15-07-20. Leasing of nongrant lands

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.