Substitute House Bill No. 5580 amends a prior conveyance of state land to the Town of Stratford, specifically altering the restrictions on the use of a parcel of land originally designated for "school purposes only." The bill removes the previous restriction that prohibited the sale of the parcel, allowing the Town of Stratford to sell, transfer, or lease the land. The new legal language clarifies that the restrictions are released and that the parcel may now be used for parking purposes. Additionally, if the land is used for any other purpose, it will revert back to the state.

The bill also stipulates that any sale or lease of the parcel must be conducted at fair market value, as approved by the Commissioner of Transportation, and that any funds received from such transactions must be promptly paid to the State Treasurer for deposit in the Special Transportation Fund. Furthermore, the State Treasurer is authorized to execute any necessary deeds or instruments to implement these provisions, while the Commissioner of Transportation is tasked with overseeing the release of the restrictions.