§ 36-1-111 — Orders, rules and regulations relative to exchange of lands

(a) The board of land commissioners is hereby authorized
and empowered to pass and promulgate all such orders, rules and
regulations as may be necessary or required relative to the
appraisal and valuation of the lands to be exchanged as provided
in this act, and to provide for the execution of conveyances,
contracts and other instruments pertaining to the exchange of
the lands, and to enable the director to effect and complete
each exchange of the lands after the director provides notice
and opportunity to interested persons to provide the board
comments, including direct notice to leaseholders of the state
lands to be exchanged, owners of adjoining lands and county
commissioners from the affected county or counties. The board
may authorize the purchase of lands only in an amount necessary
to effect and complete the exchange of state-owned lands for
other lands and only for those lands identified in the
authorization of purchase. The board shall not use the power of
eminent domain pursuant to W.S. 1-26-801 et seq. to purchase any
lands under this section. The board of land commissioners is
authorized to promulgate rules and regulations necessary to
implement the exchange of state lands on a value for value
basis. The exchange program may authorize a cash equalization
receipt or payment of up to twenty-five percent (25%) of the
value of the lands exchanged. Any receipt shall be deposited
into, and any payment shall be made from, the permanent land
fund. State lands may be exchanged upon the board's finding the
exchange is necessary to:
(i) Make state lands more manageable where the lands
are not otherwise manageable;
(ii) Meet a specific need of a school or community
for land;
(iii) Better meet the multiple use objectives for the
benefit of the trust; or
(iv) Realize a clear long term benefit to the trust
which substantially exceeds the present and probable future
benefit from continued ownership.