Substitute House Bill No. 5580 amends a prior conveyance of a parcel of state land to the town of Stratford, allowing the town to sell, transfer, or lease the property, which was previously restricted for "school purposes only." The bill removes the existing restrictions on the use of the land, enabling the town to utilize the parcel for parking purposes and to engage in transactions involving the property. Specifically, the language changes include the insertion of provisions that state the restrictions are released and that any sale or lease must be conducted at fair market value, with proceeds directed to the State Treasurer for deposit in the Special Transportation Fund.

Additionally, the bill outlines that if the parcel is used for any purpose other than parking, it will revert to the state. The State Treasurer is tasked with executing necessary deeds or instruments to implement these changes, while the Commissioner of Transportation will oversee the release of the restrictions. The fiscal impact indicates potential revenue gains for the Special Transportation Fund from the sale or lease of the property, although the town of Stratford may experience a loss of asset value if it opts to sell or transfer the land.