Alaska Statutes 38.05.055 – Auction sale or sealed bid procedures
Terms Used In Alaska Statutes 38.05.055
- agricultural land: means land chiefly valuable for agricultural purposes. See Alaska Statutes 38.05.965
- Appeal: A request made after a trial, asking another court (usually the court of appeals) to decide whether the trial was conducted properly. To make such a request is "to appeal" or "to take an appeal." One who appeals is called the appellant.
- commissioner: means the commissioner of natural resources. See Alaska Statutes 38.05.965
- director: means the director of the division of lands of the Department of Natural Resources. See Alaska Statutes 38.05.965
- 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.
- land: means all land, including shoreland, tideland , and submerged land, or resources belonging to or acquired by the state. See Alaska Statutes 38.05.965
- property: includes real and personal property. See Alaska Statutes 01.10.060
- state: means the State of Alaska unless applied to the different parts of the United States and in the latter case it includes the District of Columbia and the territories. See Alaska Statutes 01.10.060
- writing: includes printing. See Alaska Statutes 01.10.060
Unless another method of sale is required under this chapter, Alaska Stat. Chapter 38.08, or Alaska Stat. Chapter 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.