Louisiana Revised Statutes Tit. 56, § 799.7. Exemption from restrictions of area and number; fair market value

A. At the end of the term of a lease which was issued on property governed by the provisions of this Subpart which lease was transferred to the state through the act of donation, the property subject to such lease may be offered by the department for lease. Such lease shall be deemed a new lease and shall be offered for public bid under the provisions of Part 1 of Chapter 10 of Title 41 of the Louisiana Revised Statutes of 1950. The provisions of R.S. 41:1217.1 and R.S. 56:30.3 which allow the secretary to offer the most recent lessee of record, his heirs, or assignees, the option to match the highest bid in order to continue to lease the state land shall apply to any bid process under the provisions of this Subsection. However, such leases, renewals, or extensions shall be exempt from the provisions of R.S. 41:1216(A) which limit the total acreage which may be leased and the number of leases which may held by any one lessee.

B. All leases or extensions of leases issued on property governed by the provisions of this Subpart shall be in exchange of consideration proportionate to the fair market lease value of the property to be leased.