Section 5-7-24.1 - Royalty provisions in geothermal leases-Renegotiation-Annual rentalAll geothermal leases shall provide for the payments of royalty to the state. The royalty payments shall consist of:
(1) Not less than ten percent of the gross revenue, exclusive of charges, approved by the commissioner of school and public lands, that were made or incurred with respect to transmission or other services or processes, received from the sale of steam, brines, from which no minerals have been extracted, and associated gases at the point of delivery to the purchaser; and(2) A royalty of five percent of the gross revenue, exclusive of charges, approved by the commissioner, that were made or incurred with respect to transmission or other services or processes, received from the sale of mineral products or chemical compounds recovered from geothermal fluids or chemical compounds.All royalties shall be subject to renegotiation after ten years from the effective date of the lease and at ten-year intervals thereafter.
All geothermal leases shall provide for the payment of a reasonable annual rental, as fixed by the rules and regulations of the commissioner of school and public lands, but in no event to be less than one dollar per acre per year.