Idaho Code § 47-1403
Current through the 2024 Regular Session
Any such governing body may, in its discretion, make and establish such rules and regulations governing the issuance of such leases and contracts as are not inconsistent with provisions of this act. Any such lease or contract (1) shall be entered into pursuant to resolution duly adopted by the governing body, (2) may be for a term not exceeding ten (10) years and as long thereafter as oil, gas or other hydrocarbons shall be, or can be, produced in commercial quantities, except as such term may be extended pursuant to the provisions of section 47-1402, [Idaho Code,] and (3) shall reserve to the governing body a royalty of not less than one-eighth (1/8) of all oil, gas or other hydrocarbons produced from said lands.
Idaho Code § 47-1403