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Committee advances bill to give Land Board 10 years to reinvest proceeds from land sales
Summary
The committee voted to send House Bill 129 to the floor with a due-pass recommendation. The bill would change the Land Bank reinvestment deadline from five years to 10 years, allowing more time for the Board of Land Commissioners and Department of Lands to identify and acquire replacement endowment land.
Representative Alana Rubel, District 18, told the committee House Bill 129 would change “one word” in statute — extending the Land Bank reinvestment window from five years to 10 years.
The bill affects proceeds from the sale of state endowment land. Under current law those proceeds must be used to buy replacement endowment land within five years or else roll permanently into the state permanent endowment fund, where they cannot later be used to acquire…
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