N.M. Admin. Code § 19.2.2.16

Current through Register Vol. 35, No. 23, December 10, 2024

Section 19.2.2.16 - SEALED BIDS

If the commissioner decides to conduct the public auction by sealed bid, this section shall govern the bidding process.

A. Bidders shall submit their bid to the commissioner in a sealed envelope pursuant to the instructions provided in the notice of sale. The sealed envelope shall include a completed mineral lease application, which shall be in a form prescribed by the commissioner; and payment of the non-refundable application fee as set forth in the schedule of fees. Bidders shall offer and set out the amount of their bid on the mineral lease application.

B. Bids shall be received up to the hour set in the notice of sale, and all bids will be opened at the appointed hour.

C. The bidder offering the highest bonus shall be deemed the highest bidder.

D. Subject to 19.2.2.13 NMAC and 19.2.2.22 NMAC, the commissioner shall enter into a mineral lease with the highest bidder pursuant to 19.2.2.23 NMAC.

N.M. Admin. Code § 19.2.2.16

19.2.2.16 NMAC - N, 3/14/2001, Amended by New Mexico Register, Volume XXVII, Issue 12, June 30, 2016, eff. 6/30/2016