Proposal or bid for mining privilege

Sec. 5. (a) A proposal or bid made in response to a request under section 4 of this chapter must offer the following: (1) A royalty on a percentage basis, based on the commodity value at the mine, pit, or quarry. (2) A bonus, or fixed fee per acre, in addition to royalty. (b) A royalty may not be less than that generally prevailing for the resource to be extracted under similar methods of mining. [Pre-1995 Recodification Citation: 14-3-2-6 part.] As added by P.L.1-1995, SEC.28.