(1) The State Land Board may identify tracts of trust lands under the boards jurisdiction that have limited performance potential as assets of the Common School Fund and submit to the Legislative Assembly proposals to transfer the identified tracts of trust lands to another state agency, a federal agency or a tribe. (2) The state agency, federal agency or tribe to which identified tracts of trust lands are to be transferred may be identified by the board in the proposal authorized under subsection (1) of this section, or may be designated by the Legislative Assembly. (3) A proposal submitted to the Legislative Assembly under this section must include an independent, third-party valuation of the property to be transferred. (4) If the Legislative Assembly approves a transfer proposal submitted under subsection (1) of this section and appropriates funds for that purpose, or otherwise approves a financing mechanism sufficient to accomplish the transfer, the board, by and through the Department of State Lands, shall transfer lands in a manner consistent with the boards trust responsibilities. (5) The provisions of ORS 270.100, 270.110, 270.130 and 273.275 do not apply to the transfer of trust lands under this section. (6) The board may adopt rules to carry out the provisions of ORS 273.462 to 273.464. (7) Nothing in this section shall be construed to affect the ability of the board or the department to dispose of trust lands in any manner otherwise provided for by law.
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