| Issue Date: | |
|---|---|
| Revised Date: | 2016-12-14 |
Legal Cites
- Education Code sec. 66.67, sec. 66.84, sec. 87.103(c)
- Natural Resources Code sec. 32.1071, sec. 34.017, sec. 34.018, sec. 34.051, sec. 52.022, sec. 52.175
Object Type
Cash — Natural Resources
Origin Date
1931 by the 42nd Leg.
Description
Land owned by or held in trust for the use and benefit of a department, board or agency may be leased for the purpose of prospecting, producing, storing, caring for, transporting, preserving, selling and disposing of oil and gas.
A bid may not be accepted if it offers:
- a royalty of less than one-eighth of the gross production of oil or gas; or
- a cash bonus of less than $10 an acre.
Relinquishment Act Leasing:
Lands under a forfeited Relinquishment Act lease agreement are subject to lease for oil and gas as provided by Natural Resources Code, Chapter 32 for the leasing of unsold surveyed public school lands. The lease requires a royalty of at least one-eighth paid to the Permanent School Fund (0044).
Permanent University Fund Lands:
The oil and gas in each tract offered for sale for a bonus to be determined by high bid in addition to the stipulated royalty or for a stipulated bonus and a royalty determined by high bid.
Due Date
When bid for lease is submitted.
Collecting Agencies
- 305 – General Land Office for the appropriate agency
- 720 – University of Texas System Board of Regents
Deposit Funds
- GR Account - 0009 – Game, Fish, and Water Safety bonus due on land belonging to Parks and Wildlife
- 0011 – Available University Fund
- 0044 – Permanent School Fund
- 0045 – Permanent University Fund
- GR Account - 0064 – State Parks bonus due on land belonging to Parks and Wildlife
- GR Account - 0506 – Non-Game and Endangered Species Conservation bonus due on land belonging to Parks and Wildlife
Appropriate special fund using the agency number of the agency that has administrative authority for the fund.
Note
Amended by S.B. 739, 68th Leg., R.S.
Amended by S.B. 493, 69th Leg., R.S.
Amended by H.B. 2143, 70th Leg., R.S.
Amended by S.B. 1354, 75th Leg., R.S.
S.B. 1, 81st Leg., R.S. deposited amounts through A&M University leases to institutional funds.
USAS Values
| Appropriation Year | 24 |
|---|---|
| USAS Title | OIL AND GAS LEASE BONUS |
| Receipt Category | 08 – Natural Resources |
| Receipt Type | 80 – Land Income |
| Object Group | 30 – Revenues |
| USAS Status | A |
| Rev/Exp Category | 04 – LAND INCOME |