Des Moines school board eyes mineral rights option
DES MOINES, Iowa (AP) -- The Des Moines school board must decide how to handle the mineral rights and money generated from some land in Texas.
The Des Moines Register reports that proceeds from the sale of natural gas or oil taken from the 320 acres were bequeathed to the district in 1932. The land has been generating money only recently: more than $884,000 over the past seven years.
The district's attorney, Patricia Lantz, says the district must contract with the oil production company working in the area to claim the proceeds.
The board also has a purchase offer of more than $1.32 million from a Texas mining corporation.
The board will discuss its options at its Dec. 13 meeting.
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