(a) There is created on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a special revenue fund to be known as the “Carbon Dioxide Storage Fund”.
(b) (1) The fund shall consist of:(A) Fees assessed by the Oil and Gas Commission on each ton of carbon dioxide injected for storage under § 15-71-110(g);(B) Gifts or grants; and(C) Any other revenue as may be authorized by law.(2) All moneys collected under the fund shall be deposited into the State Treasury to the credit of the fund as special revenues.
(1) The fund shall consist of:(A) Fees assessed by the Oil and Gas Commission on each ton of carbon dioxide injected for storage under § 15-71-110(g);(B) Gifts or grants; and(C) Any other revenue as may be authorized by law.
(A) Fees assessed by the Oil and Gas Commission on each ton of carbon dioxide injected for storage under § 15-71-110(g);
(B) Gifts or grants; and
(C) Any other revenue as may be authorized by law.
(2) All moneys collected under the fund shall be deposited into the State Treasury to the credit of the fund as special revenues.
(c) (1) The fund shall be used by the commission to:(A) Make expenditures through contracts to plug abandoned Class VI wells, to monitor wells, and to remediate associated production facilities;(B) Make expenditures for emergency repairs to Class VI wells, monitoring wells, or production facilities remaining after post-closure which are endangering the public health and safety;(C) Make expenditures for testing, monitoring, and long-term inspection of underground carbon dioxide storage wells and facilities after post-closure; and(D) Following the issuance of a Certificate of Closure and release of all financial assurance instruments, cover costs associated with the leakage of carbon dioxide from underground carbon dioxide storage facilities or any other operations and activities deemed necessary by the commission to protect underground sources of drinking water and for public health and safety.(2) Expenditures from the fund may be authorized by the commission through contracts or direct payments.
(1) The fund shall be used by the commission to:(A) Make expenditures through contracts to plug abandoned Class VI wells, to monitor wells, and to remediate associated production facilities;(B) Make expenditures for emergency repairs to Class VI wells, monitoring wells, or production facilities remaining after post-closure which are endangering the public health and safety;(C) Make expenditures for testing, monitoring, and long-term inspection of underground carbon dioxide storage wells and facilities after post-closure; and(D) Following the issuance of a Certificate of Closure and release of all financial assurance instruments, cover costs associated with the leakage of carbon dioxide from underground carbon dioxide storage facilities or any other operations and activities deemed necessary by the commission to protect underground sources of drinking water and for public health and safety.
(A) Make expenditures through contracts to plug abandoned Class VI wells, to monitor wells, and to remediate associated production facilities;
(B) Make expenditures for emergency repairs to Class VI wells, monitoring wells, or production facilities remaining after post-closure which are endangering the public health and safety;
(C) Make expenditures for testing, monitoring, and long-term inspection of underground carbon dioxide storage wells and facilities after post-closure; and
(D) Following the issuance of a Certificate of Closure and release of all financial assurance instruments, cover costs associated with the leakage of carbon dioxide from underground carbon dioxide storage facilities or any other operations and activities deemed necessary by the commission to protect underground sources of drinking water and for public health and safety.
(2) Expenditures from the fund may be authorized by the commission through contracts or direct payments.