Texas Education Code - Section 85.55. Public Auction; Bids; Acceptance; Rejection; Payments
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§ 85.55. PUBLIC AUCTION; BIDS; ACCEPTANCE; REJECTION;
PAYMENTS. (a) The board may sell the lease or leases to the highest
bidder at public auction, at Texas A & M University, in College
Station, at any hour between 10 a.m. and 5 p.m.
(b) The board may reject all bids. However, the highest
bidder shall pay to the board on the day of the sale 25 percent of
the bonus bid, and the balance of the bid shall be paid to the board
within 24 hours after notification that the bid has been accepted.
Payments shall be in cash, certified check, or cashier's check, as
the board may direct. Failure to pay the balance of the amount bid
will forfeit to the board the 25 percent paid.
(c) A separate bid shall be made for each tract or
subdivision thereof. No bids shall be accepted which offer less
than the fair market price per ton for the mineral ore or a royalty
of less than one-eighth of the gross production of oil, gas,
sulphur, and other minerals in the land bid upon, and this minimum
royalty may be increased at the discretion of the board. Every bid
shall carry the obligation to pay an amount not less than $1 per
acre for delay in drilling or development. The amount shall be
fixed by the board in advance of the advertisement and shall be paid
every year for five years unless in the meantime production in
paying quantities is had upon the land or the land is re-leased by
the lessee.
Acts 1971, 62nd Leg., p. 3197, ch. 1024, art. 1, § 1, eff. Sept.
1, 1971.
Section: 85.30 85.31 85.32 85.51 85.52 85.53 85.54 85.55 85.56 85.57 85.58 85.59 85.60 85.61 85.62
Last modified: August 10, 2007
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