27—50.140 (207) Disposition of reclaimed lands.
	 50.140(1) Prior to disposition of any acquired land, the division shall publish a notice which describes the proposed disposition of the land in a newspaper of general circulation in the area where the land is located for a minimum of four successive weeks. The notice shall provide at least 30 days for public comment and state where copies of plans for disposition of the land may be obtained or reviewed and the address to which comments on the plans should be submitted. The notice shall also state that a public hearing will be held if requested by a person.
	 50.140(2) The division may transfer administrative responsibility for land acquired under this part to any agency or political subdivision of the state with or without cost to that agency. The agreement, including amendments, under which a transfer is made shall specify:
	  a.   	 The purposes for which the land may be used consistent with the authorization under which the land was acquired; and
	  b.   	 That the administrative responsibility for the land will revert to the division if, at any time in the future, the land is not used for the purposes specified.
	 50.140(3) The division may transfer title to abandoned and unreclaimed land to the United States to be reclaimed and administered by OSM, and maintain a preference right to purchase land from OSM after reclamation is completed. The price shall be the fair market value of the land in its reclaimed condition less any portion of the land acquisition price paid by the division.
	 50.140(4) The division may sell land acquired under this part by public sale if the land is suitable for industrial, commercial, residential, or recreational development and if the development is consistent with local, state or federal land use plans for the area in which the land is located.
	  a.   	 Land shall be sold by public sale only if it is found that retention by the state or disposal under other paragraphs of this rule is not in the public interest.
	  b.   	 Land shall be sold for not less than the fair market value under a system of competitive bidding which includes at a minimum:
	  1. 	 Publication of a notice once a week for four weeks in a newspaper of general circulation in the locality in which the land is located. The notice shall describe the land to be sold, state the appraised value, state any restrictive covenants which will be a condition of the sale, and state the time and place of the sale.
	  2. 	 Provisions for sealed bids to be submitted prior to the sale date followed by an oral auction open to the public.
	 50.140(5) All moneys received from the disposal of land under this rule shall be deposited in the state abandoned mined land fund.