Revolving Fund — Fee assessments — Reports.
A.There is hereby created in the State Treasury a revolving fund for the Corporation Commission to be designated the “Class VI Carbon Sequestration Storage Facility Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Commission from fines and fees paid to the Corporation Commission pursuant to Sections 9 and 10 of this act. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Commission for the purpose provided for in this section. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management
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Revolving Fund — Fee assessments — Reports. A. There is hereby created in the State Treasury a revolving fund for the Corporation Commission to be designated the “Class VI Carbon Sequestration Storage Facility Revolving Fund”. The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all monies received by the Commission from fines and fees paid to the Corporation Commission pursuant to Sections 9 and 10 of this act. All monies accruing to the credit of the fund are hereby appropriated and may be budgeted and expended by the Commission for the purpose provided for in this section. Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of Management and Enterprise Services for approval and payment. B. If a CO sequestration facility or a CO storage unit as a 2 2 part of a CO sequestration facility at any time deposits more than 2 Five Million Dollars ($5,000,000.00) to the fund, the fee assessments to that facility or unit shall cease until such time as funds begin to be expended for that facility or unit. The State Treasurer shall certify to the Corporation Commission the date on which the balance in the fund for a facility or unit equals or exceeds Five Million Dollars ($5,000,000.00). On and after the first day of the second month following the certification, fees shall not be collected from such facility or unit; provided, fee collection shall resume on receipt of a certification by the State Treasurer that, based on the expenditures and commitments to expend monies, the fund has fallen below Four Million Dollars ($4,000,000.00) of funds collected from that facility. C. Expenditures from the fund may be used to: 1. Remediate any issues associated with, arising from, or related to the site, including remediation of property, site infrastructure, and any mechanical problems associated with the remaining wells; 2. Fund research and development in connection with carbon sequestration technologies and methods; 3. Monitor any remaining surface facilities and wells; 4. Repair any mechanical leaks at the storage facility; 5. Hire outside legal counsel as needed to effectuate the provisions of this act; 6. Plug remaining injection wells, except for those wells to be used as observation wells; and 7. Contract for assistance with permit or application review. D. Not later than November 1 annually, the Corporation Commission shall furnish an electronic report to the Secretary of Energy and Environment, the President Pro Tempore of the Senate, and the Speaker of the House of Representatives. The report shall address the administration of funds, fund balances, expenditures made, and any other information deemed necessary by the Corporation Commission. E. Not later than November 1, 2030, and every five (5) years thereafter, the Corporation Commission shall furnish an electronic report to the President Pro Tempore of the Senate and the Speaker of the House of Representatives assessing the effectiveness of the fund and other related provisions within this act. The Corporation Commission shall provide such other information as may be requested by the Legislature.