77-1-907. Qualifications for commercial lessees -- bonds. (1) Before accepting any offer for a commercial lease, the board shall establish, to its satisfaction, the financial capability of the person seeking the commercial lease and the legal authority of the person to conduct business in the state. Prior to executing a commercial lease, the board may require the posting of bonds, sureties, guarantees, or a letter of credit sufficient to ensure that the commercial purposes will be conducted as proposed with no harm to the financial interests of the beneficiaries.
(2) All commercial leases of which the commercial purpose includes the use of a hazardous substance as defined in 75-10-602 must be bonded to ensure a degree of cleanup of the hazardous substance that ensures protection of public health, safety, and welfare and of the environment in a manner that protects the long-term financial interest of the beneficiaries.
History: En. Sec. 7, Ch. 404, L. 2003.
Structure Montana Code Annotated
Chapter 1. Administration of State Lands
Part 9. Commercial Leasing of State Trust Land
77-1-901. Declaration of policy and purpose
77-1-903. Authority of board to determine development
77-1-904. Commercial leasing authorized
77-1-906. Requirements for commercial lease -- improvements
77-1-907. Qualifications for commercial lessees -- bonds
77-1-908. Land use license issuance following reclassification
77-1-909. Cancellation or termination of commercial lease
77-1-910. Encumbrance on leased land