77-1-220. Offsetting purchases -- proceeds -- records. (1) To the extent practical and consistent with the board's powers and duties pursuant to 77-1-202, the board shall offset purchases made pursuant to 77-1-218, 77-1-219, and 77-1-229 by selling an equal amount of land.
(2) Proceeds received from offsetting sales may not be used for:
(a) purchasing additional lands; or
(b) the land banking process under 77-2-361 through 77-2-367.
(3) A separate record of the proceeds received from each sale of land must be maintained.
History: En. Sec. 3, Ch. 485, L. 2009; amd. Sec. 3, Ch. 362, L. 2011.
Structure Montana Code Annotated
Chapter 1. Administration of State Lands
Part 2. Board of Land Commissioners
77-1-201. Board -- meetings and officers
77-1-202. Powers and duties of board
77-1-203. Multiple-use management
77-1-204. Power to sell, lease, or exchange certain state trust lands
77-1-205. Board to correct errors
77-1-206. Board to prescribe further rules for appraisal
77-1-207. Board to defend suits
77-1-208. Cabin site licenses and leases -- method of establishing value
77-1-211. Acceptance of federal land grants
77-1-212. Acceptance of federal facilities and installations -- title in state
77-1-213. Acceptance of gifts, donations, grants, legacies, and devises to the state
77-1-214. Donations of land for forestry purposes
77-1-215. Expenditures authorized
77-1-216. Disposition of revenues and profits
77-1-217. Payment of certain obligations
77-1-218. Public school land acquisition account
77-1-219. Public school land purchases -- considerations -- distributions
77-1-220. Offsetting purchases -- proceeds -- records
77-1-223. State trust land report to trust beneficiaries and legislature -- contents
77-1-226. and 77-1-227 reserved
77-1-228. Public land trust acquisition account
77-1-229. Public land trust purchases
77-1-230. through 77-1-234 reserved
77-1-235. Alternative rental market valuation -- open competitive bidding process -- rules
77-1-236. Rental market valuation lease program -- transition -- rules