This bill, requested by the Department of Natural Resources and Conservation, amends Section 77-2-362 of the Montana Code Annotated to extend the time the department can hold proceeds from the sale of state trust land. Specifically, the bill increases the holding period from a maximum of 10 years to 15 years after the effective date of each sale. If the proceeds are not used to purchase other lands, easements, or improvements by the end of the 15th year, they must be deposited into the public school fund or the permanent fund of the respective trust, unless the legislature extends the holding period.

Additionally, the bill includes provisions for an immediate effective date and retroactive applicability, allowing it to apply to sales completed less than 11 years prior to its effective date. This change aims to provide the department with more flexibility in managing the proceeds from trust land sales for the benefit of the respective trust beneficiaries.

Statutes affected:
Introduced: 77-2-362