(1) The Commissioner of State Lands is authorized, at his or her discretion, to negotiate with the representatives of the federal government for the sale of all or any part of the school or tax lands situated within the Ouachita National Forest and Ozark National Forest. Upon reaching a satisfactory price agreement, he or she is authorized to give options, to sign purchase contracts, to execute deeds to the United States or its authorized representative, and to accept payment for the lands but only if the sales are made at a price of not less than two dollars and fifty cents ($2.50) per acre.
(2) No land shall be sold to the federal government for less than its appraised value, with such value to be ascertained and such sale to be made as provided by law for the sale of state and school lands.
(3) Nothing in this section shall be construed to prohibit land being sold to private parties in the manner provided by law unless under the control of and option to the federal government and during the term of the option, except that no such lands shall be sold for less than two dollars and fifty cents ($2.50) per acre.