SB 2139

S.B. No. 2139
  AN ACT
  relating to the authority of the Texas Military Department to
  negotiate the release of a reversionary interest and certain other
  interests of the state in certain property in Palo Pinto County
  owned by the Palo Pinto County Livestock Association.
         BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
         SECTION 1.  (a) The Texas Military Department shall
  determine the fair market value of the property described in
  Section 2 of this Act on the date the property was transferred by
  the state to the City of Mineral Wells as provided by Senate Bill
  197, Acts of the 53rd Legislature, Regular Session, 1953.  The Texas
  Military Department shall also determine the present fair market
  value of interests retained by the state in buildings, structures,
  and other property located or installed on the transferred property
  as required by that Act.  The fair market value of the transferred
  property and other property interests may be established by an
  independent appraisal obtained by the Texas Military Department or
  by another means determined reasonable by the department if an
  independent appraisal of that value is not feasible.
         (b)  Upon determining the fair market value of the property
  described in Section 2 of this Act and any buildings, structures, or
  other property located or installed on that property, as provided
  by Subsection (a) of this section, the Texas Military Department
  shall negotiate and close a transaction with the Palo Pinto County
  Livestock Association for the release of the state's reversionary
  interest in the property described by Section 2 of this Act and any
  other interest of the state in buildings, structures, or other
  property located or installed on that property.
         (c)  In negotiating and closing the transaction under
  Subsection (b) of this section, the Texas Military Department shall
  determine whether the state has received as consideration for the
  state's transfer of the property described by Section 2 of this Act
  the fair market value of the property, as determined under
  Subsection (a) of this section, through the property's use since
  its transfer for a fair, livestock show, and rodeo ground in
  furtherance of a public purpose of this state, as provided by
  covenants imposed in consideration of the transfer.  The Texas
  Military Department shall also consider whether the state has
  received sufficient additional consideration through that use to
  equal the present fair market value of buildings, structures, or
  other property located or installed on the property described by
  Section 2 of this Act to which the state retains title.
         (d)  If the Texas Military Department determines that the
  state has received the fair market value of the property described
  by Section 2 of this Act and any buildings, structures, or other
  property located or installed on that property, as determined under
  Subsection (a) of this section, the department shall by appropriate
  instrument release the state's reversionary interest in the
  property described by Section 2 of this Act and the state's interest
  in any buildings, structures, or other property located or
  installed on that property.  Otherwise, the department may release
  those interests in exchange for sufficient monetary consideration,
  as determined by the Texas Military Department, to provide the
  remaining value owed to the state for the state's transfer of the
  property described by Section 2 of this Act and for any buildings,
  structures, or other property installed on that property.
         SECTION 2.  The real property to which Section 1 of this Act
  applies is situated in Palo Pinto County, Texas, and is described
  more particularly as follows:
         A part of Section 13, Abstract 701, T. & P. R. R. Co. Surveys
  East of the Brazos in Palo Pinto County, Texas, and described by
  metes and bounds as follows:
         BEGINNING at a point on the West line of said Section 13, 1044
  feet North of the Southwest corner of said section, said beginning
  point being on the West line of a tract of 86.5 acres described as
  "First Tract" in a deed dated June 18, 1937, from A. L. Howard and
  wife, Virginia Howard, to the State of Texas;
         THENCE North with the West line of said section, following
  the West line of said 86.5 acre tract and the West line of a 45 acre
  tract described as "Third Tract" in the above mentioned deed, a
  total distance of 2586 feet to the Northwest corner of said 45
  acres;
         THENCE East with the North line of said 45 acres 625.8 feet to
  corner;
         THENCE South 2586 feet to corner;
         THENCE West 625.8 feet to place of beginning.
         SECTION 3.  This Act takes effect immediately if it receives
  a vote of two-thirds of all the members elected to each house, as
  provided by Section 39, Article III, Texas Constitution.  If this
  Act does not receive the vote necessary for immediate effect, this
  Act takes effect September 1, 2025.
  ______________________________
  ______________________________
     President of the Senate
  Speaker of the House     
         I hereby certify that S.B. No. 2139 passed the Senate on
  May 1, 2025, by the following vote:  Yeas 31, Nays 0.
  ______________________________
  Secretary of the Senate    
         I hereby certify that S.B. No. 2139 passed the House on
  May 23, 2025, by the following vote:  Yeas 125, Nays 8, two
  present not voting.
  ______________________________
  Chief Clerk of the House   
  Approved:
  ______________________________ 
              Date
  ______________________________ 
            Governor