3 AAC 105.400. Disposition of property

(a) The provisions of 3 AAC 105.400 - 3 AAC 105.480 apply to the disposition of property by the authority.

(b) The executive director shall appoint a property officer of the authority who shall, subject to executive director authorization, be responsible for the disposition of the property of the authority.

(c) The authority will, in its discretion, dispose of property owned or acquired by the authority under terms approved by the executive director or the property officer. A disposal under this section may be by sale, lease, exchange, or other disposition.

(d) The executive director or the property officer may contract with other state agencies, project operators, real estate brokers, real estate agents, and other consultants to dispose of property under this section.

(e) In disposing of property under this section, the authority will take into consideration market conditions and will attempt to dispose of the property for its fair market value except as provided in 3 AAC 105.420. The determination of fair market value of property for purposes of 3 AAC 105.400 - 3 AAC 105.480 is solely at the discretion of the authority regardless of the result of an appraisal, if any, of the property.

(f) The authority will dispose of property under this section only in compliance with applicable laws and only if the disposition is not prohibited under the terms of bond trustee agreements or other contracts to which the authority is a party or is otherwise bound. If the authority considers it necessary or desirable, the authority will consult with the trustee for any outstanding bonds of the authority before disposing of property under this section.

(g) The authority will dispose of property under 3 AAC 105.400 - 3 AAC 105.480 by spot bids, competitive sealed bids, public auction, or other disposition methods selected by the authority. If the disposition of property is by competitive sealed bids, each bid must be accompanied by a deposit, in the form of a money order or a certified or cashier's check, in an amount equal to ten percent of the amount bid. In the discretion of the authority, the bid deposit amount may be increased or decreased for a disposal of property. The authority will apply the winning bidder's deposit toward the purchase price of the property. After awarding the bid and completing the sale or entering into a purchase contract with the winning bidder, the authority will return the other bidders' deposits.

(h) An employee of the authority may not directly or indirectly purchase property of the authority if the employee was directly or indirectly involved in the acquisition, maintenance, preparation for sale, or disposal of the property.

(i) The authority will, in its discretion, determine to dispose of property of the authority by giving the property to the state. A disposal under this subsection is not subject to the other requirements of this section.

History: Eff. 2/16/96, Register 137

Authority: AS 44.83.080

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