(1) Mineral and geothermal resource rights in property owned by any state agency and mineral and geothermal resource rights retained as an interest in lands previously sold, granted or otherwise conveyed by the state or any agency thereof are property of the State of Oregon. Except as provided in ORS 273.785, proceeds therefrom shall accrue to the Common School Fund, and the State Land Board is declared to be the state agency acting for the state in any transaction respecting such mineral and geothermal resource rights.
(2) In addition to applicable requirements of ORS chapter 522, such mineral and geothermal resource rights shall be subject to exploration permit or lease by the Department of State Lands, in accordance with rules and conditions established by law or adopted by the department.
(3) The mineral and geothermal resource rights shall be retained by the state in the absence of a finding by the State Land Board upon adequate facts presented to it that their sale or exchange is for the purpose of obtaining the greatest benefit for the people of this state, consistent with the conservation of lands under its jurisdiction under sound techniques of land management.
(4) Notwithstanding subsection (3) of this section, when the Department of State Lands offers real property for sale, the department may not retain the rights to mineral or geothermal resources if:
(a) On January 1, 2004, the real property was located:
(A) Inside an urban growth boundary; or
(B) Within an area zoned for residential use on a lot or parcel that is three acres or smaller in size; and
(b) The value, if any, of the rights to the mineral or geothermal resources is included in the total sale price of the real property. [1974 c.51 §2; 1975 c.552 §40; 2005 c.60 §2]
Section: Previous 273.751 273.755 273.760 273.761 273.765 273.770 273.775 273.780 273.785 273.787 273.790 273.805 273.810 273.815 273.820 NextLast modified: August 7, 2008