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House adopts mineral lease recodification, redirects some bonus bid revenues
Summary
Lawmakers amended and passed Senate Bill 55 to recodify the Mineral Lease Act after recent federal land exchanges, reallocating bonus-bid and royalty proceeds among the Constitutional Defense Fund and the Community Impact Fund and delaying some allocations until July 1, 2001.
Representative Hatch moved amendments to Senate Bill 55 to recodify the Mineral Lease Act after the state—ompleted a recent land-exchange with the federal government, explaining the changes were intended to clarify where bonus bids and royalty proceeds should be allocated. "This allows any excess dollars over and above those $750,000 dollars would go into the Rural Electric Commerce Communications Fund to accrue to the Constitutional Defense Fund up to $2,000,000," Hatch said during floor remarks.
The adopted amendment…
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