97 Neb. Admin. Code, ch. 3, § 014
In order to obtain the best possible price for the utilization of school lands and to be in compliance with Nebraska Supreme Court decisions including State ex. rel. Raitt v. Peterson, 156 Neb. 678, 57 NW2d 280, the Board will accept post-sale pre-confirmation bids for lease auctions so long as said bids conform with the following requisites. Any person wishing to submit a post-sale pre-confirmation bid in excess of the highest bid made at the public auction must submit with such bid (1) a certified check, bank money order, or cashier's check in the full amount of the sum of (a) One Thousand Dollars ($1,000.00) or One Hundred Twenty Percent (120%) of the previous high bonus bid, whichever is greater, which amount shall be the opening bonus bid at the second sale, and (b) the full amount of the annual rental for the tract involved; and (2) a certified check, bank money order, or cashier's check in the amount of $ 500.00 representing a fixed amount as fair compensation for holding a second sale. The $ 500.00 fee for holding a second sale shall be deposited in the Temporary School Fund and will not be refunded regardless of who shall eventually be the successful bidder. In the absence of unusual circumstances, which shall be determined solely by the Board, not more than one post-sale pre-confirmation bid shall be accepted on any one tract.
97 Neb. Admin. Code, ch. 3, § 014