(a) The board may lease for oil, gas, sulphur, or other mineral development to the highest bidder at public auction all or part of the lands under the exclusive control of the board owned by the State of Texas and acquired for the use of Texas Tech University and its divisions.
(b) Any money received by virtue of this section shall be deposited in a special fund managed by the board to be known as the Texas Tech University special mineral fund. Money in the fund is considered to be institutional funds, as defined by § 51.009, of the university and is to be used exclusively for the university. All deposits in and investments of the fund shall be made in accordance with Section 51.0031. § 34.017, Natural Resources Code, does not apply to the fund.