15-1118.   Same; conditions.The drilling of a well as authorized in this act shall be upon thefurther conditions that some person shall be willing to enter into anagreement with the city whereby such person will drill and equip the wellat such person's own expense, in the first instance, and without cost tothe city, and with the understanding that such person shall be repaid fromthe natural gas produced from said well or the proceeds thereof, and thatafter being fully reimbursed the city shall then become the sole andexclusive 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'sownership of the gas well, and in order to secure to the common owners ofthe land situated within the corporate limits of the city a proportionateacquisition of, and benefit from, the natural gas underlying said land, allsuch proceeds shall be subject to governmental uses and purposes of thecity as the governing body shall order from time to time and to reduce andeliminate, insofar as possible, all property taxes of the city. Any welldrilled under authority of this act shall be drilled within the corporatelimits of the city.

      History:   L. 1945, ch. 152, § 2; March 16.