40-11-23. Carbon Dioxide Storage Fund.

299 words·~1 min read·/ut/title-40/chapter-11/40-11-23

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

Effective 5/1/2024

(1)There is created an expendable special revenue fund known as the "Carbon Dioxide Storage Fund."

(2)The fund shall consist of:

(a)money from fees collected under Subsection 40-11-3

(4)and Sections 40-11-20 and 40-11-21 ;

(b)penalties imposed for violations of this chapter; and

(c)interest or other earnings for the fund.

(3)The state treasurer shall invest the money in the fund according to Title 51, Chapter 7, State Money Management Act, except that interest or other earnings derived from those investments shall be deposited into the fund.

(4)The division shall only use the money in the fund to:

(a)defray the division's regulatory expenses incurred during the regulation of a storage facility:

(i)construction;

(ii)operation; and

(iii)pre-closure activities;

(b)make determinations in accordance with Section 40-11-20 ;

(c)reimburse a regulatory agency with whom the board has entered into a cooperative agreement described in Section 40-11-18 for expenses the cooperating agency incurs in conducting the activities described in Subsections (4)(a) and (b);

(d)permit, inspect, monitor, investigate, record, and report on geologic storage facilities and associated carbon dioxide injection wells;

(e)perform long-term monitoring of geologic storage facilities and associated carbon dioxide injection wells;

(f)remediate mechanical problems associated with geologic storage facilities and associated carbon dioxide injection wells;

(g)repair mechanical leaks at geologic storage facilities;

(h)plug abandoned carbon dioxide injection wells used for geologic storage;

(i)training and technology transfer related to carbon dioxide injection and geologic storage;

(j)perform compliance and enforcement activities related to geologic storage and associated man-made carbon dioxide injection wells; and

(k)oversee the management of the geologic storage facilities and associated carbon dioxide injection wells after site closure.

Enacted by Chapter 79 , 2024 General Session