Texas Comptroller of Public Accounts
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Revenue Object 3320 – Oil Royalties from Lands Owned by Educational Institutions – Permanent University Fund |
| Legal Citations: |
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| Revenue Type: Cash — Natural Resources |
| Origin Date: 1929 by the 41st Leg. |
| Issue Date: |
| Revised Date: 2018-02-15 |
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.
On or before the last day of each month for production of preceding month.
Amended by H.B. 1691, 67th Leg., R.S.
| Appropriation Year | 26 |
|---|---|
| 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 |