Louisiana Revised Statutes Tit. 41, § 716. Lease of lands

A. Should a majority of the legal voters be against the sale of the lands, then the school board of the parish in which the lands are located shall secure them from injury and waste, shall prevent illegal possession or aggression of any kind and shall lease the land, or any part thereof, according to the provisions of the act of congress referred to in R.S. 41:711 as amended by Act of Congress, approved June 12th, 1884, and shall inform the state superintendent of education thereof.

B. The lease shall be made only after due notice has been given by advertisement, for at least thirty days, in the official journal of the parish, or in any paper published regularly in the parish containing the land to be leased, of the time and place when the land will be offered for lease to the highest bidder. In all cases ample security shall be required, not only for the punctual payment of the rent but for the protection of the lands from all kinds of waste and injury. The parish school board may reject any and all bids offered for the lease, if in its judgment the bids do not reach a just and fair value of the lease.