14-1042. Same; conditions.
14-1042
14-1042. Same; conditions.
The drilling of a well as authorized in this act shall be upon the
further conditions that some person shall be willing to enter into an
agreement with the city whereby such person will drill and equip the well
at his or her own expense, in the first instance, and without cost to the
city, and with the understanding that such person shall be repaid from the
natural gas produced from said well or the proceeds thereof, and that after
being fully reimbursed the city shall then become the sole and exclusive
owner of the well.
The governing body of the city shall credit to the funds of the city,
the proceeds and income accruing to the city by reason of the city's
ownership of the gas well, and in order to secure to the common owners of
the land situated within the corporate limits of the city a proportionate
acquisition of, and benefit from, the natural gas underlying said land, all
such proceeds shall be subject to governmental uses and purposes of the
city as the governing body shall order from time to time and to reduce and
eliminate, insofar as possible, all property taxes of the city. Any well
drilled under authority of this act shall be drilled within the corporate
limits of the city, except as hereinafter provided.
History: L. 1951, ch. 186, § 2; March 30.