A. For proper management of state land, the department may exchange the surface or subsurface rights and interests in sovereign lands of this state that are managed by the department for surface or subsurface rights and interests in federal lands, state lands of another state or lands owned by other agencies or subdivisions of this state.
B. The department may not exchange sovereign land of this state for other lands under this section unless:
1. The commissioner determines that the exchange is in the best interest of the state.
2. The commissioner determines by at least one independent appraisal that either of the following conditions apply to the exchange:
(a)The fair market value of the sovereign land of this state that is included in the proposed exchange is substantially equal to
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A. For proper management of state land, the department may exchange the surface or subsurface rights and interests in sovereign lands of this state that are managed by the department for surface or subsurface rights and interests in federal lands, state lands of another state or lands owned by other agencies or subdivisions of this state.
B. The department may not exchange sovereign land of this state for other lands under this section unless:
1. The commissioner determines that the exchange is in the best interest of the state.
2. The commissioner determines by at least one independent appraisal that either of the following conditions apply to the exchange:
(a) The fair market value of the sovereign land of this state that is included in the proposed exchange is substantially equal to the fair market value of the other land that is included in the proposed exchange.
(b) The fair market value of the sovereign land of this state that is included in the proposed exchange is greater than the fair market value of the other land that is included in the proposed exchange and this state will be compensated for the difference in value with a cash payment to the department from the other party in the exchange.
C. At least sixty days before any exchange under this section, the department shall:
1. Publish a notice of the proposed exchange in a newspaper of general circulation in the county in which the majority of state land that is included in the exchange is located. A notice under this paragraph shall include:
(a) The identity of the parties to the exchange.
(b) A description of all property included in the exchange.
(c) The terms and conditions of the exchange.
(d) The address to which written comments on the exchange may be mailed for the commissioner's consideration. The comments must be mailed within thirty days after the date of the notice.
2. Give written notice of the proposed exchange to:
(a) The county or counties in which the state land included in the exchange is located.
(b) Any municipality in which the state land included in the exchange is located.
(c) Any person with an interest of record in the state land that is included in the exchange.
D. Notice given by the department pursuant to subsection C, paragraph 2 shall be by certified mail and include the information listed in subsection C, paragraph 1.
E. If the sovereign lands of this state that are included in the proposed exchange are located in another state, the notification requirements under subsection C shall be applied to the Arizona county that is nearest the lands.
F. In determining whether a proposed exchange is in the best interest of this state, the commissioner shall consider written comments received by the department pursuant to subsection C.
G. Land conveyed to this state pursuant to this section shall become sovereign land of this state on acceptance of title and recording.
H. Monies paid to the department pursuant to subsection B, paragraph 2, subdivision (b) shall be promptly transferred to the state treasurer for deposit in the appropriate fund.