27-567. Sales of royalty oil
A. The royalty oil which the department receives pursuant to an election under section 27-564 shall be offered for sale by the department at 10:00 a.m. on the date of delivery of the royalty oil to the department.
B. The application fee and procedure for sale shall be as prescribed by title 37, chapter 2 for the sales of state lands.
C. The department shall determine the quantity of royalty oil to be included in each sale, except that for a sale pursuant to an application by an Arizona refinery business, the quantity of each sale shall be the same quantity as applied for in each application.
D. The minimum sales price for the royalty oil shall be the fair market price for the royalty oil on the date of sale.
E. The highest and best bidder is the bidder who offers to pay the greatest amount of money for the royalty oil. If all bidders offer the same amount for the royalty oil, the Arizona refinery business which applied for the royalty oil shall be declared the highest and best bidder.
F. The department shall declare the highest and best bidder at the conclusion of the public auction. The commissioner may reject any or all bids offered for the royalty oil at the public auction prior to the acceptance of a final bid, if any, when the commissioner determines that such action is necessary to protect the trust. A person adversely affected by a decision may appeal the decision to the board of appeals as provided in section 37-215.
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