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SALE, LEASE OR EXCHANGE OF REAL PROPERTY AND INTERESTS IN REAL PROPERTY

The sale, lease, or exchange, of the School's real property shall be authorized by the legislature and administered by the Asset Division of the General Land Office. Texas Natural Resources Code 31.158.

LEASE OF OIL AND NATURAL GAS PRODUCTION

Lease of oil and natural gas in land belonging to the School can be initiated by a resolution adopted by a majority of the Board. The lease and terms thereof shall be submitted to the Board for Lease for the TSBVI for approval and disposition of any such transaction. Tx. Nat. Res. Code 52.011

OTHER LEASE OF PROPERTY BEQUEATHED TO THE SCHOOL

The Board of Trustees may enter into arrangements, such as agricultural leases, to obtain revenue from the use of real property bequeathed to the School. Tx. Educ. Code 30.022(i)

Adopted: 5/26/94
Amended: 11/14/97
Reviewed: 9/24/99, 1/24/02, 11/19/04, 4/3/09, 6/3/15