Idaho Code 47-1403 – Rules for Issuing Lease — Term — Royalty
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 47-1403
- Contract: A legal written agreement that becomes binding when signed.
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
Any such governing body may, in its discretion, make and establish such rules and regulations governing the issuance of such leases and contracts as are not inconsistent with provisions of this act. Any such lease or contract (1) shall be entered into pursuant to resolution duly adopted by the governing body, (2) may be for a term not exceeding ten (10) years and as long thereafter as oil, gas or other hydrocarbons shall be, or can be, produced in commercial quantities, except as such term may be extended pursuant to the provisions of section 47-1402, [Idaho Code,] and (3) shall reserve to the governing body a royalty of not less than one-eighth (1/8) of all oil, gas or other hydrocarbons produced from said lands.