This bill mandates that counties and cities in Iowa must divest any interests they hold in minerals, which are defined as perpetual ownership rights to various natural resources beneath the surface of real estate. The bill specifies that these interests must be conveyed to the surface owners of the respective land without any cost or consideration. The definition of "interest in minerals" excludes leases that allow tenants to extract minerals, and it encompasses a range of resources including coal, gas, oil, gemstones, and geothermal resources.

Both counties and cities are required to complete these conveyances within five years of the bill's effective date. The legislation aims to clarify ownership rights and ensure that surface landowners receive the mineral rights associated with their property, thereby simplifying the management of mineral interests at the local government level.