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(a) The commissioner will establish the terms, conditions, and method of disposition of state royalty oil, gas, or associated substances which are or will be taken in-kind.
(b) Before taking royalty oil, gas, or associated substances in-kind, the commissioner will determine in writing that taking in-kind will be in the best interests of the state.
(c) Before taking royalty oil, gas, or associated substances in-value, the commissioner will determine in writing that taking in-value is in the best interests of the state.
(d) Before the execution of a contract for the disposition of royalty oil, gas, or associated substances, the commissioner will make a finding that the disposition is in the best interests of the state. If the disposition is by competitive bid, this determination will, in the commissioner's discretion, be made before the award of oil, gas, or associated substances to a successful bidder or bidders.
(e) Before the execution of a contract for the disposition of royalty oil, gas, or associated substances that permits the export of royalty oil, gas, or associated substances from the state, the commissioner will determine in writing that the oil, gas, or associated substances subject to export are surplus to present and projected intrastate domestic and industrial needs.
(f) If royalty oil, gas, or associated substances are disposed of to relieve storage or market conditions, the commissioner will, before executing the agreement, determine that the agreement will relieve the storage or market condition.
(g) Determinations or findings made in writing under this chapter will be made public by placing a copy on file in the commissioner's office in Juneau, Alaska and by mailing a copy to the Alaska Royalty Oil and Gas Development Advisory Board.
(h) Determinations or findings concerning disposal of royalty oil, gas, or associated substances under this chapter are revocable at any time before execution by the commissioner of a contract for the sale of royalty oil, gas, or associated substances.
(i) More than one determination or finding under this chapter will, in the commissioner's discretion, be made in the same writing.
History: Eff. 12/12/80, Register 76; am 8/8/84, Register 91; am 5/22/93, Register 126
Authority: AS 38.05.020
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Last modified 7/05/2006