53C-3-202. Collection and distribution of revenues from federal land exchange parcels.
(1) The director shall collect all bonus payments, rentals, and royalties from the lease of: minerals on acquired lands; acquired mineral interests; minerals on exchanged lands; and exchanged mineral interests.
(2) No later than the last day of the second month following each calendar quarter, the director shall distribute: bonus payments received during the calendar quarter from the lease of coal, oil and gas, and coalbed methane on the identified tracts as follows: 50% to the United States; and 50% to the Land Exchange Distribution Account created in Section; 53C-3-203 rentals and royalties received during the calendar quarter from the lease of subject minerals on the acquired lands and the lease of acquired mineral interests as follows: 50% to the Land Grant Management Fund created by Section; and 53C-3-101 50% to the Land Exchange Distribution Account created in Section; 53C-3-203 mineral bonus, rental, and royalty revenue generated from the lease of subject minerals, other than oil shale, on exchanged lands or from the lease of exchanged mineral interests, other than interests in oil shale, as follows: 50% to the Land Grant Management Fund created by Section; and 53C-3-101 50% to the Land Exchange Distribution Account created in Section; and 53C-3-203 mineral bonus, rental, and royalty revenue generated from the lease of oil shale on exchanged lands or the lease of exchanged mineral interests that are interests in oil shale, net of amounts paid to the United States pursuant to a reserved interest of the United States in oil shale, as follows: 50% to the Land Grant Management Fund created by Section; and 53C-3-101 50% to the Land Exchange Distribution Account created in Section. 53C-3-203
(3) Except as provided in Subsection, the director may retain up to 3% of the money collected under Subsectionto pay for administrative costs incurred under Subsectionsand. (3)(c) (1) (1) (2) Except as provided in Subsection, the director may deduct administrative costs before distributions are made under Subsection. (3)(c) (2) The director may not deduct administrative costs from the portion of collections derived from minerals on exchanged lands or exchanged mineral interests that is equal to the United States' reserved interest in oil shale. The director shall keep the administrative cost deductions in separate accounts. The money retained under Subsectionis nonlapsing. (3)(a) The director shall distribute in accordance with Subsectionthe unused balance of the money retained under Subsectionthat exceeds $2,000,000 at the end of a fiscal year. (2) (3)(a)