Okla. Stat. tit. 70, § 70-4301
This is the official text of Okla. Stat. tit. 70, § 70-4301, part of Oklahoma’s Stat. tit. 70, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 70,." Browse the sections below, each linked to its official government source.
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Oil and gas mining leases - Terms - Bids - Use of
Official statutory text
proceeds.
The Board of Regents of any state educational institution in the
State System may sell and execute oil and gas leases, and other
mining leases, on any of the lands of the State of Oklahoma under
the control of the Board of Regents, whenever in the judgment of the
Board such leasing of the lands will not interfere with the use to
which the lands are being used by the state and will not injure the
buildings or other property situated on tracts adjoining the lands
Oklahoma Statutes - Title 70. Schools Page 1636
leased, all sales to be made on a basis of a retained royalty of not
less than one-eighth (1/8) of all of the oil, gas and other minerals
produced therefrom, and such additional cash bonus as may be
procured. All such leases shall contain a provision that in the
event of the discovery of natural gas, such gas shall be furnished
free of charge to any state educational institution located or
thereafter located upon the lands covered by the lease. Such leases
shall be sold only after advertisement for a period of three (3)
weeks in a legal newspaper published and of general circulation in
the county in which the lands are located. Sales shall be made to
the highest and best bidder, and all bids for any tract shall be
presented to the Board of Regents of the institution in sealed
envelopes and shall all be opened and considered at the same time.
The Board of Regents shall have the right to reject any and all of
the bids submitted, and again readvertise the lease or leases for
sale. The Board of Regents may make and promulgate such additional
rules and regulations as it may deem necessary and for the best
interest of the state in facilitating the sale of the leases. All
monies derived from the sale of such leases, and from any royalties
subsequently accruing, shall be deposited in the State Treasury and
credited to a special fund for the institution, to be used by the
institution upon approval by its Board of Regents for capital
improvements, including buildings, repairs and modernization,
classroom and laboratory equipment, and for such other purposes as
may be approved by the State Regents.
The Board of Regents of any state educational institution in the
State System may sell and execute oil and gas leases, and other
mining leases, on any of the lands of the State of Oklahoma under
the control of the Board of Regents, whenever in the judgment of the
Board such leasing of the lands will not interfere with the use to
which the lands are being used by the state and will not injure the
buildings or other property situated on tracts adjoining the lands
Oklahoma Statutes - Title 70. Schools Page 1636
leased, all sales to be made on a basis of a retained royalty of not
less than one-eighth (1/8) of all of the oil, gas and other minerals
produced therefrom, and such additional cash bonus as may be
procured. All such leases shall contain a provision that in the
event of the discovery of natural gas, such gas shall be furnished
free of charge to any state educational institution located or
thereafter located upon the lands covered by the lease. Such leases
shall be sold only after advertisement for a period of three (3)
weeks in a legal newspaper published and of general circulation in
the county in which the lands are located. Sales shall be made to
the highest and best bidder, and all bids for any tract shall be
presented to the Board of Regents of the institution in sealed
envelopes and shall all be opened and considered at the same time.
The Board of Regents shall have the right to reject any and all of
the bids submitted, and again readvertise the lease or leases for
sale. The Board of Regents may make and promulgate such additional
rules and regulations as it may deem necessary and for the best
interest of the state in facilitating the sale of the leases. All
monies derived from the sale of such leases, and from any royalties
subsequently accruing, shall be deposited in the State Treasury and
credited to a special fund for the institution, to be used by the
institution upon approval by its Board of Regents for capital
improvements, including buildings, repairs and modernization,
classroom and laboratory equipment, and for such other purposes as
may be approved by the State Regents.
Status: in_force · Read it on the official government site
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