15-05-18. Leases of sand and gravel, construction aggregate, and other construction minerals

15-05-18. Leases of sand and gravel, construction aggregate, and other construction minerals. Notwithstanding the provisions of chapter 38-09, the board of university and school lands may enter into mineral leasing agreements for sand and gravel, road material, building stone, and construction aggregate or colloidal or other clays under rules adopted by the board. No lease under this section may be issued by the board for less than fair market value, nor may any lease under this section be issued for a period of more than five years.