When any agency or political subdivision of the State of Nebraska, except the Board of Educational Lands and Funds, owns land with virgin prairie as described in section 72-1306, such agency or political subdivision may take action to establish the location and boundaries of such virgin prairie or a part thereof that may be preserved and protected. Such action shall be taken only after holding a public hearing with at least one week’s advance notice of such hearing in a newspaper of general circulation in the county where the virgin prairie is located. Any such agency or political subdivision which has established the location and boundaries of such virgin prairie and which decides to sell such land may require the purchaser to enter into a covenant to continue to preserve and protect the area established as virgin prairie, and such covenant by its terms shall run with the title to the land binding future owners. In the event such covenant to preserve and protect the area as virgin prairie should lapse or be declared invalid or unconstitutional by any court of competent jurisdiction, the agency or political subdivision which sold the land or its successor in interest shall be afforded first option to repurchase the land, at the current market value to be determined as if the covenant were valid and enforceable.