2005 Idaho Code - 58-305 — PAYMENT OF RENTAL IN ADVANCE -- EXTENSION OF TIME -- ADJUSTMENT OF COMPETITIVE BID RENTAL RATES

                                  TITLE  58
                                 PUBLIC LANDS
                                  CHAPTER 3
                           APPRAISEMENT, LEASE, AND
                                SALE OF LANDS
    58-305.  PAYMENT OF RENTAL IN ADVANCE -- EXTENSION OF TIME -- ADJUSTMENT
OF COMPETITIVE BID RENTAL RATES. All leases of state land, except mineral
leases, shall be conditional upon the payment of rental, in advance, and a
violation of this condition shall work a forfeiture of the lease, at the
option of the state board of land commissioners, after thirty (30) days'
notice to the lessee, such notice being sent to the post office of the lessee,
as given by himself to the director of the department of lands when the lease
is issued: provided however, that upon the application of any person, firm,
corporation or association from whom such rent is or will be owing, the state
board of land commissioners is hereby given authority and power to, in its
discretion, extend the time of payment of such moneys for said leases for not
to exceed two (2) successive years: provided, that the applicant enters into
an agreement with the said state board of land commissioners to pay the
interest on said amount of rent money from January 1 of the year which the
same is otherwise due, to the date of payment, at the rate per annum set by
the state board of land commissioners; that this authority shall extend to
amounts due on outstanding leases, leases renewed and new applications for
leases. Lease rental rates established by competitive bidding may not be
adjusted during the term of a lease, except that the state board of land
commissioners upon a finding of a material change of circumstances from those
existing at the time of auction, may, after a majority vote of those present,
reduce the rental to no less than fair market value.