1. (a) When the right to a lease is awarded, the department will notify the successful bidder or designee under 11 AAC 82.430. The successful bidder shall wire transfer federal funds in the amount of the balance of the cash bonus, first year's annual rental, submit two copies of the lease form fully executed by the high bidder, and, if required, file a bond or pay accrued interest within the period specified in the award notice. If an apparent high bidder fails to comply with the provisions of this section, the bidder shall forfeit rights to the awarded lease and

   1. (1) forfeit the bid deposit; or
   2. (2) if leased under AS 38.05.180, forfeit 20 percent of the bonus bid; the department will issue any refund, if applicable, in compliance with 11 AAC 82.475.

2. (b) The department will apply payments in the following order to the

   1. (1) accrued interest, if required;
   2. (2) balance of the cash bonus; and
   3. (3) first year's annual rental.

(Eff. 9/5/74, Register 51; am 7/22/79, Register 71; am 7/1/89, Register 110; am 12/26/2019, Register 232)

Authority: AS 38.05.020, AS 38.05.145