77-2-361. Definitions. As used in 77-2-361 through 77-2-367, the following definitions apply:
(1) "Isolated parcel" means any state land not possessing a legal right of access by the public.
(2) "Land banking" means a process of selling various parcels of state land and using the proceeds from the sales to purchase other land, easements, or improvements that are likely to provide greater or equal trust revenue, as may be reasonably expected over a 20-year accounting period with an acceptable level of risk, for the affected trust and to diversify the land holdings of the various trusts.
History: En. Sec. 11, Ch. 355, L. 2003.
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