Texas Education Code

§ 85.58 — ACCEPTANCE OF BIDS; AWARD OF LEASE

ED § 85.58Title 3. HIGHER EDUCATION · Part D. THE TEXAS A & M UNIVERSITY SYSTEM · Ch. 85. ADMINISTRATION OF THE TEXAS A & M UNIVERSITY SYSTEM · Art. D. LEASE OF LANDS FOR OIL, GAS, AND OTHER MINERAL DEVELOPMENT

Statute text

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(a)If in the opinion of the board any one of the bidders has offered a reasonable and proper price for any tract and not less than the price fixed by the board, the lands advertised may be leased for oil, gas, sulphur, mineral ore, and other mineral purposes under the provisions of this subchapter and any regulations the board may prescribe which are not inconsistent with the provisions of this subchapter.

(b)On acceptance of a bid, the board shall prepare a lease contract. The bid and a copy of the lease contract shall be filed in the general land office.

Legislative history

Acts 1971, 62nd Leg., p. 3197, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.