BILL ANALYSIS
Senate Research Center H.B. 534
AUTHOR'S / SPONSOR'S STATEMENT OF INTENT
In 2002, land was conveyed to Amarillo College from Texas State Technical College through a Special Warranty Deed.
H.B. 534 authorizes Amarillo College to lease or convey this property or any portion of the property to any other party, and provides that proceeds received under a lease or conveyance of the property may only be used for certain purposes. This bill provides that possession or ownership of the property automatically reverts to the college if the entity to whom the land is conveyed or leased uses the property for a purpose other than one that serves a public purpose.
RULEMAKING AUTHORITY
SECTION BY SECTION ANALYSIS
SECTION 1. DEFINITION. Defines "college."
SECTION 2. REAL PROPERTY DESCRIPTION. Provides that this Act applies to the real property that is the subject of the Special Warranty Deed appearing in Volume 3231, Pages 40-42, of the Deed Records of Potter County, Texas, and has a certain description.
SECTION 3. AUTHORIZATION FOR LEASE OR CONVEYANCE. Authorizes Amarillo College (college), without limitations or conditions except those conditions described by Section 4 of this Act, to lease or convey the real property described by Section 2 of this Act or any portion of that real property to any other party, notwithstanding any other law, on or after September 1, 2007.
SECTION 4. CONDITIONS OF LEASE OR CONVEYANCE. (a) Authorizes cash consideration received under a lease of or in a conveyance of the property described by Section 2 of this Act to be used only to accomplish a state public purpose, including furthering the educational purposes of the college.
(b) Requires the college, if the college leases or conveys the real property described by Section 2 of this Act for consideration other than cash, to enter into a certain agreement with the party to whom the real property is being leased or conveyed.
SECTION 5. RELEASE OF REVERSIONARY INTEREST. Provides that, simultaneous to any conveyance described by Section 3 of this Act, the reversionary interest held by the Texas State Technical College System established under Chapter 481, Acts of the 77th Legislature, Regular Session, 2001, and the Special Warranty Deed appearing in Volume 3231, Pages 40-42, of the Deed Records of Potter County, Texas, is released only as to the real property conveyed or leased.
SECTION 6. EFFECTIVE DATE. Effective date: upon passage or September 1, 2007.