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6-62-609. Negotiations — Terms of transfer.
Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-609. Negotiations — Terms of transfer.
(a) Subject to any requirements or limitations specified in the resolution, the persons so designated by the board shall proceed to negotiate with one (1) or more potential owners the transfer and lease agreement concerning the property described in the resolution.
(b) The transfer may be either for cash or on credit upon such terms and conditions and with such security as shall be approved by the board.
(c) The transfer price shall be an amount equal to not less than the fair market value of the property, determined as provided in § 6-62-610.
(d) The rent to be paid by the board under the lease agreement shall be not more than the fair market rental of the property, determined as provided in § 6-62-610.
(e) All terms of the transfer and lease agreement shall be subject to the approval of the board.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-609
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:6-62-609
Source file: gov.ar.code.title.06.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 3187a59802bbea5c735d4e23d8efdbce0dad6d02c65cd41bfa954f6a133f9b06
Source location: content.xml paragraph 37690
Stored source content
6-62-609. Negotiations — Terms of transfer.
(a) Subject to any requirements or limitations specified in the resolution, the persons so designated by the board shall proceed to negotiate with one (1) or more potential owners the transfer and lease agreement concerning the property described in the resolution.
(b) The transfer may be either for cash or on credit upon such terms and conditions and with such security as shall be approved by the board.
(c) The transfer price shall be an amount equal to not less than the fair market value of the property, determined as provided in § 6-62-610.
(d) The rent to be paid by the board under the lease agreement shall be not more than the fair market rental of the property, determined as provided in § 6-62-610.
(e) All terms of the transfer and lease agreement shall be subject to the approval of the board.
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Arkansas Code — all titles (historical 2020) · legal_authorities
6-62-610. Boards of appraisers — Determination of fair market value and fair market rental.
(a) The fair market value and fair market rental of the property shall be determined by a board of qualified professional appraisers, consisting of one (1) appraiser appointed by the board, one (1) appraiser appointed by the owner, and one (1) appraiser appointed by the Governor.
(b) In determining fair market rental, the board of appraisers shall give consideration to any improvements or additions to the property which the owner is obligated to make.
(c)(1) If any two (2) of the appraisers agree on the fair market value or the fair market rental, this appraisal shall be taken as conclusive.
(2) If two (2) of the appraisers are unable to agree on either the fair market value or the fair market rental, the fair market value or fair market rental shall be determined by adding the fair market value or the fair market rental as determined by each of the three (3) appraisers and dividing the total by three (3).
(d) Each member of the board of appraisers shall, before entering upon his or her duties, make and subscribe, in duplicate, an affidavit that he or she is not in any manner interested either directly or indirectly in either the transfer of or lease agreement concerning said property and that he or she will well and truly, according to the best of his or her ability, appraise the fair market value or the fair market rental of the property in accordance with the provisions of his or her appointment.
(e) Copies of each instrument appointing an appraiser, copies of each affidavit of an appraiser, and copies of each appraisal made shall be filed with the board and with the owner.
(f) Each appraiser shall be entitled to reasonable compensation for his or her services an
Source: Arkansas Code — historical release 78 (November 6, 2020) · 6-62-610
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 6-62-610. This identifies an authority to review, not proof of applicability.