(a) The Commissioner of State Lands shall receive requests for conveyance of title to an island previously formed in the navigable waters of this state and not previously disposed of in the manner provided by law.
(b)
(1) The Commissioner of State Lands shall inquire into the terrain and other physical attributes of the island for the purpose of determining which state agency, if any, would be most appropriate for operating, managing, and developing the island.
(2) Upon making the determination, the Commissioner of State Lands shall notify the agency which it finds to be most appropriate to operate and manage the island and shall determine whether that agency is willing to accept the authority and responsibility for operating and managing the island.
(3) If that agency is willing to accept the authority and responsibility of operating and managing the island, the Commissioner of State Lands shall hold the state title to the island, and the authority and duty to operate and manage the island shall be vested in the agency.
(4) If the agency so notified does not desire to accept the responsibility and duty to operate and manage the island, it shall notify the Commissioner of State Lands who shall give the state agency which it deems next most appropriate the option of accepting the authority and responsibility of operating and managing the island.
(c)
(1) When an agency agrees to accept the authority and responsibility of operating and managing an island, the agency shall cause the island to be accurately surveyed, compile field notes, and plat the lands in reference to the adjacent lands by the extension of township, range, and section lines, and the agency shall pay the cost of the survey.
(2) Upon completion of the survey, a copy shall be filed with the Commissioner of State Lands. Upon payment of one dollar ($1.00) consideration to the Commissioner of State Lands by the agency desiring to accept the authority and responsibility of operating and managing the island, the authority and responsibility shall vest with the agency, and title shall be in the name of the State of Arkansas and held by the Commissioner of State Lands.
(d) If the Commissioner of State Lands finds that an island is not appropriate for operation, management, or use by any appropriate state agency and if no state agency is desirous of accepting the responsibility and duty of managing and operating the island, the Commissioner of State Lands may, at his or her discretion and if the Commissioner of State Lands determines that the best interest of the state is being served, retain title to the island in the name of the state, or, alternatively, the Commissioner of State Lands may sell the island in a manner prescribed by subsection (e) of this section.
(e)
(1) Whenever the Commissioner of State Lands finds that any island formed in the navigable waters of this state is not appropriate for use by any state agency and if no state agency is desirous of assuming the responsibility and duty of operating and managing the island, the Commissioner of State Lands may accept applications for purchase of the island.
(2) When the application is filed with the Commissioner of State Lands, the Commissioner of State Lands shall cause the island to be accurately surveyed, compile field notes, and plat the lands in reference to the adjacent lands by the extension of township, range, and section lines.
(3) Thereafter, the lands shall be appraised and treated in all respects and sold and conveyed by the state in a public manner and as prescribed by the Commissioner of State Lands.
(4) The cost of the survey of any island made as required by this section shall be added to the purchase price of the island.