43 CFR 44.40 – How does the Department process payments for lands in the Redwood National Park or Lake Tahoe Basin?
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This section describes how the Department disburses payments for lands in the Redwood National Park or Lake Tahoe Basin (section 6905 payments).
Terms Used In 43 CFR 44.40
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
(a) The Department disburses payments to qualified local governments only if the administering agency supplies the following information for each qualified local government:
(1) Acreage or interests in land for which the payments are authorized; and
(2) Any other information the Department may require to certify payments to each qualified local government.
(b) The Department disburses payments until 5 percent of the fair market value is paid in full.