Utah Code 53C-4-101. Criteria for sale, lease, exchange, or other disposition of trust lands
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(1)
Terms Used In Utah Code 53C-4-101
- Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
- 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
- trust lands: means those properties granted by the United States in the Utah Enabling Act to the state in trust, and other lands transferred to the trust, which must be managed for the benefit of:(8)(a) the state's public education system; or(8)(b) the institutions of the state which are designated by the Utah Enabling Act as beneficiaries of trust lands. See Utah Code 53C-1-103
(1)(a) The director shall establish criteria by rule for the sale, exchange, lease, or other disposition or conveyance of trust lands, including procedures for determining fair market value of those lands.
(1)(b)
(1)(b)(i) Nothing in this title or in the administration‘s rules and procedures shall be considered to require the director or the administration to execute any transaction for the disposition of trust lands on terms that the director determines by a written finding to be unfavorable to the beneficiaries.
(1)(b)(ii) The director shall send a copy of the written finding to each board member for review and comment.
(2) The governor, with the consent of the board, may participate in efforts and initiatives related to school and institutional trust lands inholdings.