The trustees of agricultural high schools by and with the consent of the board of supervisors of the county or counties affected are hereby authorized to lease all or any part of the lands belonging to them for the purpose of investigating, exploring, prospecting, drilling and mining for and producing oil, gas and all other minerals, laying pipe lines, building roads, tanks, power stations, telephone lines and other structures thereon to produce, save, take care of, treat, transport and dispose of and own said products, and housing its employees, and to collect royalties from such leases. Any lease of such land shall contain a provision to retain at least a one-eighth interest in the royalties and proceeds and receipts of any oil, gas and/or minerals produced thereon for the benefit of such school.
Any funds arising from or collected under this section shall be deposited in the county depository of the county in which said school is located to the credit of said agricultural high school. Such funds may be disbursed as other funds belonging to said institution.
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