A railway corporation which has received authorization to abandon a rail line must offer the line to the authority for sale prior to removing the track materials. The corporation shall state a reasonable price for:
1. The corporation's right, title, and interest in the right-of-way, track materials, and rail facilities.
2. An exclusive, transferable, five-year option to purchase all of the corporation's right, title, and interest in the right-of-way, track materials, and rail facilities.
The authority may waive the requirements of this section.
The authority shall have thirty days in which to accept or decline the corporation's offer for all or any part of the rail line. If the authority fails to accept the offer within thirty days of the offer, the corporation may dispose of the property.
If the authority accepts all or any part of the offer, the corporation shall execute the proper documents upon delivery of the purchase price which shall not be later than ninety days from the date of the offer.
83 Acts, ch 121, § 2
CS83, § 307B.24
C93, § 327I.24
Referred to in § 427.1(25)
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