Texas Education Code Title 3, Chapter 66 - Permanent University Fund

SUBCHAPTER A COMPOSITION, INVESTMENT, AND USE

• Texas Section 66.01 - 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...
• Texas Section 66.02 - Available University Fund
  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...
• Texas Section 66.04 - Validity Of Bonds Purchased By Board
  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...
• Texas Section 66.05 - Reports
  (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...
• Texas Section 66.06 - Written Objectives; Performance Evaluation
  (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...
• Texas Section 66.07 - Custody And Investment Of Assets Pending Transactions
  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...
• Texas Section 66.08 - Investment Management
  (a) The board may delegate investment authority for the investment of the permanent university fund to the same extent as an institution with respect to...

SUBCHAPTER B PERMANENT UNIVERSITY FUND BONDS AND NOTES

• Texas Section 66.09 - Cost Value Of Investments And Other Assets Of The Permanent University Fund
  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...
• Texas Section 66.21 - Registration
  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...
• Texas Section 66.22 - Refunding Bonds And Notes
  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...
• Texas Section 66.23 - Refunding Bonds And Notes: Approval; Registration
  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...
• Texas Section 66.24 - Authorized Investments; Security For Deposits
  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,...

SUBCHAPTER C MANAGEMENT OF UNIVERSITY LANDS

• Texas Section 66.25 - Tax Exempt
  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...
• Texas Section 66.41 - Management Of University Lands
  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...
• Texas Section 66.42 - Duty Of Land Commissioner
  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...
• Texas Section 66.43 - University Lands: Surveys; Personnel
  (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...
• Texas Section 66.44 - Management Of Minerals Other Than Oil And Gas
  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...
• Texas Section 66.45 - Soil And Water Conservation Plans
  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...

SUBCHAPTER D BOARD FOR LEASE OF UNIVERSITY LANDS

• Texas Section 66.46 - Easements On University Land
  (a) The board of regents of The University of Texas System may execute grants of easements or other interests in property for rights-of-way or access...
• Texas Section 66.61 - Definitions
  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...
• Texas Section 66.62 - Board For Lease Of University Lands
  (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...
• Texas Section 66.63 - Certain Board Actions
  (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...
• Texas Section 66.64 - Powers And Duties Of The Board
  (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...
• Texas Section 66.65 - Board Staff; Exchange Of Information With State Agencies
  (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...
• Texas Section 66.66 - Lease Sales
  (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,...
• Texas Section 66.67 - Lease Terms
  (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...
• Texas Section 66.68 - Marginal Property Royalty Rates
  (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...
• Texas Section 66.69 - Award Of Lease
  (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...
• Texas Section 66.70 - Additional Lease Provisions
  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...
• Texas Section 66.71 - Lease Provisions
  (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,...
• Texas Section 66.72 - Cessation Of Production; Drilling And Reworking
  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...
• Texas Section 66.73 - Shut-in Royalty
  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...
• Texas Section 66.74 - Lease Extension Or Suspension
  (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,...
• Texas Section 66.75 - Protection From Drainage; Compensatory Royalties
  (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...
• Texas Section 66.76 - Assignment; Relinquishment
  (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...
• Texas Section 66.77 - Royalty Payments And Reports
  (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,...
• Texas Section 66.78 - Interest And Penalties
  (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...
• Texas Section 66.79 - Payment Of Royalty In Kind
  (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)...
• Texas Section 66.80 - Records
  (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...
• Texas Section 66.81 - Audit Information Confidential
  (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...
• Texas Section 66.82 - Forfeiture; Other Remedies
  (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...
• Texas Section 66.83 - Lien; Abandoned Personal Property
  (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...
• Texas Section 66.84 - Payments; Disposition
  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: September 28, 2016