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.

Terms Used In North Dakota Code 15-05-18

  • 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