§ 59.13 — Carbon Sequestration Long-Term Trust Fund

Illinois § 59.13

• Jurisdiction: Illinois
• Topic: HEALTH AND SAFETY
• Ch. 415: ENVIRONMENTAL SAFETY
• Act 415 ILCS 5/: Environmental Protection Act.
• Art.: Title XVIII - Carbon Capture And Sequestration

Text

The Carbon Dioxide Sequestration Long-Term Trust Fund is hereby created as a State trust fund in the State treasury. The Fund may receive deposits of moneys made available from any source. All moneys in the Fund are to be invested and reinvested by the State Treasurer. All interest accruing from these investments shall be deposited into the Fund to be used under the provisions of this Section. Moneys in the Fund may be used by the Agency to cover costs incurred to: (1) take any remedial or corrective action necessary to protect human health and the environment from releases, or threatened releases, from a sequestration facility; (2) monitor, inspect, or take other action if the sequestration operator abandons a sequestration facility or injection site, or fails to maintain its obligations under this Act; (3) compensate any person suffering any damages or losses to a person or property caused by a release from a sequestration facility or carbon dioxide pipeline who is not otherwise compensated from the sequestration operator; or (4) any other applicable costs under the Act. Nothing in this Section relieves a sequestration operator from its obligations under this Act, from its liability under Section 59.12, or its obligations to maintain insurance and financial assurances under Sections 59.10 and 59.11.

Legislative History

(Source: P.A. 103-651, eff. 7-18-24.)