[Adopted 9-1-1972 as Ch. 2, Sec.
2-6, of the 1972 Code]
[Amended 5-2-1977 by Ord. No. 2283; 1-3-1978 by Ord. No. 2302]
A.
The City Council, acting by and through its duly constituted
officers, is hereby authorized and empowered to enter, from time to
time, into a valid oil and gas mining lease or leases covering all
or a portion of any real estate owned by the City, with any person,
firm, association or corporation for oil and gas development for a
primary term of not to exceed 10 years and as long thereafter as oil,
gas or other minerals are or can be produced from said premises. Any
such oil and gas lease may provide that the lessee shall have the
right and power to consolidate the land covered by said lease or leases
with other adjoining land for the purpose of joint development and
operation of the entire consolidated premises as a unit, in which
event the City shall share in the royalty on oil and gas produced
from said consolidated tract in the proportion that the area of the
land covered by such lease or leases bears to the total area of the
consolidated tract, and which lease or leases may contain any other
provisions, terms and conditions as the City Council shall deem necessary.
B.
The lease or leases mentioned in Subsection A shall be executed only after notice by publication for two weeks in a newspaper published and of general circulation in the City, and such notice shall clearly describe the interests to be offered in the lease and the description of the real property. The description of the property may be by designation of the section, township and range in which it lies and by a statement of the total acreage offered therein, provided that a metes-and-bounds description shall in such case be maintained in the office of the City Clerk and made available to any bidder or prospective bidder. After publication there shall be conducted a public sale thereof to the highest and best bidder, which sale or sales may be conducted at any regular or special meeting of the City Council.
