(1) The Board of Trustees of Arkansas Tech University is empowered to lease lands belonging to Arkansas Tech University or to the state and held for the benefit of the university for the purpose of exploration for and exploitation of coal, oil, gas, or other minerals.
(2) To that end, the board may execute and deliver for and on behalf of the state and the university a lease or leases containing such terms and conditions as the board may deem proper and in the best interest of the state and the university.
(3) The proceeds from any such lease shall be placed in a bank account of the university and may be expended for the benefit of the university at the discretion of the board.