§ 21-17-307 — Leases authorized; scope of authority to lease

(a) The trustees of the University of Wyoming may grant
mineral leases in the name of the state of Wyoming to any lands
acquired in the name of the state of Wyoming for experimental
farm purposes. This authority extends to those lands
transferred into the control of the trustees of the University
of Wyoming by chapter 99, Session Laws of Wyoming, 1923, and all
other land theretofore or thereafter acquired in the name of the
state of Wyoming for experimental farm purposes and now under
the administration and control of the trustees of the University
of Wyoming, whether or not acquired pursuant to express
legislative authorization.
(b) Mineral leases executed under the authority hereby
granted shall be executed by such persons, shall be granted upon
terms prescribed by the state board of land commissioners for
the leasing of other state lands and shall include such
additional provisions as the trustees of the University of
Wyoming determine to be necessary to protect the surface of the
lands or the use thereof for university purposes.
(c) If land used for experimental farm purposes is leased
under this section, and it becomes untenable for experimental
purposes by virtue of mineral production or exploration thereon,
the trustees shall, without unnecessary delay, obtain other
lands in the same general vicinity. In all cases the land
obtained, whether by grant, purchase or gift, must be within the
boundaries of the same county as the land rendered untenable and
must be suitable for experimental farm purposes. The trustees
shall take immediate steps to reestablish an operating
experimental farm on the land obtained.
(d) All amounts received under mineral leases, including
bonus payments, delay rentals and royalties, shall be expended
for the purposes of the University of Wyoming as the trustees of
the University of Wyoming may determine.