Montana Code 77-1-1002. Planning of lease actions
77-1-1002. Planning of lease actions. (1) The department shall manage the property interests acquired from the federal government in the Crown Butte land exchange consistent with 77-3-102 and consult with the private surface owners and the private mineral owners that control the coal property interests that are located in a checkerboard arrangement with the mineral interests acquired from the federal government in the Crown Butte land exchange in the planning of leasing actions.
Terms Used In Montana Code 77-1-1002
- 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
- Property: means real and personal property. See Montana Code 1-1-205
(2)Consistent with Title 77, the department’s leasing actions must:
(a)attain the fair market value and optimize the monetary return to the public school fund; and
(b)facilitate and encourage timely development of the property interests acquired from the federal government in the Crown Butte land exchange.