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Committee advances bill to extend land‑bank purchase window from 5 to 10 years
Summary
The House Resources and Conservation Committee voted to send House Bill 129 to the floor with a due pass recommendation. The bill would extend the deadline for reinvesting proceeds from state endowment land sales from five years to 10 years, giving the Land Board and Department of Lands more time to buy replacement endowment land.
Representative Alana Rubel (R‑District 18) told the House Resources and Conservation Committee that House Bill 129 would change a single word in current law to lengthen the time the state may hold proceeds from endowment land sales before those proceeds must be transferred into the permanent endowment fund.
Rubel said the land‑bank money is intended to be used to repurchase endowment land and that land holdings typically return about 3.4 percent, providing a steady complement to the portfolio. “This just gets a little bit more breathing room for the Department of…
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