S.B. No. 2139 authorizes the Texas Military Department to negotiate the release of the state's reversionary interest and other interests in certain property located in Palo Pinto County, which is owned by the Palo Pinto County Livestock Association. The bill mandates that the Texas Military Department first determine the fair market value of the property as of the date it was transferred to the City of Mineral Wells in 1953, as well as the current fair market value of any state-retained interests in buildings and structures on that property. This valuation can be established through an independent appraisal or other reasonable means if an appraisal is not feasible.

Once the fair market value is established, the Texas Military Department is tasked with negotiating a transaction for the release of the state's interests in the property. The department must assess whether the state has received adequate consideration for the property transfer based on its use for public purposes, such as livestock shows and rodeos. If it is determined that the state has received fair value, the department will release its interests; otherwise, it may negotiate a monetary consideration to compensate for the remaining value owed to the state. The bill will take effect immediately upon receiving a two-thirds vote from both houses or on September 1, 2025, if that vote is not achieved.