South Dakota Codified Laws 5-24A-5. Requirements for disposition
State-owned property may not be disposed until the following steps have been taken:
(1) The agency property manager declares the property surplus;
Terms Used In South Dakota Codified Laws 5-24A-5
- 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.
- Property: includes property, real and personal. See South Dakota Codified Laws 2-14-2
- written: include typewriting and typewritten, printing and printed, except in the case of signatures, and where the words are used by way of contrast to typewriting and printing. See South Dakota Codified Laws 2-14-2
(2) The property manager submits a form, prescribed by the bureau, to the administrator for approval. The form shall state in part:
(a) The legal name of the state agency;
(b) The complete address or location of the surplus property;
(c) A desired method of disposal of the surplus property as authorized in this chapter;
(d) The reason the property has been declared as surplus property;
(e) An estimate, current value, suggested selling price, or minimum acceptable price;
(f) A statement that the contents of the form have been reviewed by the property manager of the agency and that the facts contained in the form are true and correct;
(g) The fixed asset number if applicable; and
(h) Any other information determined by the bureau to be necessary;
(3) The administrator shall review the request and estimate the property’s fair market value. The administrator shall, thereupon, designate the manner of disposal. Written notification of the designation shall be sent to the submitting agency property manager; and
(4) The agency shall maintain a record of all property it disposes of in a manner prescribed by the bureau.
Source: SL 2008, ch 32, § 5.