§4. Sale of school lands -- Appraisal.
After one year from the assembling of the first Legislature, the lands granted to the state by the United States for the use of public schools may be sold upon the following conditions and no other: not more than one-third of all such lands shall be sold within the first five years, and no more than two-thirds within the first fifteen years after the title thereto is vested in the state, and the Legislature shall, subject to the provisions of this article, provide for the sale of the same.
The commissioner of school and public lands, the state auditor and the county superintendent of schools of the counties severally, shall constitute boards of appraisal and shall appraise all school lands within the several counties which they may from time to time select and designate for sale, at their actual value under the terms of sale.
They shall take care to first select and designate for sale the most valuable lands; and they shall ascertain all such lands as may be of special and peculiar value, other than agricultural, and cause the proper subdivision of the same in order that the largest price may be obtained therefor.
§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.
§6. Conduct of sales of school lands -- Conveyance of right or title.
All sales shall be conducted through the office of the commissioner of school and public lands as may be prescribed by law, and returns of all appraisals and sales shall be made to said office. No sale shall operate to convey any right or title to any lands for sixty days after the date thereof, nor until the same shall have received the approval of the Governor in such form as may be provided by law. No grant or patent for any such lands shall issue until final payment be made.
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