reglab/statecodes huggingface dataset:
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 65 - Administration of the University of Texas System › Subchapter C. Powers and Duties of Board › Section 65.41. Medical School Admission Policies

Sec. 65.41.  MEDICAL SCHOOL ADMISSION POLICIES.  The Board of Regents shall promulgate appropriate rules and regulations pertaining to the admission of students to medical schools which will provide for admission of those students to its entering class each year who are equally or as well qualified as all other students and who have entered a contract with or received a commitment for a stipend, grant, loan or scholarship from the State Rural Medical Education Board.  The State Rural Medical Education Board may contract with medical students providing for such students to engage in a general or family practice of medicine for not less than four years after licensing and a period of medical residency, as determined by the rules and regulations established by the State Rural Medical Education Board, in cities of Texas which have a population of less than 5,000 or in rural areas, as that term may be defined by the State Rural Medical Education Board, and said Board is hereby given the authority to define and from time to time redefine the term rural area, at the time the medical practice is commenced.  This contract shall provide for a monthly stipend of at least $100 to be granted by the State Rural Medical Education Board to each person under contract with the state while enrolled as a medical school student.
Added by Acts 1975, 64th Leg., p. 2408, ch. 740, Sec. 3, eff. Sept. 1, 1975.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 65 - Administration of the University of Texas System › Subchapter C. Powers and Duties of Board › Section 65.42. Delinquent Accounts; Venue

Sec. 65.42.  DELINQUENT ACCOUNTS; VENUE.  A suit by The University of Texas System on its own behalf or on behalf of a component institution of The University of Texas System to recover a delinquent loan, account, or debt owed to The University of Texas System or a component institution of The University of Texas System must be brought in Travis County.
Added by Acts 1987, 70th Leg., ch. 403, Sec. 3, eff. Sept. 1, 1987.
Amended by:
Acts 2011, 82nd Leg., R.S., Ch. 1049 (S.B. 5), Sec. 1.04, eff. June 17, 2011.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 65 - Administration of the University of Texas System › Subchapter C. Powers and Duties of Board › Section 65.43. Sale of Obsolete Medical Equipment

Sec. 65.43.  SALE OF OBSOLETE MEDICAL EQUIPMENT.  The board shall have the authority to sell and transfer, after due notification by journal or mail, on fair and reasonable terms, to any hospital within the State of Texas operated by the state, a city, a county, a hospital district, a nonprofit corporation, or a tax-exempt charitable organization any medical equipment that has been in use at an institution or facility governed by the board and is obsolete with regard to the instructional objectives of The University of Texas System.
Added by Acts 1981, 67th Leg., p. 2068, ch. 459, Sec. 1, eff. June 11, 1981.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 65 - Administration of the University of Texas System › Subchapter C. Powers and Duties of Board › Section 65.45. Science and Technology Development, Management, and Transfer

Sec. 65.45.  SCIENCE AND TECHNOLOGY DEVELOPMENT, MANAGEMENT, AND TRANSFER.  (a)  The legislature finds that it is essential to the economic growth of the state that the potential for the development and growth of high technology industry be promoted and expanded.  As a means of accomplishing this purpose, the board may enter into agreements with individuals, corporations, partnerships, associations, and local, state, or federal agencies for funding the discovery, development, and commercialization of new products, technology, and scientific information, including an agreement to manage a national laboratory engaged in any of those endeavors.  At the discretion of the board, research facilities, funding, and personnel at the various component institutions of The University of Texas System may be utilized to achieve the purposes of this section.
(b)  As a means of carrying out the purposes of this section, the board may, through one or more corporations incorporated by the board or under any other cooperative arrangement:
(1)  own and license rights to products, technology, and scientific information;
(2)  own shares in corporations engaged in the discovery, development, manufacture, management, or marketing of products, technology, or scientific information in this state or outside this state;
(3)  participate, either directly or through a subsidiary corporation or other legal entity formed for that purpose, in the discovery, development, manufacture, management, or marketing of products, technology, or scientific information on behalf of the United States or a state or local governmental entity;  and
(4)  carry on and support such other activities as the board may deem appropriate for achieving the purposes of this section.
(c)  The board may cooperate in any manner the board considers appropriate with similar programs operated by other state-supported institutions of higher education in this state or in other states.
(d)  Repealed by Acts 2011, 82nd Leg., R.S., Ch. 359, Sec. 16(3), eff. January 1, 2012.
Added by Acts 1985, 69th Leg., ch. 818, Sec. 1, eff. Aug. 26, 1985.  Amended by Acts 2003, 78th Leg., ch. 1266, Sec. 4.04, eff. June 20, 2003.
Amended by:
Acts 2005, 79th Leg., Ch. 888 (S.B. 1528), Sec. 10, eff. September 1, 2005.
Acts 2011, 82nd Leg., R.S., Ch. 359 (S.B. 32), Sec. 16(3), eff. January 1, 2012.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.01. Permanent University Fund

Sec. 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 Constitution.
Acts 1971, 62nd Leg., p. 3149, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.02. Available University Fund

Sec. 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 Treasury to the credit of the available university fund by the board of regents of The University of Texas System or by the custodian or custodians of the permanent university fund's securities.  The University of Texas System shall provide the information necessary for the comptroller to accurately account for distributions from the permanent university fund and to protect state revenues.  The system shall provide the information using the method, format, and frequency required by the comptroller.
Acts 1971, 62nd Leg., p. 3149, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.  Amended by Acts 1997, 75th Leg., ch. 1311, Sec. 1, eff. Sept. 1, 1997;  Acts 1999, 76th Leg., ch. 1467, Sec. 1.04, eff. June 19, 1999.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.04. Validity of Bonds Purchased by Board

Sec. 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 their validity shall be admitted and received as prima facie evidence of the validity of the bonds;  and in all cases in which the proceeds of the sale of these bonds have been received by the proper officers of the city, municipality, or county, or by the party acting for them in negotiating the sale of the bonds, the city, municipality, or county is thereafter estopped from denying the validity of the bonds and they shall be held to be valid and binding obligations.  In the case of any bonds bought under this section, premium or discount shall be distributed over the life of the bonds.
Acts 1971, 62nd Leg., p. 3149, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.05. Reports

Sec. 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 assets and a schedule of changes in book value of the investments from the permanent university fund during the year ending August 31 preceding the publication of the report.
(b)  The report shall contain a summary of all gains, losses and income from investments and an itemized list of all securities held for the fund on August 31.  The report shall also contain any other information needed to clearly indicate the nature and extent of investments made of the fund and all income realized from the components of the fund.
(c)  The report shall be distributed to the governor, state comptroller of public accounts, state auditor, attorney general, commissioner of higher education, and to the members of the legislature by the 1st day of January each year.  The board shall furnish copies of the report to any interested person on request.
Added by Acts 1971, 62nd Leg., p. 3347, ch. 1024, art. 2, Sec. 20, eff. Sept. 1, 1971.  Amended by Acts 1995, 74th Leg., ch. 823, Sec. 8, eff. Aug. 28, 1995;  Acts 1997, 75th Leg., ch. 1423, Sec. 5.17, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.06. Written Objectives; Performance Evaluation

Sec. 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 objectives may address desired rates of return, risks involved, investment time frames, and any other relevant considerations.
(b)  The board of regents shall evaluate and analyze the investment results of the permanent university fund.  The service shall compare investment results with the written investment objectives developed by the board of regents, and shall also compare the investment of the permanent university fund with the investment of other funds operating with substantially the same objectives and restrictions.
Added by Acts 1983, 68th Leg., p. 5097, ch. 925, Sec. 2, eff. Aug. 29, 1983.  Amended by Acts 1995, 74th Leg., ch. 823, Sec. 9, eff. Aug. 28, 1995.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.07. Custody and Investment of Assets Pending Transactions

Sec. 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 companies, or other entities to serve as a custodian or custodians of the permanent university fund's securities with authority to hold the money realized from those securities pending completion of an investment transaction if the money held is reinvested within one business day of receipt in investments determined by the board of regents.  Money not reinvested within one business day of receipt shall be deposited in the state treasury not later than the fifth day after the date of receipt.
Added by Acts 1997, 75th Leg., ch. 1311, Sec. 2, eff. Sept. 1, 1997.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter A. Composition, Investment, and Use › Section 66.09. Cost Value of Investments and Other Assets of the Permanent University Fund

Sec. 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 The University of Texas System, the cost value of the permanent university fund's investment in the commingled fund for the purpose of Sections 18(a) and (b), Article VII, Texas Constitution, shall be calculated by multiplying the permanent university fund's ownership percentage in the commingled fund by the commingled fund's net asset value at cost as determined by the board of regents.  The permanent university fund's ownership percentage of the commingled fund shall be determined by dividing the permanent university fund's units of participation or shares by the total units or shares of the commingled fund.
Added by Acts 1999, 76th Leg., ch. 1467, Sec. 1.06, eff. June 19, 1999.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter B. Permanent University Fund Bonds and Notes › Section 66.21. Registration

Sec. 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 be registered by the comptroller of public accounts after they have been approved by the attorney general.
Acts 1971, 62nd Leg., p. 3150, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter B. Permanent University Fund Bonds and Notes › Section 66.22. Refunding Bonds and Notes

Sec. 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 refunded by the governing board which issued the bonds or notes, upon such terms and conditions, including interest rates and maturities, as may be determined by that board, provided that such terms and conditions shall not be inconsistent with the applicable constitutional provisions.  Any such bonds or notes may be so refunded by the issuance of refunding bonds or notes, either to be exchanged for the bonds or notes being refunded and cancelled, or to be sold, with the proceeds to be used for the redemption and cancellation of the bonds or notes being refunded.
Acts 1971, 62nd Leg., p. 3150, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter B. Permanent University Fund Bonds and Notes › Section 66.23. Refunding Bonds and Notes: Approval; Registration

Sec. 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 redemption of any outstanding bonds or notes, shall be submitted to the attorney general for examination, and if he finds that they have been issued in accordance with law, he shall approve them, and then they shall be registered by the comptroller of public accounts, and after such approval and registration they shall be incontestable.  When any such refunding bonds or notes are issued to be exchanged for any outstanding bonds or notes, the comptroller of public accounts shall register and deliver such refunding bonds on surrender for cancellation of the bonds or notes being refunded.  When any such refunding bonds or notes are sold, with the proceeds to be used for redeeming any outstanding bonds or notes, the comptroller of public accounts shall register such refunding bonds or notes, even though the bonds or notes to be redeemed shall not have been surrendered for redemption or cancellation.
Acts 1971, 62nd Leg., p. 3150, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter B. Permanent University Fund Bonds and Notes › Section 66.24. Authorized Investments; Security for Deposits

Sec. 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, and all bonds and notes are declared to be legal and authorized investments for banks, savings banks, trust companies, building and loan associations, savings and loan associations, insurance companies, fiduciaries, trustees, guardians, and for the sinking funds of cities, towns, villages, counties, school districts, and all other political corporations or subdivisions of the State of Texas;  and the bonds and notes shall be eligible to secure the deposit of any and all public funds of the State of Texas, and any and all public funds of cities, towns, villages, counties, school districts, and all other political corporations or subdivisions of the State of Texas;  and the bonds and notes shall be lawful and sufficient security for those deposits to the extent of their par value when accompanied by all unmatured coupons appurtenant to them.
Acts 1971, 62nd Leg., p. 3150, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter B. Permanent University Fund Bonds and Notes › Section 66.25. Tax Exempt

Sec. 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 all bonds and notes, whether original or refunding, heretofore or hereafter issued pursuant to the constitutional provisions or this subchapter, and their transfer and the income from them, including the profits made on their sale, shall at all times be free from taxation of this state.
Acts 1971, 62nd Leg., p. 3151, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter C. Management of University Lands › Section 66.41. Management of University Lands

Sec. 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 to, or acquired by, the permanent university fund.  The board may sell, lease, and otherwise manage, control, and use the lands in any manner and at prices and under terms and conditions the board deems best for the interest of the permanent university fund, not in conflict with the constitution.  However, the land shall not be sold at a price less per acre than that at which the same class of other public land may be sold under the statutes.  No grazing lease shall be made for a period of more than 10 years.
Acts 1971, 62nd Leg., p. 3151, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter C. Management of University Lands › Section 66.42. Duty of Land Commissioner

Sec. 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 show the location and condition of every tract of the university lands;
(2)  furnish to the board any additional information it may require;  and
(3)  render to the board any possible assistance it may request in the discharge of its duties under this chapter.
Acts 1971, 62nd Leg., p. 3151, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter C. Management of University Lands › Section 66.43. University Lands: Surveys; Personnel

Sec. 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 be necessary to enable the lines of the blocks and sections and fractional sections to be determined and identified and have such corners as may be necessary to that end permanently marked.  When it is impracticable to establish such lines and corners as originally surveyed, or when such sections have not been actually surveyed on the ground, the blocks shall be surveyed or resurveyed and divided into surveys of sections and fractional sections, and as many corners thereof as may be necessary for the identification shall be permanently marked.  The surveyors to do such surveying shall be employed by the board.  The field notes of such surveys shall be returned to the general land office, and when correct and in accordance with law shall be approved by the commissioner of the general land office, filed in the general land office, and become archives therein.
(b)  The board of regents may employ and compensate personnel the board deems necessary in connection with performance of any duties under this section or under Subchapter D of this chapter.
Acts 1971, 62nd Leg., p. 3151, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter C. Management of University Lands › Section 66.44. Management of Minerals Other Than Oil and Gas

Sec. 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 appropriated to, or acquired by the permanent university fund.  The board may sell, lease, and otherwise manage and control the minerals, other than oil and gas, in those lands as may seem best to it for the interests of the permanent university fund.  The board may also explore and have explored and developed the minerals and may make any contract or contracts with any person, association of persons, firm, or corporation for the exploration, development, mining, production, disposition, and sale of the minerals in those lands.
Acts 1971, 62nd Leg., p. 3152, ch. 1024, art. 1, Sec. 1, eff. Sept. 1, 1971.
2023 Texas Statutes › Education Code › Title 3 - Higher Education › Subtitle C - The University of Texas System › Chapter 66 - Permanent University Fund › Subchapter C. Management of University Lands › Section 66.45. Soil and Water Conservation Plans

Sec. 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 reviewed and approved by the board of regents of The University of Texas System under procedures adopted by the board.  The board, in reviewing a plan, and the lessee, in implementing a plan, may be assisted by the United States Department of Agriculture Soil Conservation Service.
Added by Acts 1985, 69th Leg., ch. 613, Sec. 7, eff. Sept. 1, 1985.
2023 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 66.61. Definitions

Sec. 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 of Texas System, except where otherwise specified.
(3)  "Commissioner" means the commissioner of the General Land Office.
(4)  "Oil and gas" means crude oil, natural gas, and all substances, including other hydrocarbons, produced in association with crude oil and natural gas.
(5)  "University lands" means land dedicated to the permanent university fund.
(6)  "Well" means an oil or gas well that has been assigned a well number by the state agency having regulatory jurisdiction over the production of oil and gas.  A single wellbore may contain more than one well.
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.
2023 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 66.63. Certain Board Actions

Sec. 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 of the board have the power to award leases issued on a form of lease previously approved by a majority of the board.
(b)  The validity of an action of the board is not affected because it was taken when a ground for removal of a regent member of the board existed.  A regent member continues to serve until removed under Section 66.62(g).
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.
2023 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 66.64. Powers and Duties of the Board

Sec. 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 times, and in the manner it may determine;
(2)  contract for the sale or other disposition of oil and gas royalties taken in kind;
(3)  adopt rules and policies for the administration and enforcement of this subchapter and leases issued under this subchapter;
(4)  set fees and penalties for the administration and enforcement of this subchapter;
(5)  set the terms of a contract for the development of university lands for oil and gas;
(6)  approve agreements that commit the royalty interest in university lands on terms acceptable to the board;  and
(7)  exercise other powers and authority and perform other duties as may be reasonably necessary to administer and enforce the provisions of this subchapter.
(b)  The board shall hold meetings and keep records of its proceedings in a manner consistent with the requirements of Chapter 551, Government Code.  The board shall develop and implement policies which provide the public with a reasonable opportunity to appear before the board, to speak on an issue under the board's jurisdiction, or be heard with respect to a declaration of forfeiture.  The board shall give written notice to each lessee whose leasehold interest may be forfeited.  Such notice shall be given at least 21 days before the meeting at which the board will consider forfeiture of the lease.  The notice shall state the time, date, and place of the meeting of the board and include a statement of the board's policy concerning the public's opportunity to be heard with respect to a declaration of forfeiture.  Notice shall be properly given when mailed to the last known address of the lessee based on the records of the board of regents or, if the records do not contain an address, to any address that may reasonably be determined to be an address for the lessee.
(c)  Except as otherwise provided in this subchapter, the records of the board are subject to the requirements of Chapter 552, Government Code.
(d)  The financial transactions of the board are subject to audit by the state auditor in accordance with Chapter 321, Government Code.
(e)  The board may delegate to the staff provided to it by the board of regents any duty except as prohibited by law.
(f)  The board shall appoint a secretary.
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.
2023 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 66.65. Board Staff; Exchange of Information With State Agencies

Sec. 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 or may assign employees of The University of Texas System to those duties.
(b)  The members of the board, personnel and counsel employed or assigned to assist the board, the board of regents, staff of The University of Texas System, the commissioner and staff of the General Land Office, the board of regents and staff of The Texas A&M University System, the office of the comptroller, the office of the attorney general, and any other agency or official of the state with a reasonable business interest in state or university lands, minerals, or resources may consult with each other and exchange information related to the administration of leases, collection and disposition of royalties, whether in cash or in kind, and any other matter related to the lease, sale, or production of, or the exploration for, oil, gas, or any other mineral or resource, including geothermal, wind, and solar energy on state or university lands.  The information so exchanged and consultations and related communications shall be or shall remain confidential and shall be privileged from discovery in the same manner and to the same extent as if the persons consulted, which includes counsel, were members of the same agency.  Sections 52.134 and 52.140, Natural Resources Code, shall not prohibit the consultations or exchange of information provided for by this section;  however, each agency receiving such confidential information is required to keep the information confidential under Sections 52.134 and 52.140, Natural Resources Code, as appropriate, and to take all reasonable actions necessary to protect the confidential and privileged nature of the information.
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.
2023 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 66.66. Lease Sales

Sec. 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, 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.
(g)  Each bid is subject to the payment of a special fee equal to one and one-half percent of the total bonus whether stipulated or bid, which special payment shall constitute a special fund from which the board of regents shall defray the expenses of the sale, including the payment of the general operating expenses for geology, engineering, field inspection, and auditing oil and gas production of university lands and including salaries and traveling expenses of persons employed by the board of regents for those purposes.
(h)  The board of regents may direct the comptroller of The University of Texas System to transmit to the state comptroller for deposit to the credit of the permanent university fund unexpended balances remaining in the special fee account after reserving a sufficient amount in it for the payment of current expenses as set out in Subsection (g).
Amended by Acts 1997, 75th Leg., ch. 1324, Sec. 1, eff. Jan. 1, 1998.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.
2023 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.