Idaho Code 47-1401 – Lease for Exploration and Development Authorized
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Idaho Code 47-1401
- Contract: A legal written agreement that becomes binding when signed.
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- 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
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories; and the words "United States" may include the District of Columbia and territories. See Idaho Code 73-114
The governing body of any county, city, town, village, school district or other municipal corporation or political subdivision of the state of Idaho authorized to acquire and hold real property may, upon determining that such action will be in the best interest of such county, city, town, village, school district or other municipal corporation or political subdivision of the state of Idaho, lease, or enter into a community lease with respect to, any mineral interest owned by such county, city, town, village, school district or other municipal corporation or political subdivision of the state of Idaho, for the exploration for and development and production of oil, gas or other hydrocarbons, and otherwise contract for such exploration, development and production, upon such terms as such governing body may determine and as are not inconsistent with the provisions of this act.