Revenues from lands acquired by the state pursuant to section 5, chapter 478, Oregon Laws 1939, shall be disposed of as provided by law at the time of such acquisition. However, the county court or board of county commissioners of any county from which such lands were acquired may, by resolution duly made and entered, and delivery of a certified copy thereof to the State Board of Forestry, elect to have such revenues disposed of as provided in ORS § 530.110 (1). [Amended by 1957 c.83 § 19; 2007 c.71 § 173]