| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-15 |
Legal Citations
- Education Code sec. 66.65(b)
- Natural Resources Code sec. 52.024
Object Type
Cash — Natural Resources
Origin Date
1929 by the 41st Leg.
Description
A royalty of not less than 1/8 of the gross production of oil produced from any land belonging to the Permanent University Fund (No. 0045). 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 amount equal to twice the annual rental provided on the lease but no 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 for production of preceding month.
Collecting Agencies
- 305 – General Land Office for the Board of Regents for the University of Texas System, Agency 720
Deposit Funds
Note
Amended by H.B. 1691, 67th Leg., R.S.
USAS Values
| Appropriation Year | 25 |
|---|---|
| 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 |