HB 421: "An Act establishing a residency requirement for auctions of state land."
00HOUSE BILL NO. 421 01 "An Act establishing a residency requirement for auctions of state land." 02 BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF ALASKA: 03 * Section 1. AS 38.05.055 is amended to read: 04 Sec. 38.05.055. AUCTION SALE PROCEDURES. Unless another method of 05 sale is required under this chapter, AS 38.07, or AS 38.08, the sale of state land shall 06 be made at public auction to the highest qualified bidder as determined by the director. 07 The director may accept bids and sell state land under this section at no less than 70 08 percent of the appraised fair market value of the land. To qualify to participate in 09 a public auction of state land under this section, a bidder who is a natural person 10 shall have been a resident of the state for at least one year immediately preceding 11 the date of the auction and submit proof of that fact, as the commissioner 12 requires by regulation. A bidder must appear in person at the auction unless medical 13 reasons, attendance at school, or military service outside the state prevent attendance. 14 A bidder may be represented by an attorney or agent at the auction if the land offered
01 for disposal is commercial, industrial, or agricultural land. An aggrieved bidder may 02 appeal to the commissioner within five days after the sale for a review of the director's 03 determination. The sale shall be conducted by the director and at the time of sale the 04 successful bidder shall deposit an amount equal to five percent of the purchase price. 05 The director shall immediately issue a receipt containing a description of the land or 06 property purchased, the price bid, and the amount deposited. The receipt shall be 07 acknowledged in writing by the bidder.