(a) The Secretary may offer to lease tide and submerged lands by publication of a notice of his or her intention to do so, once each week for not less than 2 weeks in 2 or more newspapers of general circulation in this State, 1 of which is published or has general circulation in the county in which the lands lie or the county contiguous thereto. The notice shall describe the lands so offered, and shall specify the rate of royalty and the rental, the manner in which bids may be filed with the Secretary, the amount of the deposit that must accompany each bid, and the time and place for filing bids, which time shall not be less than 30 days after the date of last publication of such notice. Further, the notice shall state that the lease will be awarded to the bidder offering the highest cash bonus, that the form of lease, conditions for bidding and bid form may be obtained from the Secretary upon request, and that the lease is subject to prior approval by the United States Defense Department.

(b) Each bid shall be enclosed in a sealed envelope, shall be on the form provided by the Secretary and shall be accompanied by duplicate lease forms executed by the bidder, and by a certified or cashier’s check or checks payable to the State in the amount fixed by the Secretary which sum shall be deposited as evidence of good faith and, except in the case of the successful bidder, shall be returned to the bidder promptly. If the successful bidder fails to pay the balance of the cash bonus bid and the annual rental for the first year within 15 days after the award of the lease, or fails to post any bond required by the lease or the regulations in effect at the date of the invitation for bids within the time prescribed, the amount of the deposit shall be forfeited to the State.

(c) At the time and place specified in the notice the Secretary shall publicly open the sealed bids and shall within 30 days reject all bids or award the lease for each parcel to a responsible bidder who, in addition to complying with all of the conditions for bidding, offers the highest cash bonus. The Secretary may reject any or all bids.

(d) Following the award of the lease, the payment by the successful bidder of the balance of the cash bonus, the annual rental for the first year, and the fees specified in this section, and the posting of any required bonds, the Secretary and the Governor shall execute the lease in duplicate on behalf of the State and transmit 1 counterpart thereof to the lessee. The lease shall become effective as of the date of such execution.

(e) The Secretary shall prescribe a reasonable fee to cover the procedures under this section, which shall be paid by the successful bidder.

7 Del. C. 1953, § 6428; 55 Del. Laws, c. 442, § 1; 59 Del. Laws, c. 212, § 1; 70 Del. Laws, c. 186, § 1.