Q: If the 16th Section farm or residential leases are not approved by the Board of Supervisors, should the appraisers selected in accordance with Section 29-3-1 be instructed to use any type of percentage of appraised value for establishing rent or simply use market rates for rental for similar property in the area?

A: The Supreme Court has stated that in setting a reasonable annual amount a school board is not bound by a percentage of the fair market value of the land. The School Board may use any lawful method which results in a reasonable annual rental amount. (Attorney General's Opinion to Webb dated February 5, 2009)