80th Texas Legislature, Regular Session, House Bill 534, Chapter 282 Page: 2 of 3
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H.B. No. 534
1 accomplish a state public purpose, including furthering the
2 educational purposes of the college.
3 (b) If the college leases or conveys the real property
4 described by Section 2 of this Act for consideration other than
5 cash, the college shall enter into an agreement with the party to
6 whom the real property is being leased or conveyed that:
7 (1) requires the party to whom the real property is
8 leased or conveyed to use the property in a manner that serves a
9 state public purpose; and
10 (2) stipulates that possession or ownership of the
11 real property, as applicable, automatically reverts to the college
12 if the party to whom the real property is leased or conveyed uses
13 the property for a purpose other than one that serves a state public
14 purpose.
15 SECTION 5. RELEASE OF REVERSIONARY INTEREST. Simultaneous
16 to any conveyance described by Section 3 of this Act, the
17 reversionary interest held by the Texas State Technical College
18 System and established under Chapter 481, Acts of the 77th
19 Legislature, Regular Session, 2001, and the Special Warranty Deed
20 appearing in Volume 3231, Pages 40-42, of the Deed Records of Potter
21 County, Texas, is released only as to the real property conveyed or
22 leased.
23 SECTION 6. EFFECTIVE DATE. This Act takes effect
24 Immediately if it receives a vote of two-thirds of all the members
25 elected to each house, as provided by Section 39, Article III, Texas
26 Constitution. If this Act does not receive the vote necessary for
27 immediate effect, this Act takes effect September 1, 2007.
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Texas. Legislature. House of Representatives. 80th Texas Legislature, Regular Session, House Bill 534, Chapter 282, legislative document, June 15, 2007; [Austin, Texas]. (https://texashistory.unt.edu/ark:/67531/metapth155443/m1/2/: accessed April 18, 2024), University of North Texas Libraries, The Portal to Texas History, https://texashistory.unt.edu; crediting UNT Libraries Government Documents Department.