§ 15-07-20 — Leasing of nongrant lands

The board of university and school lands may lease nongrant lands under reasonable rules
as it may establish. The rules may provide for leasing with or without advertisement or
competitive bidding. Leases made under this section must be for cash only, and the rental must
be collected in advance except that the board may collect a share of a conservation reserve
program payment paid by the federal government. A lease of nongrant lands may not extend for
a period of more than five years, except any land accepted into the conservation reserve
program may have a lease term that coincides with the term of the conservation reserve
program contract if so provided in the lease. Leases may be renewed at the discretion of the
board. When nongrant lands are leased without advertisement or competitive bidding, the board
shall determine the rental by taking into consideration the nature and adaptability of the lands
and the improvements thereon.