82-11-181. Geologic storage reservoir administrative fee -- account established.
82-11-181. (Effective on occurrence of contingency) Geologic storage reservoir administrative fee -- account established. (1) (a) A geologic storage operator shall pay to the board a fee on each ton of carbon dioxide injected for storage for the purpose of carrying out the state's responsibility to monitor and manage geologic storage reservoirs. If a geologic storage operator chooses to indefinitely accept liability pursuant to 82-11-183(9)(a), the board shall remit the fee to the operator. If a geologic storage operator is required to maintain liability pursuant to 82-11-183(9)(b), the board may not remit the fee.
(b) The fee must be in the amount set by board rule.
(c) The amount must be based on the anticipated actual expenses that the board will incur in monitoring and managing geologic storage reservoirs during their postclosure phases.
(2) There is a geologic storage reservoir program account in the special revenue fund.
(3) (a) Each fiscal year there must be deposited in the account the fees collected pursuant to 82-11-184(2)(b) and subsection (1) of this section, to be used by the board for monitoring and managing geologic storage reservoirs pursuant to 82-11-183(6) and (8).
(b) Funds received from bonds or other surety as authorized in 82-11-123(1)(f) and 82-11-183 must be deposited in the account.
(4) Interest and earnings on the funds in the geologic storage reservoir program account accrue to that account.
History: En. Sec. 2, Ch. 474, L. 2009.