Texas Comptroller of Public Accounts
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Revenue Object 3320 – Oil Royalties from Lands Owned by Educational Institutions – Sold School Lands |
| Legal Citations: |
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| Revenue Type: Cash — Natural Resources |
| Origin Date: 1919 by the 36th Leg. |
| Issue Date: |
| Revised Date: 2018-02-16 |
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.
On or before the 5th day of the second month succeeding the month of production.
or a special mineral fund or account.
Amended by H.B. 1691, 67th Leg., R.S.
Reference to asylum lands deleted in H.B. 2249, 78th 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 |