Fair market value. (1) (a) The director may sell or lease to the Utah Department of Natural Resources an aggregation of more than 5,000 acres of trust lands, if the Utah Department of Natural Resources pays at least fair market value for the sale or lease. (b) The director may make an aggregation of more than 5,000 acres of trust lands described in this section by selecting a single, contiguous parcel or combining multiple parcels, with individual parcels no farther apart than two miles. (c) The director may complete a sale or lease described in this section without complying with the advertising requirements described in Subsection 53C-4-102(3), if the director and the board of trustees: (i) provide written notice of a proposed sale or lease under this section to an affected beneficiary; and (ii) present at an open meeting of the board of trustees and take public comment on: (A) the terms of a proposed sale or lease; and (B) the director's findings that waiving the advertising provision is in the best interest of the beneficiaries. (2) The director may not include the following lands in a sale or lease described in this section: (a) Township 1 South, Range 8 West, USM; (b) Township 1 South, Range 9 West, USM; or (c) Township 1 South, Range 10 West, USM. (3) (a) The director shall make rules, in accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, for determining the fair market value of trust lands for a sale or lease described in this section. (b) The rules adopted by the director: (i) shall establish the procedure for determining the fair market value of the trust lands; (ii) may provide that an appraisal, as that term is defined in Section 61-2g-102, demonstrates the fair market value of the trust lands; (iii) shall require the director to obtain at least one third-party appraisal in the procedure established in this Subsection (3); and (iv) may require that additional appraisals be completed by a state-certified general appraiser, as that term is defined in Section 61-2g-102.
‹ Prev All Utah sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.