55-192. Abandoned oil and gas well fund.
55-192
55-192. Abandoned oil and gas well fund.(a) There is hereby established in the state treasury the abandoned oil and gaswell fund.
(b) Moneys in the abandoned oil and gas well fund shall be usedonly for the purpose of paying the costs of: (1) Investigation and remediationof contamination sites; (2)investigation of abandoned wells, and their well sites, drilling of which beganbefore July 1, 1996; and (3) plugging, replugging or repairingabandoned wells, and remediation of the well sites,drilling of which began before July 1, 1996, in accordance with aprioritization schedule adopted by the commission and based on the degree ofthreat to public health or the environment. No moneyscredited to the fund shall be used to pay administrative expenses of thecommission or to pay compensation or other expenses of employingpersonnel to carry out the duties of the commission.
(c) On or before the 10th day of each month, the director of accountsand reports shall transfer from the state general fund to the abandoned oil andgas well fund interest earnings based on: (1) The average daily balance ofmoneys in the abandoned oil and gas well fund for the preceding month; and (2)the net earnings rate for the pooled money investment portfolio for thepreceding month.
(d) All expenditures from the abandoned oil and gas well fundshall be made in accordance with appropriations acts upon warrants of thedirector of accounts and reports issued pursuant to vouchers approved by thechairperson of the state corporation commission or a person designated by thechairperson.
History: L. 1996, ch. 263, § 2;L. 1998, ch. 123, § 1; July 1.