(a) Subject to any requirements or limitations specified in the resolution, the persons so designated by the board shall proceed to negotiate with one (1) or more potential owners the transfer and lease agreement concerning the property described in the resolution.(b) The transfer may be either for cash or on credit upon such terms and conditions and with such security as shall be approved by the board.(c) The transfer price shall be an amount equal to not less than the fair market value of the property, determined as provided in § 6-62-610.(d) The rent to be paid by the board under the lease agreement shall be not more than the fair market rental of the property, determined as provided in § 6-62-610.(e) All terms of the transfer and lease agreement shall be subject to the approval of the board.Acts 1983 (Ex. Sess.), No. 11, § 4; 1983 (Ex. Sess.), No. 12, § 4; A.S.A. 1947, § 80-3391.3.
Arkansas Legal Code