75-1-1101. Environmental contingency account objectives.
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75-1-1101 . Environmental contingency account objectives.
(1)There is an environmental contingency account within the state special revenue fund established in 17-2-102 . The environmental contingency account is controlled by the governor.
(2)At the beginning of each biennium, $175,000 must be allocated to the environmental contingency account from the interest income of the resource indemnity trust fund with the following exceptions:
(a)if at the beginning of any biennium the unobligated cash balance in the environmental contingency account equals or exceeds $750,000, allocation may not be made; and
(b)if at the beginning of any biennium the unobligated cash balance in the environmental contingency account is less than $750,000, then an amount less than or equal to the difference between the unobligated cash balance and $750,000, but not to exceed $175,000, must be allocated to the environmental contingency account from the interest income of the resource indemnity trust fund.
(3)Funds are statutorily appropriated, as provided in 17-7-502 , from the environmental contingency account upon the authorization of the governor to meet unanticipated public needs consistent with the following objectives:
(a)to support renewable resource development projects in communities that face an emergency or imminent need for the services or to prevent the physical failure of a project;
(b)to preserve vegetation, water, soil, fish, wildlife, or other renewable resources from an imminent physical threat or during an emergency, not including:
(i)natural disasters adequately covered by other funding sources; or
(ii)fire;
(c)to respond to an emergency or imminent threat to persons, property, or the environment caused by mineral development;
(d)to respond to an emergency or imminent threat to persons, property, or the environment caused by a hazardous material; and
(e)to fund the environmental quality protection fund provided for in 75-10-704 or to take other necessary actions, including the construction of facilities, to respond to actual or potential threats to persons, property, or the environment caused by hazardous wastes or other hazardous materials.
(4)Interest from funds in the environmental contingency account accrues to the general fund.
(5)The governor shall submit to the legislative fiscal analyst, as a part of the information required by 17-7-111 , a complete financial report on the environmental contingency account, including a description of all expenditures made since the preceding report. The report must be provided in an electronic format. The department shall provide a copy of the report to the legislature in accordance with 5-11-210 .