077 acre tract known as the North Part
1-16     of the E. B. LaRue, Jr., MA-44970, General Land Office School File
1-17     #154375; and, an 11.609 acre tract known as the Mid Part of the E.
1-18     B. LaRue, Jr. Survey, MA-44970, General Land Office School File
1-19     154374;
1-20                 (2)  occupies or uses the surface of either tract
1-21     described by Subdivision (1) for purposes other than exploring for,
1-22     removing, leasing, or otherwise conveying or developing minerals or
1-23     geothermal resources from the tract; and
1-24                 (3)  submits an application and any information
 2-1     required by the School Land Board to determine the qualifications
 2-2     of the applicant to receive the right to purchase the minerals,
 2-3     other than oil and gas, under, in, or on either tract.
 2-4           (c)  The sale under this Act of minerals other than oil and
 2-5     gas must be at the fair market value of those minerals as
 2-6     determined by the School Land Board and on the terms and conditions
 2-7     the board determines to be in the best interest of the permanent
 2-8     school fund.  The board may retain up to a one-sixteenth free
 2-9     royalty interest in the minerals to protect the state's interests
2-10     if the minerals are leased or developed at a later date.
2-11           (d)  The person applying to purchase minerals other than oil
2-12     and gas under this Act must submit a written application to the
2-13     School Land Board not later than the first anniversary of the
2-14     effective date of this Act.
2-15           SECTION 2.  The importance of this legislation and the
2-16     crowded condition of the calendars in both houses create an
2-17     emergency and an imperative public necessity that the
2-18     constitutional rule requiring bills to be read on three several
2-19     days in each house be suspended, and this rule is hereby suspended,
2-20     and that this Act take effect and be in force from and after its
2-21     passage, and it is so enacted.