67-5-42. Carbon Credit Litigation Fund -- Report.
(1) As used in this section: "Carbon credit" means the same as that term is defined in Section. 79-6-1301 "Fund" means the Carbon Credit Litigation Fund created in Subsection. 67-5-42(2) "Greenhouse gas" means the same as that term is defined in Section. 79-6-1301
(2) There is created an expendable special revenue account called the Carbon Credit Litigation Fund.
(3) The fund consists of: money deposited into the fund as a result of any judgment, settlement, or compromise of claims under Subsection; 67-5-42(5) interest and dividends earned on money in the fund; and money appropriated to the fund by the Legislature.
(4) The state treasurer shall: invest money in the fund in accordance with Title, State Money Management Act; and 51, Chapter 7 deposit interest or other earnings derived from investment of fund money into the fund.
(5) Notwithstanding Section, the following shall be deposited into the fund after reimbursement to the attorney general for expenses related to the litigation described in Subsectionor: 67-5-40 67-5-42(5)(a) 67-5-42(b) all money received by the attorney general as a result of any judgment, settlement, or compromise of claims pertaining to alleged violations of law related to the sale or marketing of carbon credits; and all money received by the attorney general as a result of any judgment, settlement, or compromise of claims pertaining to alleged violations of law under Title, Carbon Credit Transactions. 79, Chapter 6, Part 13
(6) The attorney general or the attorney general's designee shall authorize the expenditure of fund money in accordance with this section. The money in the fund may not be used for an administrative expense of the Office of the Attorney General, unless the administrative expense is directly related to a purpose described in Subsection. 67-5-42(7)
(7) The attorney general may use money in the fund to: prevent a federal requirement for the state to adopt or participate in: a cap and trade program for carbon credits; mandatory carbon emissions reporting; a claim against the state related to greenhouse gas emissions; or a climate remediation program; and recover a carbon credit or the profit of a carbon credit transferred out of the state in a fraudulent sale.
(8) By November 30 of each year, the attorney general shall submit an annual report to the Natural Resources, Agriculture, and Environmental Quality Appropriations Subcommittee regarding the status of the fund. The report shall include: contributions received, expenditures made, and programs and services funded; and if the attorney general establishes a task force to study an issue related to this section, activities and programs initiated through the task force.