Okla. Admin. Code § 385:25-1-23

Current through Vol. 42, No. 3, October 15, 2024

Section 385:25-1-23 - Procedure for public bidding

The public bid process for school land surface leases shall be as follows:

(1)Notice. The method for advertising the leases for public bid shall be at the sole discretion of the Commissioners, or their designee, and to provide the best method to provide the information to prospective lessees. The notice shall contain the following information:

(A) Lease number;

(B) Legal description;

(C) General directions to location of property;

(D) Minimum annual bid;

(E) Minimum cash deposit needed to perfect the high bidder's lease rights, method and manner of acceptable payment;

(F) Term of the lease;

(G) Such other information as the CLO deems necessary to adequately inform prospective bidders of terms and conditions of auction.

(2)Date and location. Auction shall be held at time, date and location as determined by the CLO.

(3)Minimum bid. No bid shall be accepted which is below the minimum fair market rental value established by the appraisers.

(4)Right to refuse. The Commissioners reserve the right to refuse any and all bids.

(5)Minimum cash deposit. Successful high bidder at auction shall pay at the time of the auction one-half of the annual rent for annual rent over $500.00 or all of the annual rent if $500.00 or below.

Okla. Admin. Code § 385:25-1-23

Amended at 16 Ok Reg 1451, eff 5-27-99; Amended at 29 Ok Reg 1306, eff 6-25-12