reglab/housing_qa huggingface dataset:
TX Educ Code § 66.67 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.67. Lease Terms

Sec. 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 stipulated royalty or for a stipulated bonus and a royalty to be determined by high bid.  Each tract shall be offered separately and the minimum bonus or royalty, depending on the basis for the bid, and the length of the primary term for each tract shall be set out in the official publication describing the tracts and terms.(b)  Except as otherwise provided by law, the minimum royalty rate shall be one-eighth of the oil or gas produced or the value thereof.(c)  The primary term of a lease shall not exceed 10 years.(d)  Each lease shall be subject to the provisions of this subchapter and rules promulgated by the board.(e)  The successful bidder shall pay to the board of regents on the day the bid is accepted the full amount of bonus, whether stipulated or bid, and the special fee in the form of payment specified by the board.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.68 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.68. Marginal Property Royalty Rates

Sec. 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 of gas with a minimum heating value of 6,000,000 British thermal units (6,000 Mbtu), whichever is greater.(2)  "Lease" or "leases" means an oil and gas lease issued or approved by the board that is valid and in force on or after the effective date of this section.(3)  "Qualifying property" means land subject to a lease issued under this subchapter.(4)  "Qualifying reservoir" means a reservoir having an average daily per well production equal to or less than 15 barrels of oil equivalent during a period established by the board by rule and underlying either:(A)  a qualifying property;  or(B)  a pooled unit including a qualifying property.(5)  "Reservoir" has the same meaning as "common reservoir" as defined by Section 86.002, Natural Resources Code.(b)  The board may provide by rule that the royalty rate for qualifying reservoirs may be reduced to not less than one-sixteenth (6.25 percent). In determining whether to grant a reduction in the royalty rate, the board may consider whether the qualifying property is being operated efficiently, including whether the property is pooled or has reasonable potential for the application of secondary or tertiary recovery techniques.(c)  If a qualifying reservoir for which royalty rate reduction is sought under this section is included in a unit subject to the authority of the board, the board may modify the terms and conditions of the unit as a condition of approving a reduction in the royalty rate.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.69 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.69. Award of Lease

Sec. 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 includes the terms adopted by the board and consistent with this subchapter.(b)  The board may reject all bids for one or more tracts.(c)  The commissioner shall execute a lease awarded by the board in conformance with this subchapter.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|Sec. 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 board may adopt to preserve the interests of the state.  On submission of an application by all lessees under the lease in the form required by the board and payment of any applicable fee set by the board, the board may amend a lease that does not include provisions required by Sections 66.71, 66.72, and 66.73 to include those provisions in the form adopted by the board at the time the lease is amended.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.71 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.71. Lease Provisions

Sec. 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, the lease shall terminate on the anniversary date of the lease unless:(1)  oil or gas is being produced in paying quantities from the leased premises;(2)  drilling operations are being conducted on the leased premises;  or(3)  the lessee pays timely in the manner provided in the lease the amount of delay rental stated in the lease.(b)  If oil or gas is discovered in paying quantities on any tract covered by a lease, the lease as to that tract shall remain in force as long as oil and gas is produced in paying quantities from the tract, provided that the other provisions of this subchapter are complied with by the lessee.(c)  An oil and gas lease issued by the board shall provide that royalty may be taken in kind at any time and from time to time at the discretion of the board in the manner provided in this subchapter.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.72 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.72. Cessation of Production; Drilling and Reworking

Sec. 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 60 days before the expiration of the primary term of the lease or at any time or times thereafter, the lease shall not terminate if the lessee commences additional drilling or reworking operations within 60 days thereafter, and the lease shall remain in full force and effect so long as such operations continue in good faith and in workmanlike manner, without interruptions, totalling more than 60 days during any one such operation;  and if such drilling or reworking operations result in the production of oil and/or gas, the lease shall remain in full force and effect so long as oil or gas is produced therefrom in paying quantities or payment of shut-in gas well royalty or compensatory royalties is made as provided in this subchapter.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.73 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.73. Shut-in Royalty

Sec. 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 as the board may adopt.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.74 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.74. Lease Extension or Suspension

Sec. 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, but drilling operations are being conducted in good faith and in a good and workmanlike manner, the lessee may apply in writing to extend the lease for a period of 30 days.  The application shall be filed with the board of regents on or before the expiration of the primary term.(b)  The applicant shall submit with the application a fee in an amount set by the board of not less than $7.50 for each acre in the lease requested to be extended.(c)  If the commissioner determines that the conditions of this section have been met, the commissioner, or a designee appointed by the commissioner, shall execute a written extension as provided by this section.(d)  As long as drilling operations are being conducted in good faith and in a good and workmanlike manner, additional extensions of 30 days each may be granted up to an aggregate of 360 days.  The lessee must submit a written application and payment on or before the last day of the extended primary term.  The payment for each additional 30-day extension shall be in an amount set by the board of not less than $7.50 for each acre in the lease.(e)  The board may elect to suspend a lease and all of the conditions and covenants contained in the lease if there is a legitimate dispute regarding the validity of the lease.  The board may rescind the suspension at any time, in which event the lease shall resume as of the date the suspension is rescinded and shall continue for the remainder of the period specified in the lease as the primary term, or, if the primary term ended prior to the suspension, the lessee shall have 60 days to commence production or drilling and reworking operations.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.75 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.75. Protection From Drainage; Compensatory Royalties

Sec. 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 to the provisions of this section, the commissioner may execute agreements that provide for the payment of compensatory royalty in lieu of drilling offset wells that may be required to protect the leased premises from drainage from a well or wells located on non-university lands, or university lands leased at a lesser royalty, situated within 1,000 feet of or draining the leased premises.(c)  Agreements providing for the payment of compensatory royalty must be approved by the board.(d)  Agreements providing for the payment of compensatory royalty must be found by the commissioner and the board to be in the best interest of the state.(e)  Nothing in an agreement for the payment of compensatory royalty shall relieve the lessee of the obligation of reasonable development or of the obligation to drill offset wells, obtain suitable regulatory relief, propose appropriate pooling or unitization arrangements, or conduct other activities to protect the leased premises from drainage as to other producing horizons.(f)  An agreement for the payment of compensatory royalty shall provide that compensatory royalty be paid at the royalty rate provided in the lease and shall provide that compensatory royalty be paid on the market value of production from the well located on non-university lands or university lands leased at a lesser royalty situated within 1,000 feet of or draining the leased premises.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.76 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.76. Assignment; Relinquishment

Sec. 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 and effective, the assignment must be filed in the county or counties in which the leased premises are situated and a legible copy of the recorded assignment must be filed with the board of regents within the time set by the board, accompanied by a filing fee and any applicable penalty for late filing set by the board for each lease assigned and a summary in the form adopted by the board of regents.(b)  Rights to a lease or to an assigned portion thereof may be relinquished at any time by having an instrument of relinquishment or release recorded in the county or counties in which the area relinquished is situated and a legible copy of the recorded instrument filed with the board of regents, accompanied by a filing fee set by the board.(c)  An assignment or relinquishment of a lease or a portion thereof or an interest in a lease shall not relieve the lessee of accrued obligations, including the payment of royalty, penalty, or interest, and the lessee shall remain liable therefor.(d)  In the enforcement of lease obligations, the board and the board of regents shall be entitled to rely on the state of title reflected by the records of the board of regents.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.77 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.77. Royalty Payments and Reports

Sec. 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, Travis County, Texas.  The lessee of record in the records of the board of regents shall be responsible for making or causing to be made all payments required by this subchapter at the required times and in the form and manner determined by the board of regents or otherwise required by law.(b)  The board shall set by rule the date for making royalty payments and for filing any reports, documents, or other records required to be filed by this section.  The date set by the board must be on or after the fifth day of the second month succeeding the month of production of oil and on or after the 15th day of the second month succeeding the month of production of gas.(c)  A royalty payment is timely made if the payment is deposited in a postpaid, properly addressed wrapper, with a post office or official depository under the care and custody of, and postmarked by, the United States Postal Service before the applicable due date.(d)  The lessee shall provide to the board of regents with each royalty payment:(1)  an affidavit of the owner, manager, or other authorized agent completed in the form and manner required by the board of regents and showing the gross amount and disposition of all oil and gas produced and the market value of the oil and gas, the number assigned by the Railroad Commission of Texas, and university lease numbers;(2)  a purchase statement or other document showing the price at which the oil and gas was sold;(3)  a check stub, schedule, summary, or other remittance advice showing by the assigned lease number the amount of royalty being paid on each lease;  and(4)  other reports or records that the board of regents may require to identify the well and lease and verify the gross production, disposition, and market value.(e)  The board of regents may implement such practices and procedures with regard to accounting for royalty payments as it may determine to be in the best interest of the state.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.78 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.78. Interest and Penalties

Sec. 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 not paid within seven days after the due date, a penalty of an additional four percent of the royalty due is imposed.  If the royalty is not paid within 30 days after the due date, a penalty of an additional five percent is imposed.  The minimum penalty under this subsection is $25 or the minimum penalty in excess thereof set by the board.  The board shall not add a penalty under this subsection in cases of title dispute as to the state's portion of the royalty or to that portion of the royalty in dispute as to fair market value.(b)  Interest shall accrue on delinquent royalties beginning on the 61st day after the due date.  The annual interest rate on delinquent royalties is 12 percent.  Interest accrued under this subsection shall be in addition to any delinquency penalty due under this section.(c)  The board of regents shall add a penalty of 25 percent to delinquent sums due under this subchapter if the board determines that the delinquency is due to fraud or an intent to evade the provisions of this subchapter on the part of the lessee or the lessee's agents, employees, or assignees.(d)  If a report, affidavit, supporting document, or other instrument required to be filed under Section 66.77 or Section 66.80 is not filed when due, a penalty accrues in the amount set by the board but not less than $10 per document for each 30-day period of delinquency or fractional part thereof.(e)  Collection of penalty and interest charges under this section are in addition to any rights, including forfeiture, that the board or the board of regents may exercise for failure to pay a royalty or to submit a report or other instrument when due.(f)  The board may provide by rule procedures and standards for reduction of interest charged or penalties assessed under this subchapter or other interest or penalties assessed relating to unpaid or delinquent royalties or other amounts due.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.79 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.79. Payment of Royalty in Kind

Sec. 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)  The option to take royalty in kind or to take cash royalties may be exercised by the board at any time or from time to time on not less than 60 days' notice to the lessee.(c)  The board shall enter into contracts or other instruments or agreements to dispose of the portion of the royalty taken in kind, which may include contracts for sale, transportation, or storage of the oil or gas.  The commissioner shall execute contracts approved by the board under this section that are consistent with applicable law.(d)  The board of regents may enter into insurance contracts or other agreements to secure or guarantee payment of contracts or other instruments or agreements to dispose of the portion of the royalty taken in kind, including contracts for sale, transportation, and storage.(e)  If the board has elected to take royalty in kind, the board may elect that delivery of the correct amount of oil or gas shall be at the wellhead, at the oil and gas separator, into a pipeline connected at the well, or at such other location as may be specified in a royalty in kind provision in the lease or other agreement.  Such delivery by the lessee shall satisfy the lessee's obligation for payment of the royalty due under the lease.  This section shall not be construed to surrender or in any way affect the right of the board of regents under existing or future leases to receive royalty on the basis of market value of production not taken in kind.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.80 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.80. Records

Sec. 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 any subsequent agreement and amendment thereto, together with a summary in the form adopted by the board of regents, within 30 days after the contract, agreement, or amendment is made.(b)  The books and accounts, receipts, and discharges of all wells, tanks, pools, meters, and pipelines, and all contracts and other records pertaining to the production, transportation, sale, and marketing of the oil and gas, shall at all times be subject to inspection, examination, and copying by the commissioner of the General Land Office, the attorney general, the governor, the board of regents, or the board, or the representative of any of them.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|
TX Educ Code § 66.81 (2021)
2021 Texas Statutes|Education Code|Title 3 - Higher Education|Subtitle C - The University of Texas System|Chapter 66 - Permanent University Fund|Subchapter D. Board for Lease of University Lands|Section 66.81. Audit Information Confidential

Sec. 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 the lessee or a third party, as provided by this subchapter, and contracts, agreements, or amendments provided to the board of regents under Section 66.80(a) are confidential and may not be used publicly, opened for public inspection, or disclosed, except for information set forth in a lien filed under this chapter and except as permitted under Subsections (c) and (d).  This section shall not apply to records or information provided by the lessee under Section 66.77.(b)  Documents and information made confidential in this section shall not be subject to subpoena directed to the board, the board of regents, the commissioner, the attorney general, or the governor except in a judicial or administrative proceeding in which the state and a person with an equitable or legal interest in the lease or land to which the information relates are parties.(c)  The board, the board of regents, or the attorney general may use documents and information made confidential by the provisions of this section and contracts made confidential by this subchapter to enforce the provisions of this subchapter or may authorize their use in judicial or administrative proceedings in which this state is a party or may authorize their examination by employees, agents, or contractors of the board of regents or the state auditor for audit purposes.(d)  This section does not prohibit:(1)  the delivery of documents and information made confidential by this section to the lessee or its successor, receiver, executor, guarantor, administrator, assignee, or representative;(2)  the publication of statistics classified to prevent the identification of a particular audit or items in a particular audit;(3)  the release of documents or information otherwise available to the public;(4)  the release of documents or information concerning the amount of royalty assessed as a result of an examination conducted under this subchapter or the release of other information which would have been properly included in reports required under Section 66.77;(5)  sharing of documents or information among state agencies pursuant to Section 66.65.  Shared documents or information will remain confidential under this section;  or(6)  the release of documents or information authorized by the lessee.|Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.|