Oklahoma Administrative Code
Title 385 - Department of the Commissioners of the Land Office
Chapter 25 - Surface Leasing for Agricultural and Commercial Purposes
Section 385:25-1-2 - Definitions

In addition to terms defined in 64 O.S. §§ 1023 and 1056 et seq. the following words or terms when used in this Chapter shall have the following meaning unless the context indicates otherwise:

"Commercial lands" means those trust lands which may have a greater value or use which enables it to earn more income per year than if used strictly for agricultural purposes but does not mean investments in real property described by 64 O.S. § 1013(B).

"Commission", "Commissioners", "CLO" or "Land Office" means the Commissioners of the Land Office of the State of Oklahoma.

"Fair market value" means the price which the property would bring if offered for sale in the open market by a seller willing but not obligated to sell and a buyer willing but not obligated to buy, both being fully informed of all purposes for which property is best adapted or could be used.

"Fair market rental value" means the annual price in cash a willing but not obligated tenant would pay, and a willing but not obligated landlord would charge for the same or similar lands for the highest and best legal use of the property, agricultural or commercial.

"Improvements" means buildings or other permanent or temporary structures or developments located on or attached to the land.

"Preference right lease" means the right of the lessee holding a lease designated with a preference right that the Commissioners elect to sell during the lease term to purchase the land at the highest bid under a two-tiered bidding system.

"Secretary" means the Secretary of the Commissioners of the Land Office and includes the Assistant Secretary.

"State" means Oklahoma.

"Trust" means the permanent school fund established by OKLA. CONST. Art. XI, §2.

"Trust land" or "school lands" means real property owned in whole or in part by the Trust.

"Two-tier bidding system" means a public auction procedure under which a first tier of bidding open to the general public is conducted to establish the highest initial bid. A second tier of bidding is then held in which the preference right lessee can match the bid of the party holding the highest initial bid and any subsequent raises by the initial highest bidder until no higher bid is made or the preference rights lessee refuses to match a raise in bid.

Amended at 16 Ok Reg 1451, eff 5-27-99; Amended at 29 Ok Reg 1306, eff 6-25-12