(1) Receipts originate from the sale, lease and other disposition of brine and water from lands owned by the permanent university fund. The board of regents may sell, lease and otherwise manage, control and use the lands in any manner and at prices and under terms and conditions the board deems best for the interest of the permanent university fund, not in conflict with the Texas Constitution. However, the land shall not be sold at a price less per acre than that at which the same class of other public land may be sold under the statutes.
 
(2) The School Land Board my acquire, sell, lease, trade, improve, maintain, protect, or otherwise manage, control, or use land, mineral and royalty interest, real estate investments, or other interest, including revenue receive from those sources, that are set apart to the permanent school fund in any manner, at such prices, and under such terms and conditions as the board finds to be in the best interest of the fund.

As stipulated in the contract.

Amended Sept. 1, 2010 to include Permanent School Fund owned lands.