Louisiana § 30:149 Storage of carbon dioxide; distribution of funds; sovereign state lands

Louisiana Statutes

§ 30:149 — Storage of carbon dioxide; distribution of funds; sovereign state lands

Louisiana·Title 30 Mortgages and Privileges

§149. Storage of carbon dioxide; distribution of funds; sovereign state lands

A.For purposes of this Section, "specific area of interest" means an individual tract of property that is the subject of any contractual agreement entered into by the State Mineral and Energy Board for the purpose of injection, storage, sequestration, transportation, shipment, or withdrawal of carbon dioxide.

B.Any revenues collected by the office of mineral resources pursuant to any contractual agreement for the storage of carbon dioxide beneath public lands as defined in R.S. 41:1701 and dried lake beds that were formerly navigable and remain owned by the state shall be immediately forwarded to the state treasurer for deposit into the state treasury. After complying with the provisions of Article VII, Section

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§149. Storage of carbon dioxide; distribution of funds; sovereign state lands
A. For purposes of this Section, "specific area of interest" means an individual tract
of property that is the subject of any contractual agreement entered into by the State Mineral
and Energy Board for the purpose of injection, storage, sequestration, transportation,
shipment, or withdrawal of carbon dioxide.
B. Any revenues collected by the office of mineral resources pursuant to any
contractual agreement for the storage of carbon dioxide beneath public lands as defined in
R.S. 41:1701 and dried lake beds that were formerly navigable and remain owned by the state
shall be immediately forwarded to the state treasurer for deposit into the state treasury. After
complying with the provisions of Article VII, Section 9(B) of the Constitution of Louisiana
relative to the Bond Security and Redemption Fund, the state treasurer shall remit the funds
as follows:
(1) Thirty percent of the revenue shall be remitted to the Mineral and Energy
Operation Fund. The revenue remitted to the Mineral and Energy Operation Fund under this
Subsection shall be in lieu of any other revenues collected pursuant to any contractual
agreement for the storage of carbon dioxide beneath the state-owned land or water bottoms
that is required by law to be remitted to the Mineral and Energy Operation Fund.
(2) Thirty percent of the revenue shall be remitted to the governing authority of the
parish located in a specific area of interest. If the specific area of interest is located in more
than one parish, the monies shall be divided between the parishes in proportion to the amount
of property located in each parish pursuant to the contractual agreement.
(3) The remaining revenue shall be deposited into the state general fund.
C. This Section shall not be construed to apply to property owned by state agencies
or local governmental entities.

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