15-1118. Same; conditions.
15-1118
15-1118. 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 such person's 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.
History: L. 1945, ch. 152, § 2; March 16.