77-1-204. Power to sell, lease, or exchange certain state trust lands. (1) The board is authorized to lease state trust lands for uses other than agriculture, grazing, timber harvest, or mineral production under terms and conditions that best fulfill the duties of the board as specified in 77-1-202 and 77-1-203. The lease period for these leases, except for power and school site leases, may not be for longer than 99 years.
(2) The board may sell, exchange, or lease lands under its jurisdiction by virtue of 77-1-214 when, in the board's judgment, it is advantageous to the state to do so in the highest orderly development and management of state trust land. The sale, lease, or exchange may not be contrary to the terms of any contract that the board has entered into.