Louisiana Revised Statutes 56:799.7 – Exemption from restrictions of area and number; fair market value
Terms Used In Louisiana Revised Statutes 56:799.7
- Act of donation: means the "Act of Donation by BP America Production Company to the State of Louisiana" dated July 8, 2002, and recorded July 11, 2002, in the conveyance records of Vermilion Parish, bearing entry number 20208337 in which the property in and around White Lake, located in Vermilion Parish, was donated to the state. See Louisiana Revised Statutes 56:799.2
- Department: means the Department of Wildlife and Fisheries. See Louisiana Revised Statutes 56:799.2
- 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
A. At the end of the term of a lease which was issued on property governed by the provisions of this Subpart which lease was transferred to the state through the act of donation, the property subject to such lease may be offered by the department for lease. Such lease shall be deemed a new lease and shall be offered for public bid under the provisions of Part 1 of Chapter 10 of Title 41 of the Louisiana Revised Statutes of 1950. The provisions of La. Rev. Stat. 41:1217.1 and La. Rev. Stat. 56:30.3 which allow the secretary to offer the most recent lessee of record, his heirs, or assignees, the option to match the highest bid in order to continue to lease the state land shall apply to any bid process under the provisions of this Subsection. However, such leases, renewals, or extensions shall be exempt from the provisions of La. Rev. Stat. 41:1216(A) which limit the total acreage which may be leased and the number of leases which may held by any one lessee.
B. All leases or extensions of leases issued on property governed by the provisions of this Subpart shall be in exchange of consideration proportionate to the fair market lease value of the property to be leased.
Acts 2011, No. 335, §2, eff. June 23, 2011.