(a) Notwithstanding Section 6401, the commission may sell to a surface property owner, for not less than fair market value, the state’s reserved mineral interest in a parcel of land comprised of 466.66 acres, described in Section 36, T 3 S, R 14 E, SBB&M, consisting of lots 1, 2, 3, 4, 5, 6, 8, 9, 10, and 11, N 1/2 of NW 1/4, and W 1/2 of NE 1/4, located in Riverside County, upon those terms and conditions, and subject to any reservations and exceptions as the commission determines are in the best interests of the state. Proceeds from the sale shall be deposited in accordance with the requirements of Section 6217.7.

(b) For purposes of this section “surface property owner” means a person who is the owner of a parcel of real property, but who does not have the right to prospect for, mine, or remove mineral deposits from that property.

Terms Used In California Public Resources Code 6401.5

  • 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.
  • Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.

(Added by Stats. 2005, Ch. 701, Sec. 3. Effective January 1, 2006.)

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