The state properties committee is authorized on behalf of the state, from time to time, to sell and convey or lease to the board, for the purposes of this chapter, any property (which may include water sources or the right to take water) held by the state for water supply purposes, or any interest therein. Any such sale of property shall be for fair market value as determined by the board and the state properties committee. Any such lease shall be for a term not exceeding fifty (50) years and shall be for such fair rental value as may be set forth in the lease or determined in accordance with the lease.
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