§ 5. Terms of sale of school lands. No land shall be sold for less than the appraised value, and in no case for less than ten dollars per acre. The purchaser shall pay at least one-tenth of the purchase price in cash. The Legislature shall provide by general law for payment of the balance which shall be made in partial payments and must be fully paid up within thirty years. Interest shall be established by the Legislature. All lands may be sold for cash, provided further, that the purchaser or purchasers shall have the right or option of paying the balance in whole or in part on any interest paying date, under such rules as the Legislature may provide. No land shall be sold until appraised and advertised and offered for sale at public auction. No land can be sold except at public sale.
Such lands as shall not have been specially subdivided shall be offered in tracts of not more than eighty acres and these subdivided into the smallest division of the lands designated for sale and not sold within two years after their appraisal shall be reappraised by the board of appraisers as hereinafter provided before they are sold.
History: Amendment proposed by SL 1913, ch 130, approved Nov., 1914; amendment proposed by SL 1917, ch 160, approved Nov., 1918; amendments proposed by SL 1968, ch 224, rejected Nov. 5, 1968; amendment proposed by SL 1970, ch 5, rejected Nov. 3, 1974; amendment proposed by SL 1975, ch 4, rejected Nov. 2, 1976; amendment proposed by SL 1982, ch 4, approved Nov. 2, 1982.