Montana Statutes
§ 77-6-202 — Lease By Competitive Bidding -- Full Market Value Required
Montana·Title 77 STATE LANDS·Ch. 6 AGRICULTURAL, GRAZING, AND OTHER SURFACE LEASES·Part 2 Leasing Procedure
77-6-202 . Lease by competitive bidding -- full market value required. When the department receives an application to lease an unleased tract, it shall advertise for bids on the tract. The tract must be leased to the highest bidder unless the board determines that the bid is not in the state's best interest for the reasons set forth in 77-6-205 (2). The board may not accept a bid that is below full market value. If the high bid is rejected, the board shall set forth the reasons for the rejection in writing. The lease may be issued, at a rental rate to be determined by the board, to the first bidder who is willing to pay the board-determined rate whose name is selected through a random selection process from all bidders on the tract.
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Legislative History
En. Sec. 21, Ch. 60, L. 1927; re-en. Sec. 1805.21, R.C.M. 1935; amd. Sec. 1, Ch. 65, L. 1939; amd. Sec. 1, Ch. 20, L. 1941; amd. Sec. 5, Ch. 207, L. 1945; amd. Sec. 3, Ch. 260, L. 1963; amd. Sec. 12, Ch. 428, L. 1973; amd. Sec. 1, Ch. 311, L. 1977; R.C.M. 1947, 81-405(3); amd. Sec. 3, Ch. 586, L. 1993; amd. Sec. 288, Ch. 42, L. 1997.
Nearby Sections
15
§ 77-6-101
Statement Of Policy§ 77-6-102
Surface Leases Authorized§ 77-6-104
Renumbered 77-1-209§ 77-6-106
Repealed§ 77-6-108
Who May Lease§ 77-6-110
Lease Expiration Dates§ 77-6-111
Terminated§ 77-6-112
Liens On Crops And Improvements§ 77-6-113
Lease Conditions -- Cancellation§ 77-6-114
Repealed