00                             HOUSE BILL NO. 249                                                                          
01 "An Act relating to disposal of certain property acquired by the agricultural revolving                                 
02 loan fund."                                                                                                             
03 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA:                                                                
04    * Section 1.  AS 03.10.050(g) is amended to read:                                                                  
05            (g)  The board may dispose of property acquired by the agricultural revolving                                
06       loan fund through foreclosure, default, or other action arising out of agricultural loans                         
07       or the sale of agricultural land.  Disposals shall be conducted under regulations                                 
08       adopted [APPROVED] by the board [COMMISSIONER].  The regulations must                                     
09       ensure that the property is disposed of so as to maximize the return to the state and                             
10       must require that the parcels of land that are composed primarily of cropland soils be                            
11       restricted to agricultural uses and disposed of only to persons who are residents of the                          
12       state.