Utah Code 53C-2-413. Agreements for the administration of mineral leases by a federal agency
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(1) Where this trust has succeeded or will succeed to the position of the United States under a federal mineral or prospecting permit in which only a portion of the lands are subject to the permit, agreements may be entered into with the federal agency having jurisdiction over the remaining portion providing for the continued administration by that agency of the entire lease or permit or any lease pursuant to that permit.
Terms Used In Utah Code 53C-2-413
- Administration: means the School and Institutional Trust Lands Administration. See Utah Code 53C-1-103
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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
- Mineral: includes oil, gas, and hydrocarbons. See Utah Code 53C-1-103
- United States: includes each state, district, and territory of the United States of America. See Utah Code 68-3-12.5
(2) Consideration for continued administration by the federal agency may not exceed 10% of the revenue allocable to the trust’s portion.