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.

SB 2139 authorizes the Texas Military Department to negotiate with the Palo Pinto County Livestock Association for the release of the state's reversionary interest and other retained interests in a specific property in Palo Pinto County. The bill requires the department to determine the fair market value of the property (transferred to Mineral Wells in 1953) and assess whether the state received equivalent value through the property's use for public livestock shows and rodeos since transfer. If the state received fair value via this public use, it will release the interests without payment; otherwise, it will seek monetary compensation. This bill directly affects the Livestock Association, which uses the property for public events, and the state, which holds retained interests in buildings on the land.