72-233.01.

School lands; lease; bidder; deposit before sale; return of deposit, when; forfeiture, when.

In order for any person to be eligible to bid on a school land lease, he must file a bank draft, certified check or cash for each lease with the county treasurer of the county in which the land is located prior to the sale, payable to the Board of Educational Lands and Funds, equivalent to rent of the first year of the lease on each parcel or tract on which he contemplates bidding. Any bidder who is unsuccessful in the bidding shall have his deposit returned to him immediately after the acceptance of the bid by the Board of Educational Lands and Funds. The deposit of the acceptable bidder shall be applied either on the bonus bid or the rent for the first year. If the accepted bidder fails to pay either the bonus bid or rent for the first year of the lease, he shall forfeit the amount of the deposit and the Board of Educational Lands and Funds shall resubmit the land for bids and a new lease.