Any political subdivision, by resolution adopted by the governing body of the political subdivision, may waive and relinquish any reversionary interest held by the political subdivision in property transferred under ORS § 271.330 when the transfer occurred:

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(1) Not less than 20 years prior to the date on which the resolution is adopted; or

(2) Less than 20 years prior to the date on which the resolution is adopted, if the political subdivision determines that waiving and relinquishing its reversionary interest is in the public interest. [1999 c.366 § 3; 2019 c.112 § 2]