Sec. 60.037. AWARD AND EXECUTION OF OIL, GAS, AND MINERAL LEASES. (a) The commission may lease all or any part of land advertised for lease under Section 60.035 of this code.
(b) The lease shall be awarded to the highest and best bidder and shall reserve at least one-eighth royalty of all gas, oil, or minerals in or produced on the land. The lease shall contain other provisions reasonably necessary to protect the interests of the district and may not be less favorable to the district than customary commercial leases in the locality.
(c) The chairman and secretary of the commission shall execute the lease under an order, entered in the minutes of the commission, which shall include the consideration for the lease.
Acts 1971, 62nd Leg., p. 110, ch. 58, Sec. 1, eff. Aug. 30, 1971.
Structure Texas Statutes
Title 4 - General Law Districts
Chapter 60 - Navigation Districts--General Provisions
Subchapter C. Additional Powers and Duties of Certain Districts
Section 60.031. Application of Subchapter
Section 60.032. Authority to Construct Improvements
Section 60.033. Use of Equipment
Section 60.034. Oil, Gas, and Mineral Leases
Section 60.035. Notice of Certain Oil, Gas, and Mineral Leases
Section 60.036. Security for Bid on Oil, Gas, or Mineral Leases
Section 60.037. Award and Execution of Oil, Gas, and Mineral Leases
Section 60.038. Sale or Lease of Land
Section 60.0381. Conveyance of Land by Certain Navigation Districts
Section 60.040. Publication of Notice for Sales, Easements, and Leases in Excess of 50 Years
Section 60.041. Security for Bids on Real Property to Be Sold or Leased for More Than 50 Years
Section 60.042. Award and Execution of Deed or Lease in Excess of 50 Years