Texas Education Code
§ 66.66 — LEASE SALES
ED § 66.66Title 3. HIGHER EDUCATION · Part C. THE UNIVERSITY OF TEXAS SYSTEM · Ch. 66. PERMANENT UNIVERSITY FUND · Art. D. BOARD FOR LEASE OF UNIVERSITY LANDS
Statute text
View on source(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, as the board elects. Contracts for development may be awarded in the same manner.
(b)The board shall publish notice that the board will receive bids for oil and gas leases or contracts for development of oil and gas in two or more daily newspapers in this state and in other publications as the board may choose.
(c)The notice shall be published at least 30 days before the date the bids will be opened.
(d)The notice shall state that land is to be offered for lease or a contract for development and that a person may obtain a publication from The University of Texas System offices that describes the land offered and the minimum terms.
(e)The board of regents may solicit and include advertising in the publication describing a lease sale. Fees paid for advertising shall be deposited into the special fee account established by Subsection (g) and are available for the same purposes as described in that subsection.
(f)The board may withdraw any lands advertised for lease before the hour set for receiving bids.
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Legislative history
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.