Issue Date: 1986-06-01
Revised Date: 2022-09-01

Legal Citations

  • U.S. Public Law 99-272
  • Final Judgment of the District Court of Travis

Object Type

Cash — Natural Resources

Origin Date

1986

Description

Funds received as a result of court action against the Federal Government wherein the State of Texas petitioned for a share of higher oil and gas lease bonus, rent and royalty revenues being received by the Federal Government due to leases being located adjacent to State lands on the Outer Continental Shelf (OCS). Deposit of initial settlement receipts and future receipts governed by Final Judgment of District Court of Travis County, 299th Judicial District No. 395,483. Initial receipt deposited 1/3 each to Permanent School Fund (No. 0044), Available School Fund (No. 0002) and General Revenue (No. 0001) as directed in Final Judgment.

Due Date

Initial lump sum settlement paid out over 15 years, subsequent amounts paid annually to the state.

Note

The Gulf of Mexico Security Act of 2006 (GOMESA) fund was determined to be Federal Fund and shall be deposited under revenue code 3701 Federal Receipts Not Matched - Other Programs.

Administration of Permanent School Fund (0044) changed from Texas Education Agency (701) to Texas Permanent School Fund Corporation (706) by S.B. 1232, 87th Leg., R.S.

USAS Values

Appropriation Year 25
USAS Title OUTER CONT SHELF SETTLE MONIES
Receipt Category 08 – Natural Resources
Receipt Type 80 – Land Income
Object Group 30 – Revenues
USAS Status A
Rev/Exp Category 04 – LAND INCOME