With Senate Bill 918 sent to Gov. Rick Perry for signature, there may still be a bit of delay.
Under the state Constitution, Perry has three options.
"If a bill is sent to the governor within 10 days of final adjournment, the governor has until 20 days after final adjournment to sign the bill, veto it or allow it to become law without a signature," the Texas Legislature website reads.
The bill was passed May 27 and sent to the governor the following day.
However, although the bill language is such that it becomes effective upon signature, as long as it had at least a two-thirds majority vote in each chamber, sales of commercial and residential property cannot take place until the Federal Energy Regulatory Commission releases the Brazos River Authority from the license to surrender the power generation facility. BRA officials have said the generators have been taken off line and are no longer connected to the power grid.
"Once the construction activities are complete, FERC will take action upon the Brazos River Authority's Surrender Application," noted Judi Pierce, BRA information officer. "The construction time line has been extended beyond the original projection. Shortly thereafter, FERC will schedule an on-site inspection, complete its review and respond accordingly. We anticipate action around the late summer time frame. We will advise all when the process is complete."
The controlled outlet conduit was installed in the dam to give BRA access to water to about the 923-foot level.
A test earlier this year, after the system was installed, resulted in corrosion of the pipe.
That problem is being addressed.
State Sen. Craig Estes introduced SB 918 for the sale of commercial and remaining residential leaseholds at Possum Kingdom Lake.
Following a House committee hearing a the addition of the SET Ranch, the Senate concurred and the bill passed.
The bill basically follows the guidance of HB 3031 which outlined the procedures for the divestiture of residential leases, passed in 2011.
Under the bill, Brazos River Authority would have up to two years following decommissioning of the dam by the Federal Energy Regulatory Commission to sell to a third party if it chose to do so.
"For a period of two years after the Date of Decommissioning, the Authority may sell the Remaining Leased Tract in whole or in part, to a Purchaser," the bill reads in part.
Matt Phillips, BRA government and customer relations manager, said there are some 89 leases that will be affected by the law.
Purchases of property by leaseholders would be at 90 percent of the 2012 assessed value with the same lease options as set forth in HB 3031.