Oklahoma Statutes
Title 64. Public Lands
§64-1023. Trust property - Commercial, agricultural and mineral leases.

A. The Commissioners of the Land Office are authorized to grant commercial leases and agricultural leases in trust property.

Commercial leases shall not exceed fifty-five (55) years. The granting of any commercial lease in excess of three (3) years shall be by public bidding at not less than fair market value. All commercial leases shall provide for fair market value throughout the term of the lease.
Agricultural leases of trust property shall be limited to a maximum of five (5) years and shall be by public bidding at not less than fair market value.
The granting of any interest in trust property at less than fair market value or not in compliance with this section is void.
Any permanent improvement made on commercial trust property from and after the passage of this act shall revert to the trust at the end of the lease.
B. In connection with any commercial and agricultural leases, the Commissioners of the Land Office shall, unless otherwise exempted by the Constitution or laws of Oklahoma:
1. Require payment of ad valorem property taxes on any improvements and structures on state school land, which would otherwise be subject to ad valorem property taxation if constructed on privately owned land; and
2. Indemnify and hold harmless the Commissioners of the Land Office from any financial obligation related to land, financing or operation.
C. The Commissioners of the Land Office may refuse to accept any bid or lease on a commercial, agricultural or mineral lease where the party is in default of any installment due or in violation of any provisions contained in a prior or current lease contract.
D. The Commissioners of the Land Office may refuse to accept any bid or lease contract where the interested party cannot show adequate creditworthiness as determined by the Land Office.
Added by Laws 1989, c. 173, § 4, operative July 1, 1989. Amended by Laws 2010, c. 41, § 18, emerg. eff. April 2, 2010. Renumbered from § 101 of this title by Laws 2010, c. 41, § 75, emerg. eff. April 2, 2010.

Structure Oklahoma Statutes

Oklahoma Statutes

Title 64. Public Lands

§64-1001. Commissioners of the Land Office - Personnel.

§64-1002. Administration of state school lands - Powers and duties.

§64-1002A. Exchange of land for other properties.

§64-1003. Public project and programs using federal, state or local funds, nonprofit rural water districts and certain rural water districts - Easements.

§64-1004. Retention of realtors to secure tenants in commercial leasing of trust property.

§64-1005. Administration of Office – Appointment and duties of Secretary.

§64-1006. Commissioners of the Land Office - Secretary - Employees.

§64-1007. Division heads under supervision of Secretary.

§64-1008. Accounting system.

§64-1009. Commissioners of the Land Office Fund - Deposit of funds - Use of funds.

§64-1010. Employee real estate appraiser license - Payment of fee.

§64-1011. Revolving fund created - Payments into fund - Payments from fund – Cash fund.

§64-1012. Fees and resolutions.

§64-1013. Investment of permanent school funds and other educational funds.

§64-1014. Investment of permanent school funds in real property owned or acquired by state or Tourism and Recreation Department and under jurisdiction of Tourism and Recreation Commission.

§64-1015. Appraisals and determining fair market value.

§64-1016. Appraisers - Prohibited activities - Violations.

§64-1017. False statements or affidavits – Perjury - Penalty.

§64-1018. Destruction of timber or improvements - Unlawful entry - Damages.

§64-1019. Lien on crops to secure rentals.

§64-1020. Sale of oil, gas or mineral leases.

§64-1021. Fee on natural gas sold to state or political subdivision.

§64-1022. Reservation and retention of oil, gas and other minerals under certain lands.

§64-1023. Trust property - Commercial, agricultural and mineral leases.

§64-1024. Bribes - Duty to report - Discharge for failure to report.

§64-1025. Embezzlement - Discharge upon conviction.

§64-1026. Records - Destroying or forging a felony.

§64-1027. Statutes of limitation - Prosecutions.

§64-1029. Cash Journal - Checks and drafts - Endorsement - Penalty.

§64-1030. Handling of mail - Entry on reception record - Disposition of cash and equivalents – Lock box services.

§64-1031. Internal auditor.

§64-1032. Acquisition of title to land – Certification to county treasurer - Removal from tax list – Cancellation of taxes.

§64-1033. Recordation of instruments - Fees.

§64-1034. Record of proceedings - Approval - Number of concurring members required.

§64-1035. Secretary - Duties - Financial statement to Governor and Legislature.

§64-1036. Accounts and records of Land Office – Audits – Filing copies of audits.

§64-1037. Partial invalidity.

§64-1038. Power of Commissioners to sue and be sued – Attorney General to represent.

§64-1039. Checks, warrants or vouchers - Remaining unpaid for three years.

§64-1040. Certain lands to be sold.

§64-1041. Disposition of proceeds.

§64-1042. Limitations of purchase.

§64-1043. Preference right of lessees.

§64-1044. Record for taxation - Tax sales.

§64-1045. Cancellation of certificate - Redemption.

§64-1046. Conditions imposed follow land.

§64-1047. Notice of sale.

§64-1048. Irrigation and flood control projects - Sale of lands.

§64-1049. Oil and gas - Reservation - Lease.

§64-1050. Lessee - Preference right.

§64-1051. Failure to pay bid - Reimbursement of lessee.

§64-1052. Appraisement.

§64-1053. Public auction - Extension of time.

§64-1054. Notice of sale - Publication.

§64-1055. Deed - Reservation of oil and gas.

§64-1056. All public lands subject to lease.

§64-1057. Commissioners of the Land Office - Delinquency – Collection procedures.

§64-1058. Assignment of lease as security.

§64-1059. Removal of crops and improvements.

§64-1060. Records made public.

§64-1061. Term of lease.

§64-1062. Appraisement of land - Rules and regulations.

§64-1063. Leases authorized - Duration, terms and conditions - Public competition - Assignment.

§64-1064. School lands - Leasing for oil and gas.

§64-1065. Lease of surface interest to reserve mineral deposits.

§64-1066. Community oil and gas lease.

§64-1067. Lessee liable to surface holder for damages.

§64-1068. Condemnation under certain conditions.

§64-1069. Bonuses, royalties and delayed rental income - Multiyear Education Distribution Stabilization Revolving Fund.

§64-1070. Leasing authorized.

§64-1071. Mode of leasing.

§64-1072. Contracts authorized.

§64-1073. Royalty proceeds from sale of oil and gas production.

§64-1074. Division of proceeds of sales and leases.

§64-1075. New College Fund - Designation.

§64-1076. Proceeds made available.

§64-1078. Apportionment of income among institutions.

§64-1079. Receipts to constitute Public Building Fund - Transfer from General Revenue Fund.

§64-1081. Lease for oil and gas development.

§64-1082. Notice by publication.

§64-1083. Abandoned municipality - Definition - Oil and gas leases thereon.

§64-1084. County separate school lands - Leases.

§64-1085. State lands - Contracts for use - Damages.

§64-1086. Execution of instruments - Approval by Governor.

§64-1087. Negotiations and conveyances in lieu of condemnation proceedings.

§64-1088. Partial invalidity.

§64-1089. Rights and powers cumulative.

§64-1090. Prospecting - Permits.

§64-1091. Notice and sale of lease.

§64-1092. Prospectors liable for damages to surface.

§64-1093. Rules and regulations.

§64-1094. Violations and penalty.

§64-1095. Provisions shall not affect other uses of land.