Mich. Comp. Laws § 322.314: Improved lands; sale at appraised value; new appraisal, minimum.

Sec. 14.

All parcels or lots so appraised, shall be subject to sale in the same manner and upon the same terms and conditions, and the certificates of purchase shall have the same effect, as in the case of other university or school lands, according to the provisions of this chapter, at the prices at which the same were severally appraised, until a new appraisal shall be made, which the commissioner may, in his discretion, cause to be had in the manner aforesaid, and with the like effect; but no lots or parcels so appraised shall be sold for less than the minimum price of said lands established in this chapter.