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State Law
Federal Law
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Texas Education Code - Chapter 66 Permanent University FundLegal Research Home > Texas Lawyer > Education Code > Texas Education Code - Chapter 66 Permanent University Fund The composition, investment, purposes, and use of the permanent university fund are governed by Article VII, Sections 10, 11, 11a, 15, and 18, of the ... Distributions from the permanent university fund shall constitute the available university fund. All distributions from the permanent university fund shall be deposited in the State ... Whenever the board has purchased the bonds of any city, county, or municipality, approved by the attorney general, the certificate of the attorney general attesting ... (a) Before December 1 of each year the board of regents of The University of Texas System shall prepare a written report providing statements of ... (a) The board of regents of The University of Texas System shall develop written investment objectives concerning the investment of the permanent university fund. The ... With the approval of the comptroller, the board of regents of The University of Texas System may appoint one or more commercial banks, depository trust ... (a) The board may delegate investment authority and contract for the investment of the permanent university fund to the same extent as the governing board ... If substantially all of the assets of the permanent university fund are invested in an internal investment fund established by the board of regents of ... All bonds and notes issued pursuant to the provisions of Article VII, Section 18, of the Texas Constitution, as originally adopted or as amended, shall ... Any bonds or notes issued pursuant to the constitutional provisions described in Section 66.21 of this code, or issued pursuant to this subchapter, may be ... All refunding bonds or notes authorized to be issued under this subchapter and the records relating to their issuance, including any proceedings relating to the ... All bonds and notes, whether original or refunding, issued pursuant to the constitutional provisions or issued pursuant to this subchapter, shall be fully negotiable instruments, ... The carrying out of the purposes of the constitutional provisions and of this subchapter will be performing an essential public function under the constitution, and ... The board of regents of The University of Texas System has the sole and exclusive management and control of the lands set aside and appropriated ... The commissioner of the general land office shall: (1) furnish to the board of regents complete and accurate maps and all other data necessary to ... (a) The board of regents shall cause to be done such surveying or resurveying of the blocks and subdivisions of the university lands as may ... The board of regents has the sole and exclusive management and control of all minerals, other than oil and gas, in lands set aside and ... Under each lease issued under this subchapter for agricultural or grazing purposes, the lessee shall be required to implement a soil and water conservation plan ... In this subchapter: (1) "Board" means the Board for Lease of University Lands. (2) "Board of regents" means the board of regents of The University ... (a) The board is composed of the commissioner, two members of the board of regents selected by that board, and one member of the board ... (a) A majority of the members of the board have the power to act for the board on a matter before the board. Two members ... (a) The board shall in a manner consistent with this subchapter: (1) lease university lands for oil and gas exploration and development on terms, at ... (a) The board of regents shall employ and compensate personnel to assist the board in the performance of its powers and duties under this subchapter ... (a) Oil and gas leases shall be offered at public auction or by sealed bid, or through a combination of public auction and sealed bid, ... (a) The oil and gas lease for each tract shall be offered for a bonus to be determined by high bid in addition to the ... (a) In this section: (1) "Barrel of oil equivalent" means 6,000 cubic feet of natural gas per 42-gallon barrel of crude oil or a volume ... (a) Except as otherwise provided in this subchapter, the board shall award a lease for each tract to the person offering the highest bid that ... An oil and gas lease issued under this subchapter shall include the provisions required by this subchapter and additional provisions not inconsistent herewith that the ... (a) An oil and gas lease issued by the board shall provide for payment of a delay rental. During the primary term of the lease, ... Each lease shall provide that in the event production of oil or gas on the leased premises, once obtained, shall cease for any cause within ... An oil and gas lease issued under this subchapter shall provide for the extension of the lease by the payment of shut-in royalties on terms ... (a) At the expiration of the primary term of a lease, if production of oil or gas has not been obtained on the leased premises, ... (a) The lessee shall protect the leased premises from drainage. The lease may contain express terms regarding drainage as the board may adopt. (b) Subject ... (a) Rights acquired in a lease or contract for development issued under this subchapter may be assigned; provided, however, for an assignment to be valid ... (a) Royalty as stipulated in the lease and all other amounts due under this subchapter shall be paid to the board of regents at Austin, ... (a) If royalty is not paid when due, a penalty of one percent shall be added to the unpaid amount due. If the royalty is ... (a) An oil or gas royalty due under a lease on university lands shall be paid in kind at the discretion of the board. (b) ... (a) The lessee shall provide to the board of regents a copy of every contract for the sale or processing of oil or gas and ... (a) All documents and information secured, derived, or obtained during the course of an inspection or examination of books, accounts, reports, or other records of ... (a) If a lessee fails or refuses to perform a material requirement of this subchapter or the lease, the board may, after notice to the ... (a) The board of regents shall have a statutory first lien on oil and gas produced from the area covered by the lease to secure ... Payments under this subchapter shall be made to the board of regents, which shall: (1) transmit to the state comptroller for deposit to the credit ... Last modified: August 10, 2007 |