Neb. Rev. Stat. § 72-240.02

If no such application for a new lease is received or if the applicant fails to meet the requirements for a new lease, the Board of Educational Lands and Funds may, at any time within three months after the expiration of the lease, enter into a lease with any other person it deems willing and able to meet the standards prescribed by the board in its rules and regulations at the rental rate for land of such classification.