40-6-14.5 - Oil and Gas Conservation Account created -- Contents -- Use of account monies.
40-6-14.5. Oil and Gas Conservation Account created -- Contents -- Use of accountmonies.
(1) There is created within the General Fund a restricted account known as the Oil andGas Conservation Account.
(2) The contents of the account shall consist of:
(a) revenues from the fee levied under Section 40-6-14, including any penalties orinterest charged for delinquent payments; and
(b) interest and earnings on account monies.
(3) Account monies shall be used to pay for the:
(a) administration of this chapter; and
(b) plugging and reclamation of abandoned oil or gas wells or bore, core, or exploratoryholes for which:
(i) there is no reclamation surety; or
(ii) the forfeited surety is insufficient for plugging and reclamation.
(4) Priority in the use of the monies shall be given to paying for the administration of thischapter.
(5) Appropriations for plugging and reclamation of abandoned oil or gas wells or bore,core, or exploratory holes shall be nonlapsing.
(6) The balance of the Oil and Gas Conservation Account at the end of a fiscal year maynot exceed $750,000. Any excess monies shall be transferred to the General Fund.
(7) (a) As used in this Subsection (7), "excess fee revenue" means revenue collected infiscal year 1999-2000 from the fee levied under Section 40-6-14 that exceeds the fee revenueappropriated to the Division of Oil, Gas, and Mining in fiscal year 1999-2000.
(b) If there is a General Fund surplus for fiscal year 1999-2000, the Division of Financeshall transfer General Fund surplus monies to the Oil and Gas Conservation Account in anamount up to the excess fee revenue.
(c) The transfer provided in Subsection (7)(b) shall be made after General Fund surplusmonies are transferred to the General Fund Budget Reserve Account pursuant to Section63J-1-312.
Amended by Chapter 183, 2009 General Session