US Laws, Codes, Statutes & Cases

                                  TITLE  47
                               MINES AND MINING
                                  CHAPTER 14
                         MINERAL LEASES BY POLITICAL
                        SUBDIVISIONS AND MUNCIPALITIES
    47-1403.  RULES FOR ISSUING LEASE -- TERM -- ROYALTY. 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.