1. (a) The authority will give notice of its intention to dispose of property under 3 AAC 105.400, in the case of a

   1. (1) real property disposition, at least 30 days before the disposition; or
   2. (2) personal property disposition, at least seven days before the disposition.

2. (b) Unless otherwise required by law or contract, the authority will publish the notice required by (a) of this section by at least one of the following methods:

   1. (1) publication in a newspaper of general circulation in the state;
   2. (2) publication in a newspaper of local circulation in the area pertinent to the disposition;
   3. (3) other appropriate media publication.

3. (c) A notice required by (a) of this section will contain sufficient information in commonly understood terms to inform the public of the nature of the action and the opportunity of the public to comment on the action. If the notice includes an invitation to bid with respect to real property, the notice will include the following:

   1. (1) a description of the real property;
   2. (2) the time, place, and terms of the proposed disposition;
   3. (3) a statement that the authority reserves the right to reject any and all bids;
   4. (4) a description of the deposit requirement of 3 AAC 105.400(g);
   5. (5) a statement that the winning bidder will not receive title to the property until the authority receives full payment or until the authority and the winning bidder enter into a purchase contract satisfactory to the authority.

(Eff. 2/16/96, Register 137)

Authority: AS 44.83.080