10:02:01:07Sale of property for which no bids are received.

The secretary of the Department of Transportation may sell at private sale through negotiation without further advertising property appraised and offered for sale pursuant to §§ 10:02:01:02 and 10:02:01:03 for which no sealed bid or offer at public auction was received which equaled the appraised value. Subject to the approval of the State Transportation Commission, property appraised at $2,500 or less may be sold for not less than 50 percent of the appraised value and property appraised at more than $2,500 may be sold for not less than 80 percent of the appraised value.

Source: 7 SDR 89, effective March 31, 1981; 33 SDR 107, effective December 26, 2006.