| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-15 |
Legal Citations
- Education Code sec. 85.55(c)
- Natural Resources Code sec. 52.024
Object Type
Cash — Natural Resources
Origin Date
1937 by the 45th Leg
Description
Royalty on oil produced on lands under direct control of Texas A&M University at the rate of no less than 1/8 of gross production. Shut-in oil royalty charged on wells capable of production, where oil is not being produced for lack of suitable production facilities or market, in an amount equal to twice the annual rental provided on the lease but not less than $1,200 a year for each well capable of producing in paying quantities.
Due Date
On or before the last day of each month on production of preceding month.
Collecting Agencies
- 305 – General Land Office for the Texas A&M University System, Agency 710
Deposit Funds
- GR Account - 0095 – Texas A&M University Mineral Investment – Local/Inactive
Note
Amended by H.B. 1691, 67th Leg., R.S.
USAS Values
| Appropriation Year | 24 |
|---|---|
| USAS Title | OIL ROYAL-LAND EDUCATION INSTS |
| Receipt Category | 08 – Natural Resources |
| Receipt Type | 80 – Land Income |
| Object Group | 30 – Revenues |
| USAS Status | A |
| Rev/Exp Category | 04 – LAND INCOME |