§ 22-11B-15 — Carbon Dioxide Storage Facility Trust Fund

West Virginia § 22-11B-15

• Jurisdiction: West Virginia
• Ch. 22: ENVIRONMENTAL RESOURCES
• Art. 11B: UNDERGROUND CARBON DIOXIDE SEQUESTRATION AND STORAGE

Text

(a) There is hereby created in the State Treasury a special revenue fund to be known as the Carbon Dioxide Storage Facility Trust Fund. Expenditures from the fund shall be made by the secretary for the anticipated expenses associated with the long-term monitoring and management of closed storage facilities, and are not authorized from collections, but are to be made only in accordance with appropriation from the Legislature and §12-3-1et seq. of this code. Any balance remaining in the fund at the end of any fiscal year does not revert to the General Revenue Fund, but remains in the special revenue fund. The moneys accrued in the fund, any interest earned thereon, and yield from investments by the State Treasurer or West Virginia Investment Management Board are reserved solely and exclusively for the purposes set forth in this section.

(b) The secretary may, through a cooperative agreement with another agency, use money from the fund to compensate the cooperating agency for expenses that cooperating agency incurs in carrying out regulatory responsibilities that agency may have over a storage facility.

Legislative History

2022 Reg. Sess., HB4491; 2022 Reg. Sess., SB622