Administrative Rules of Montana › Department 36 - NATURAL RESOURCES AND CONSERVATION › Chapter 36.25 - STATE LAND LEASING › Subchapter 36.25.8 - Land Banking › Rule 36.25.801 - DEFINITIONS

Current through Register Vol. 13, July 5, 2024
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.
77-1-204,
					 77-2-308,
					 77-2-328,
					 77-2-362, MCA; IMP,
					 77-2-328,
					 77-2-362,
					 77-2-363,
					 MCA;