72-907.

Lease; sale; public auction required; notice; publication costs; payment.

No lease shall be sold except at public auction, to be held at the office of the Board of Educational Lands and Funds, after notice of the time and place of such sale by publication two consecutive weeks in a newspaper of general circulation in the State of Nebraska, and such other notice, if any, as the board may require. Proof of such publication shall be made by an affidavit of the publisher, manager, or foreman of such newspaper, to be filed in the office of the board. Subject to the board's right to reject all bids, such lease shall be sold to the highest and best bidder. The purchaser of such lease shall pay the cost of publishing the notice herein provided for. Should the lease not be sold following the publishing of such notice, the one who filed application for lease shall pay the publication costs, and, to secure the payment thereof, the board may require the applicant to furnish satisfactory security therefor.