Sec. 37.14.850. Carbon storage closure trust fund.

249 words·~1 min read·/ak/title-37/chapter-14/37-14-850·

A research copy — for the controlling text, always check the official state or federal source. Not legal advice.

(a)The carbon storage closure trust fund is established as a separate trust fund of the state outside and separate from the general fund. The legislature may appropriate the principal and earnings of the fund for the purpose of protecting the public interest in maintaining and closing carbon storage facilities in the state. Money in the fund does not lapse.

(b)The carbon storage closure trust fund consists of payments received under AS 41.06.175 and earnings on the fund. The payments received for each storage facility shall be separately accounted for under AS 37.05.142 . The commissioner of revenue is a fiduciary of the fund. The commissioner of revenue shall manage and invest the fund assets as provided in AS 37.10.071 .

(c)The commissioner of natural resources may make expenditures from the carbon storage closure trust fund for the purpose of conducting long-term monitoring and maintenance of a storage facility under AS 41.06.305 . If a storage operator is unable to fulfill the storage operator's duties and the financial assurance provided by the storage operator under AS 41.06.110 (c)(2) is exhausted or insufficient, the Alaska Oil and Gas Conservation Commission may make expenditures from the fund for the purposes allowed under AS 41.06.105 — 41.06.210.

(d)Nothing in this section creates a dedicated fund.

(e)In this section,

(1)“fund” means the carbon storage closure trust fund;

(2)“storage facility” and “storage operator” have the meanings given in AS 41.06.210 .