As used in this subchapter, the following definitions apply, except where the context clearly indicates otherwise:
(1) "Accounting period" means the interval of time used to calculate and compare investment decision criteria for various land classes.
(2) "Annual return" means the net annual income.
(3) "Asset value" means the value of an asset as determined by appraisal or purchase price.
(4) "Average annual rate of return" means the average annual return over the accounting period, divided by the purchase price, and multiplied by 100.
(5) "Bid" means a written or oral monetary commitment to purchase land or interest in land offered at the specified time and place by a person eligible to participate in an auction, as specified by the department in accordance with 77-2-363, MCA.
(6) "Bid bond" means bid deposit, as defined in (7).
(7) "Bid deposit" means a certified check or cashier's check drawn on any Montana bank equal to 20 percent of the minimum sales price submitted in connection with a bid as an assurance of the performance of a contractual or promissory requirement.
(8) "Board" means the state Board of Land Commissioners.
(9) "Department" means the Department of Natural Resources and Conservation.
(10) "Estimated costs" means the estimated costs to prepare the parcel for sale, including but not limited to appraisal fees and archeological surveys.
(11) "Lessee" means the current lease holder of any agricultural, grazing, commercial, cabin or home site, or other surface lease of state trust land.
(12) "Net annual income" means total revenues from all sources less total average expenses from all sources based on all available cost information, including information in the "Report on the Return on Asset Value by Trust and Land Office for State Trust Lands."
(13) "Net present value" means the sum of the discounted net annual income over the accounting period.
(14) "Parcel" means one section or less that can be identified by legal description, independent of any other parcel of land, using documents on file in the records of the county clerk and recorder's office or in the department's records.
(15) "Processing costs" means estimated costs of preparing the parcel for sale, including but not limited to appraisals, cultural surveys, environmental review (pursuant to Title 75, chapter 1, parts 1 through 3, MCA), and land surveys.
(16) "Report on the Return on Asset Value by Trust and Land Office for State Trust Lands" means the annual report produced to analyze the rates of return originating on trust land on land classified as forest, agricultural and grazing, and other.
(17) "Sale unit" means one or more parcels sold as a single sale.
(18) "Tract of record" means a distinct portion of land, irrespective of ownership, that can be identified by legal description, independent of any other portion of land, using documents on file in the records of the county clerk and recorder's office.
History: 77-1-204, 77-2-308, 77-2-328, 77-2-362, MCA; IMP, 77-2-328, 77-2-362, 77-2-363, MCA; NEW, 2004 MAR p. 2399, Eff. 10/8/04; AMD, 2008 MAR p. 1153, Eff. 6/13/08; AMD, 2011 MAR p. 2414, Eff. 11/11/11.