Oregon Statutes 273.117 – Acquiring land as Common School Fund investment; lease of land
Whenever it appears to the State Land Board to be prudent and to the financial benefit of the Common School Fund, the State Land Board may acquire as an investment for the Common School Fund any parcel of land, whether or not submerged, and submersible lands or formerly submerged and submersible lands. The consideration for such acquisition may be an exchange of other lands under the jurisdiction of the State Land Board including submerged and submersible lands or formerly submerged and submersible lands or cash or a combination of such lands and cash. In leasing any lands acquired as an investment for the Common School Fund, the board may use negotiation, competitive bidding, solicitation of proposals or whatever procedure or combination of procedures the board determines will maximize the financial benefit to the Common School Fund. The board may determine on a case-by-case basis what notice, publication or bidding procedures, if any, it wishes to use in implementing its authority under this section. [Formerly 274.085]
Terms Used In Oregon Statutes 273.117
- Board: means the State Land Board. See Oregon Statutes 273.006
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Land: includes water, water rights, easements of every nature and all appurtenances to land. See Oregon Statutes 273.006
- State land: means public land controlled by the Department of State Lands. See Oregon Statutes 273.006
273.117 was enacted into law by the Legislative Assembly but was not added to or made a part of ORS Chapter 273 or any series therein by legislative action. See Preface to Oregon Revised Statutes for further explanation.