Bill No.: SF0055                  Drafter:  IDS

 

LSO No.:  12LSO-0088              Effective Date:  July 1, 2012

 

Enrolled Act No.:  SEA0028

 

Chapter No.:       CH0042

 

Prime Sponsor:     Senator Bebout

 

Catch Title:       Purchase of federal lands.

 

Subject:           Requires sale proceeds from the sale of state lands to the federal government to be used for the purchase of federal lands.

 

Summary/Major Elements:

 

·         When state lands are sold to the federal government, this bill requires that the proceeds from the sale be used to purchase federal lands as long as the purchase would be consistent with fiduciary duties owed to the beneficiaries of state trust land sale proceeds.

 

·         The sale must be initiated by a request from the board of land commissioners.