Upon request by the commissioner of the General Land Office (GLO), the School Land Board (SLB) will review proposed leases of permanent school fund lands that include authorization for the exploration and/or commercial development of underground water resources. Such review shall consider issues related to the project's consistency with the goals and policies of the SLB, including but not limited to:

1. (1) how the proposed project will take into account the public good, water conservation efforts, and economic growth;
2. (2) whether the project will adhere to applicable local, state, and federal laws as well as any applicable rules of groundwater conservation district(s) in which the lands may be located;
3. (3) whether the rate of return on the project to the permanent school fund is consistent with the goals and strategies of the SLB; and
4. (4) whether any water produced from the lands can be treated and transported in an economical manner.

Source Note:The provisions of this §151.5 adopted to be effective April 23, 2006, 31 TexReg 3266.