HB 4881

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
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
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
THENCE East with the North line of said 45 acres 625.8 feet to
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.