(1) The commission has power to:

(a) Acquire by gift, transfer, lease, purchase, or long-term operating agreement such land and water, or interests in land and water, as the director, with the approval of the executive director, deems necessary, suitable, or proper for parks and outdoor recreation purposes or for the preservation or conservation of sites, scenes, open space, and vistas of public interest. As used in this section, "interest in land and water" means any and all rights and interest in land less than the full fee interest, including future interests, easements, covenants, and contractual rights. Every interest in land and water held by the commission when properly recorded runs with the land or water to which it pertains for the benefit of the citizens of this state and may be protected and enforced by the commission in the district court of the county in which the land or water, or any portion thereof, is located.

(b) Lease, exchange, or sell any property, water rights, land, or interest in land or water rights, including oil, gas, and other organic and inorganic substances which now are or may become surplus or which, in the proper management of the division, the commission desires to lease, exchange, or sell. All sales of property, water rights, or lands shall be at public sale, and the commission has the right to reject any or all bids. As used in this paragraph (b), "exchange" means the transferring of property, water rights, land, or interest in land or water rights to another person in consideration for the transfer to the commission of other property, water rights, land, or interest in land or water rights, or cash, or any combination thereof; except that any cash received may not exceed fifty percent of the total value of the consideration. A transaction otherwise qualifying as an exchange is not deemed a sale merely because dollar values have been assigned to any property, water rights, land, or interest in land or water rights, for the purpose of ensuring that the commission will receive adequate compensation.

(c) Construct, lease, or otherwise establish public parks or outdoor recreational facilities and conveniences at any site or on any land controlled by the commission or in which it holds an interest, operate and maintain any such lands, facilities, and conveniences, and provide services with respect thereto, and, when appropriate, make reasonable charges for their use or enter into contracts for their maintenance or operation;

(d) Enter into cooperative agreements with state and other agencies, educational institutions, municipalities, political subdivisions, corporations, clubs, landowners, associations, and individuals for the development and promotion of parks and outdoor recreation programs;

(e) (I) Receive and expend:

(A) Grants, gifts, sponsorships, contributions, donations, and bequests, including federal money, made available for the purposes for which the commission is authorized; and

(B) Moneys made available to the division for the purpose of mitigating or offsetting adverse impacts of development on state parks or state recreation areas.

(II) The commission may provide matching funds whenever appropriate moneys are available. The commission shall provide such information as may be required in order to secure matching funds. The receipt and expenditure of money so received shall be reported to the executive director prior to the time of submission of the commission's annual budget requests.

(f) Contract with the political subdivisions of the state for development, operation, and maintenance of parks and outdoor recreation areas owned by any such political subdivision, but any such contract need not transfer possession or right of possession from said political subdivision;

(g) Encourage the organization of public parks and outdoor recreational activities in political subdivisions of the state;

(h) Establish by rule the amounts of fees for certificates, permits, licenses, and passes and any other special charges in order to provide for cash revenues necessary for the continuous operation of the state park and recreation system, subject to section 33-10-115; except that such fees shall not be used for capital construction other than controlled maintenance activities. Except as provided in section 33-10-111 (1), fees and charges collected pursuant to this subsection (1)(h) shall be credited to the parks and outdoor recreation cash fund created in section 33-10-111 (1).

(2) In the event that the commission plans to acquire the fee title to any real property at a cost that exceeds one hundred thousand dollars or to acquire an easement for a period that exceeds twenty-five years or at a cost that exceeds one hundred thousand dollars or to enter into any lease agreement for the use of real property for a period that exceeds twenty-five years or at a cost that exceeds one hundred thousand dollars, or to sell or otherwise dispose of such property, after the commission has approved of the transaction but before it has completed the transaction, the commission shall submit a report to the capital development committee that outlines the anticipated use of the real property, the maintenance costs related to the property, the current value of the property, any conditions or limitations that may restrict the use of the property, and, in the event real property is acquired, the potential liability to the state that will result from the acquisition. The capital development committee shall review the reports submitted by the commission and make recommendations to the commission concerning the proposed land transaction within thirty days from the day on which the report is received. The commission shall not complete the transaction without considering the recommendations of the capital development committee, if the recommendations are made in a timely manner.