(2) The proceeds of any sale authorized by subsection (1) of this section shall be deposited in a revolving account in the Common School Fund. The costs of acquisition authorized by subsection (1) of this section shall be charged to the revolving account.

(3) When requested in writing by the Department of State Lands, the Oregon Department of Administrative Services shall draw a warrant on the Common School Fund in favor of the Department of State Lands for use as a revolving account. The State Treasurer shall hold the revolving account in special account against which the Department of State Lands may draw checks.

(4) The Department of State Lands may use the revolving account for the purposes specified in subsection (1) of this section.

(5) Before disposing of lands described in subsection (1) of this section, the Department of State Lands shall cause owners or lessees of land adjoining the land to be disposed of to be notified of the pending disposition. The notice shall indicate the time and method of sale, the minimum or reserved price, if any, and shall invite the landowners or lessees to participate as a prospective purchaser if the landowner or lessee wishes to do so.

(6) Before purchasing or selling land, the Department of State Lands shall obtain approval of the governing body of the county or counties in which such land is located.

(7) The Department of State Lands shall prepare sales materials, including catalogs of lands available for sale, and may charge a fee for such materials.

(8) This section does not apply to the sale or management of state-owned submerged and submersible lands subject to ORS chapter 274. [1987 c.156 §1; 1995 c.204 §1; 2003 c.253 §18]

Note: 273.413 was added to and made a part of ORS chapter 270 by legislative action but was not added to ORS chapter 273 or any smaller series therein. See Preface to Oregon Revised Statutes for further explanation.