55-166. Well plugging assurance fund.
55-166
55-166. Well plugging assurance fund.(a) There is hereby established in the state treasury thewell pluggingassurance fund.
(b) Moneys in the well plugging assurance fund shall be used only for thepurpose ofpaying the costs of: (1) Investigation of abandoned wells, and their wellsites, drilling of whichbegan on or after July 1, 1996; and (2) plugging, replugging or repairingabandoned wells, andremediation of the well sites, drilling of which began on or after July 1,1996, in accordance witha prioritization schedule adopted by the state corporation commission and basedon the degree ofthreat to publichealth or the environment. No moneys credited to the fund shall be used to payadministrativeexpenses of the commission or to pay compensation or other expenses ofemploying personnel tocarry out the duties of the commission.
(c) On or before the 10th day of each month, the director of accounts andreports shalltransfer from the state general fund to the well plugging assurance fundinterest earnings basedon: (1) The average daily balance of moneys in the well plugging assurance fund for thepreceding month; and (2) the net earnings rate for the pooled money investment portfolio for thepreceding month.
(d) All expenditures from the well plugging assurance fund shall be made in accordancewith appropriation acts upon warrants of the director of accounts and reportsissued pursuant tovouchers approved by the chairperson of the state corporation commission or aperson designatedby the chairperson.
History: L. 2001, ch. 191, § 1; July 1.