Last month Texas Land Commissioner Jerry Patterson announced that 2011 oil and gas exploration on West Texas Permanent School Fund lands was earning more than ever for Texas school children.
At a time when the recession continues to grip the nation and millions of our fellow Texans are unemployed and our state budget struggle to keep up with the ever increasing demand for services this news is much needed reminder that Texas best days are in front of us. I firmly believe this to be true.
Private oil and gas companies paid $9.3 million just for the right to explore on land owned by our States Permanent School Fund which helps pay for the States share of K-12 education. The companies competitively bid for the right to look for oil and gas on 6971 acres. Last months quarterly lease sale results bring the years record total to $133.5 million. The State will earn even more when wells are drilled and production begins. When this happens the States Rainy Day Fund balance will continue to grow thereby providing Texas with much needed financial support for the next legislative session.
In quarterly lease sales held by the General Land Office oil and gas firms submit sealed bids for the right to drill for hydrocarbons on Permanent School Fund lands. The Permanent School Fund will also earn 20 - 25 percent royalties on any oil or gas produced on the leases.
However Commissioner Patterson reports that efforts by the federal government to list the sand dune lizard as an endangered species could threaten the vitality of this revenue stream for public education in Texas and potentially cost our school system hundreds of millions of dollars.
The Permanent School Fund was created with a $2000000 appropriation by the Texas Legislature in 1854 expressly for the benefit of the public schools of Texas. The Texas Constitution stipulates that revenues from certain state lands and all proceeds from the sale of these state lands also constitute the Permanent School Fund.
Additionally all the proceeds from the sale and the mineral-related rental of these lands including bonuses delay rentals and royalty payments become part of the Fund. Each year a portion of the revenues from the Permanent School Fund is transferred to the Available School Fund to benefit public schools in Texas.
For a detailed look at todays record Permanent School Fund oil and gas lease sale visit http://www.glo.texas.gov/what-we-do/energy-and-minerals/oil_gas/sealed-bid-sales/past/index.html.
Sales Tax Holiday
Texas shoppers get a break from state and local sales taxes for clothing and school supplies on August 19 20 and 21 - the states annual tax holiday.
Last month Texas Land Commissioner Jerry Patterson announced that 2011 oil and gas exploration on West Texas Permanent School Fund lands was earning more than ever for Texas school children.
At a time when the recession continues to grip the nation and millions of our fellow Texans are unemployed and our state budget struggle to keep up with the ever increasing demand for services this news is much needed reminder that Texas best days are in front of us. I firmly believe this to be true.
Private oil and gas companies paid $9.3 million just for the right to explore on land owned by our States Permanent School Fund which helps pay for the States share of K-12 education. The companies competitively bid for the right to look for oil and gas on 6971 acres. Last months quarterly lease sale results bring the years record total to $133.5 million. The State will earn even more when wells are drilled and production begins. When this happens the States Rainy Day Fund balance will continue to grow thereby providing Texas with much needed financial support for the next legislative session.
In quarterly lease sales held by the General Land Office oil and gas firms submit sealed bids for the right to drill for hydrocarbons on Permanent School Fund lands. The Permanent School Fund will also earn 20 - 25 percent royalties on any oil or gas produced on the leases.
However Commissioner Patterson reports that efforts by the federal government to list the sand dune lizard as an endangered species could threaten the vitality of this revenue stream for public education in Texas and potentially cost our school system hundreds of millions of dollars.
The Permanent School Fund was created with a $2000000 appropriation by the Texas Legislature in 1854 expressly for the benefit of the public schools of Texas. The Texas Constitution stipulates that revenues from certain state lands and all proceeds from the sale of these state lands also constitute the Permanent School Fund.
Additionally all the proceeds from the sale and the mineral-related rental of these lands including bonuses delay rentals and royalty payments become part of the Fund. Each year a portion of the revenues from the Permanent School Fund is transferred to the Available School Fund to benefit public schools in Texas.
For a detailed look at todays record Permanent School Fund oil and gas lease sale visit http://www.glo.texas.gov/what-we-do/energy-and-minerals/oil_gas/sealed-bid-sales/past/index.html.
Sales Tax Holiday
Texas shoppers get a break from state and local sales taxes for clothing and school supplies on August 19 20 and 21 - the states annual tax holiday.
