| Issue Date: | |
|---|---|
| Revised Date: | 2018-02-16 |
Legal Citations
- Natural Resources Code sec. 52.024, sec. 52.171, sec. 52.172
Object Type
Cash — Natural Resources
Origin Date
1919 by the 36th Leg.
Description
A royalty of 1/16 of the value of gross production of oil on sold school lands. Shut-in oil royalty is 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 5th day of the second month succeeding the month of production.
Collecting Agencies
- 305 – General Land Office for the Permanent School Fund Corporation, Agency 706
Deposit Funds
or a special mineral fund or account.
Note
Amended by H.B. 1691, 67th Leg., R.S.
Reference to asylum lands deleted in H.B. 2249, 78th 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 |