<p> FILE: DFI </p><p>LEASE, RENTAL, AND ROYALTY INCOME</p><p>The Lafourche Parish School Board may execute a lease of any of its school land.</p><p>The Lafourche Parish School Board hereby authorizes the Superintendent to advertise for and receive bids of any suitable School Board property, all sixteenth section lands, on all school sites, and on any other School Board-owned land. The awardance of any lease shall be in accordance with all applicable bid laws and subject to final Board approval.</p><p>The Board may reject any and all bids that may be submitted or may lease a lesser quantity of property than advertised and withdraw the rest. </p><p>Leases for the production and removal of minerals granted by or on behalf of the Board shall provide for minimums of royalties as may be set by the Board. In the advertisement for bids and final executed lease, a provision stipulating that all such bids or lease shall offer minimum royalties as follows:</p><p> one-fourth (1/4) of all oil produced and saved or utilized,</p><p> one-fourth (1/4) of all gas produced and saved or utilized,</p><p> one-fourth (1/4) of any and all other liquid or gaseous minerals in solution and produced with oil or gas saved or utilized.</p><p>Leases for the purposes of trapping, grazing, hunting, agriculture/farming or any other legitimate purposes other than for removal of oil, gas, or other minerals, may be executed on such terms and conditions as are in the best interest of the Board and in compliance with state law. Such leases shall be awarded only after formal advertisement for and receipt of bids as set forth by state law.</p><p>The Board shall require all appropriate leases, as determined by the Board's legal adviser, to include the purchase of appropriate liability insurance, which shall hold the</p><p>Board free from any liability that may result directly or indirectly from the leased property's usage.</p><p>Lafourche Parish School Board 1 of 2 FILE: DFI </p><p>Revised: February, 2011 Revised: July, 2013</p><p>Ref: La. Const., Art. VII, Sec. 4(c); Art. IX, Sec. 4(b); La. Rev. Stat. Ann. §§17:87, 30:121 et seq., 30:151 et seq., 41:1211-1224. Board minutes, 2-2-11, 7-2-13.</p><p>Lafourche Parish School Board 2 of 2</p>