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Texas Education Code - Section 109.80. Management Of Surface And Mineral Estates

Legal Research Home > Texas Laws > Education Code > Texas Education Code - Section 109.80. Management Of Surface And Mineral Estates

§ 109.80. MANAGEMENT OF SURFACE AND MINERAL ESTATES.  (a) 
The board may lease for oil, gas, sulphur, ore, water, and other 
mineral development all land under its exclusive control for the 
use of the university.  The board may make and enter into pooling 
agreements, division orders, or other contracts necessary in the 
management and development of its land.
	(b)  All leases, pooling agreements, division orders, or 
other contracts entered into by the board shall be on terms that the 
board considers in the best interest of the university.  The board 
may not sell a lease for less than the royalty and rental terms 
demanded at that time by the General Land Office in connection with 
the sale of oil, gas, and other mineral leases of the public lands 
of this state.
	(c)  All money received under the leases and contracts 
executed for the management and development of the land, except 
revenue pledged to the payment of revenue bonds or notes, shall be 
deposited to the credit of a special fund created by the board.  The 
board shall designate a depository for the special fund and protect 
the money deposited in it by the pledging of assets of the 
depository in the same manner as is required for the protection of 
public funds.  Money deposited in the special fund may be used by 
the board for the administration of the university, for payment of 
principal of and interest on revenue bonds or notes issued by the 
board, and for any other purpose that in the judgment of the board 
may be for the good of the university.

Added by Acts 1983, 68th Leg., p. 720, ch. 166, § 3, eff. May 20, 
1983.  

Last modified: August 11, 2007