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A BILL TO BE ENTITLED
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AN ACT
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relating to authorizing the transfer for consideration of certain |
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fractional mineral interests held by the state to certain |
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landowners. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter E, Chapter 31, Natural Resources |
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Code, is amended by adding Section 31.1582 to read as follows: |
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Sec. 31.1582. SALE OF CERTAIN MINERAL INTERESTS. (a) If |
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the General Land Office receives from a landowner an offer to buy |
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the state's interest in the mineral estate in real property to which |
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the landowner holds title, the General Land Office may sell to the |
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landowner, for fair market value, any fractional mineral interest |
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held by the state that: |
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(1) is a fractional mineral interest of 1/32 or less; |
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and |
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(2) is severed from a parcel of land that: |
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(A) is 80 acres or less; and |
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(B) is located in a county with a population of |
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less than 11,000. |
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(b) This section does not apply to land under the management |
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and control of the board of regents of a public or private |
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institution of higher education. |
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SECTION 2. This Act takes effect immediately if it receives |
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a vote of two-thirds of all the members elected to each house, as |
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provided by Section 39, Article III, Texas Constitution. If this |
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Act does not receive the vote necessary for immediate effect, this |
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Act takes effect September 1, 2007. |