3345.181 Contracts or leases to mine minerals or produce oil and gas. - Ohio Statutes

3345.181 Contracts or leases to mine minerals or produce oil and gas.

(A) The board of trustees of a state university, by majority vote, may make, execute, and deliver contracts or leases to mine minerals upon lands under the supervision of such board, to any person or public entity that complies with the terms prescribed by the board. Such contracts or leases shall not operate as a conveyance of the fee to any part of the realty.

(B) A board, by majority vote, may make expenditures and may enter into contracts with any person or public entity for the purposes of investigating, exploring, prospecting, or drilling for petroleum and gas and the constituent components and mineral by-products thereof upon lands under the supervision of such board, and for the purposes of extracting, producing, selling, using, or transporting such petroleum, gas, components, and by-products.

(C) The board may use the proceeds derived from its actions under division (A) or (B) of this section for the furthering of any of the purposes of the university.

Effective Date: 03-28-1985