The Board of Educational Lands and Funds shall have the authority and duty, as specified in sections 72-240.10 to 72-240.23 and 72-258, to determine the value to the land of permitted improvements and growing crops, owned by the lessee of record, on educational lands of the State of Nebraska prior to the sale or lease of such lands. The value to the land of permitted improvements shall not exceed their replacement cost less depreciation. In making such determinations, the board shall notify the lessee that it intends to inspect the premises and shall attempt to so inspect at the convenience of the lessee.
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