§ 26-58-303 - Levy for benefit of Arkansas Museum of Natural Resources Bond Redemption Fund.
26-58-303. Levy for benefit of Arkansas Museum of Natural Resources Bond Redemption Fund.
(a) (1) There is levied a fee of twenty (20) mills on each barrel of oil produced in this state.
(2) The fee shall be reported and paid monthly to the Director of the Department of Finance and Administration by each producer of oil in such manner and upon such forms as the director shall prescribe.
(b) (1) There is levied a fee of ten cents (10cent(s)) per one thousand (1,000) barrels on all brine produced in this state for the purpose of bromine extraction.
(2) The fee shall be reported and paid monthly to the director by each producer of brine and oil in such manner and upon such forms as the director shall prescribe.
(c) (1) Funds collected by the director under this section are classified as cash fund receipts, and the full amount of the funds shall be deposited into one (1) or more accounts in one (1) or more banks in this state, to be designated by the Department of Finance and Administration, which account or accounts shall be designated "Arkansas Museum of Natural Resources Bond Redemption Fund".
(2) All funds in the fund shall be used exclusively for the payment of principal and interest on bonds issued by the Oil and Gas Commission or the Arkansas Pollution Control and Ecology Commission pursuant to the authority granted herein, and for paying agent's fees and other expenses of the issuance and sale of such bonds.
(d) The fees levied by this section shall be in addition to any and all other fees levied on oil and brine produced in this state.