Louisiana Revised Statutes 41:1323.6 – Ratification and confirmation of leases of certain school lands
Terms Used In Louisiana Revised Statutes 41:1323.6
- Fair market value: The price at which an asset would change hands in a transaction between a willing, informed buyer and a willing, informed seller.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
All contracts of leases of school lands, including but not limited to school indemnity lands and sixteenth section lands, by a school board within a parish with a population of not less than forty-two thousand nor more than forty-five thousand persons according to the latest federal decennial census that were entered into prior to January 4, 2012, for a term of not more than five years, are hereby ratified and confirmed and shall have the same force and effect as if the contracts of lease had been made and executed pursuant to the provisions of Part I of Chapter 10 of Title 41 of the Louisiana Revised Statutes of 1950, provided that the school board receives consideration proportionate to at least the fair market value for the leases.
Acts 2012, No. 785, §1, eff. June 13, 2012.