Louisiana Revised Statutes 41:1224.1 – Exceptions to advertisement and bidding requirements
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Terms Used In Louisiana Revised Statutes 41:1224.1
- 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.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
The provisions of this Chapter do not apply to the lease or sublease of boat slips of the Bucktown Marina that are owned and operated by the governing authority of Jefferson Parish pursuant to a lease between the state and the parish, provided that all boat slips in the marina shall be leased on a first-come, first-served basis for fair market value as determined by an appraiser and that the rates for and availability of such slips shall be published in the official journal of the parish.
Acts 2014, No. 156, §1, eff. May 22, 2014.