[Code of Federal Regulations]

[Title 43, Volume 2]

[Revised as of October 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 43CFR3120.5-2]



[Page 381-382]

 

                    TITLE 43--PUBLIC LANDS: INTERIOR

 

    CHAPTER II--BUREAU OF LAND MANAGEMENT, DEPARTMENT OF THE INTERIOR

 

PART 3120_COMPETITIVE LEASES--Table of Contents

 

                     Subpart 3120_Competitive Leases

 

Sec.  3120.5-2  Payments required.



    (a) Payments shall be made in accordance with Sec.  3103.1-1 of this 

title.

    (b) Each winning bidder shall submit, by the close of official 

business hours, or such other time as may be specified by the authorized 

officer, on the day of the sale for the parcel:

    (1) The minimum bonus bid of $2 per acre or fraction thereof;

    (2) The total amount of the first year's rental; and

    (3) The processing fee for competitive lease applications found in 

the fee schedule in Sec.  3000.12 of this chapter for each parcel.

    (c) The winning bidder shall submit the balance of the bonus bid to 

the proper BLM office within 10 working



[[Page 382]]



days after the last day of the oral auction.



[53 FR 22843, June 17, 1988, as amended at 70 FR 58875, Oct. 7, 2005]