2009 Iowa Code
Title 8 - Transportation
Subtitle 1 - Highways and Waterways
CHAPTER 306 - ESTABLISHMENT, ALTERATION, AND VACATION OF HIGHWAYS
306.22 - SALE OF UNUSED RIGHT-OF-WAY.

        306.22  SALE OF UNUSED RIGHT-OF-WAY.
         When title to any tract of land has been or may be acquired for
      the construction or improvement of any highway, and when in the
      judgment of the agency in control of the highway, the tract will not
      be used in connection with or for the improvement, maintenance, or
      use of the highway, the agency in control of the highway may sell the
      tract for cash.
         The department may contract for the sale of any tract of land
      subject to the following terms and conditions:
         1.  The discounted present market value of the contract offer,
      including the cash down payment, shall exceed one hundred ten percent
      of the highest cash offer submitted for the tract if a cash offer is
      received.  The discount rate shall be the rate of interest stated in
      the contract.
         2.  The cash down payment shall be equal to or in excess of five
      percent of the total purchase price.
         3.  The term of the contract shall not exceed ten years.
         4.  The rate of interest stated in the contract shall not be less
      than the prevailing rate of interest charged on contract land sales
      by sellers in the county or general area in which the tract of land
      is located.
         5.  The department shall advertise for cash bids and contract
      offers before accepting a contract offer.
         6.  The appraised value of property sold under a land contract
      sale shall be at least five thousand dollars.
         7.  Any tract of land sold on contract shall be listed on the tax
      rolls by and taxed to the contract purchaser, as provided in chapters
      428 and 443; assessed and valued as provided in chapter 441; taxes
      levied as provided in chapter 444; collected as provided in chapter
      445; and subject to tax sale, redemption, and apportionment of taxes
      as provided in chapters 446 to 449.  The contract purchaser shall
      discharge and pay all taxes.
         If any tract of land is sold, the sale shall be subject to the
      right of a utility association, company, or corporation to continue
      in possession of a right-of-way in use at the time of the sale.  

         Section History: Early Form

         [C35, § 4755-f1; C39, § 4755.44; C46, 50, § 313.53; C54, 58,
      62, 66, § 306.16; C71, 73, 75, 77, 79, 81, § 306.22] 

         Section History: Recent Form

         86 Acts, ch 1245, § 1987; 92 Acts, ch 1163, § 71
         Referred to in § 306.42