Section 38.05.055. Auction sale or sealed bid procedures.

Unless another method of sale is required under this chapter, AS 38.08, or AS 38.09, the sale of state land shall be made at public auction or by sealed bid, at the discretion of the director, to the highest qualified bidder as determined by the director. The director may accept bids and sell state land under this section at not less than 70 percent of the appraised fair market value of the land. To qualify to participate under this section in a public auction or sale by sealed bid of state land that is other than commercial, industrial, or agricultural land, a bidder shall have been a resident of the state for at least one year immediately preceding the date of the sale and submit proof of that fact, as the commissioner requires by regulation. A bidder may be represented by an attorney or agent at a public auction. An aggrieved bidder may appeal to the commissioner within five days after the sale for a review of the director's determination. The sale shall be conducted by the director, and, at the time of sale, the successful bidder shall deposit an amount equal to five percent of the purchase price. The director shall immediately issue a receipt containing a description of the land or property purchased, the price bid, and the amount deposited. The receipt shall be acknowledged in writing by the bidder.

Authorities

38.04.020;38.04.045;38.05.035;38.05.065;38.05.840;38.95.230

Notes

Implemented As

11 AAC 51.015
11 AAC 67.010
11 AAC 67.045
11 AAC 67.067

References

11 AAC 67.005
11 AAC 67.815
AS 38.04.020 Land disposal bank.
AS 38.04.045 Survey and subdivision.
AS 38.05.035 Powers and duties of the director.
AS 38.05.065 Terms of contract of sale.
AS 38.05.840 Appraisal.
AS 38.95.230 Management of escheated real property by department.

History

(Sec. 2 art IV ch 169 SLA 1959; am Sec. 9 ch 61 SLA 1960; am Sec. 2 ch 137 SLA 1962; am Sec. 3 ch 176 SLA 1978; am Sec. 14 ch 85 SLA 1979; am Sec. 15 ch 113 SLA 1981; am Sec. 22 ch 152 SLA 1984; am Sec. 1 ch 3 SLA 1996; am Sec. 10 ch 91 SLA 1997; am Sec. 2 ch 27 SLA 2012)