All unsold lands owned by the district shall be exempt from general ad valorem taxes while title to same remains in the district. The district shall not be authorized to lease any of its lands for a term longer than one year, and the proceeds for such lease shall first be applied on account of outstanding ad valorem tax liens, if any.
[ 1937 c 72 § 174; RRS § 9663E-174. Formerly RCW 86.08.650.]