In lieu of the procedure set out in ORS 273.360, 273.365 and 273.370, the Department of State Lands may acquire for the use and benefit of the State of Oregon, by purchase or exchange, the interest of any applicant to whom the certificate described in ORS 273.620 (3) (1965 Replacement Part) has been issued before June 19, 1967, or who acts under ORS 273.360, 273.365 and 273.370. The price of any such purchase or acquisition shall be paid to such applicant out of the revenues of the Common School Fund, and shall not exceed the market value of the land that otherwise would have been available to the applicant under ORS 273.620 (1965 Replacement Part).
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