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7 LONG TITLE
8 General Description:
9 This bill modifies the Oil and Gas Conservation Account balance limit.
10 Highlighted Provisions:
11 This bill:
12 ▸ modifies the Oil and Gas Conservation Account balance limit.
13 Money Appropriated in this Bill:
14 None
15 Other Special Clauses:
16 None
17 Utah Code Sections Affected:
18 AMENDS:
19 40-6-14.5, as last amended by Laws of Utah 2011, Chapters 149 and 342
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21 Be it enacted by the Legislature of the state of Utah:
22 Section 1. Section 40-6-14.5 is amended to read:
23 40-6-14.5. Oil and Gas Conservation Account created -- Contents -- Use of
24 account money.
25 (1) There is created within the General Fund a restricted account known as the Oil and
26 Gas Conservation Account.
27 (2) The contents of the account shall consist of:
28 (a) revenues from the fee levied under Section 40-6-14, including any penalties or
29 interest charged for delinquent payments; and
30 (b) interest and earnings on account money.
31 (3) Account money shall be used to pay for:
32 (a) the administration of this chapter;
33 (b) the plugging and reclamation of abandoned oil or gas wells or bore, core, or
34 exploratory holes for which:
35 (i) there is no reclamation surety; or
36 (ii) the forfeited surety is insufficient for plugging and reclamation; and
37 (c) public educational programs designed to increase knowledge of mineral and
38 petroleum resources and industries.
39 (4) Priority in the use of the money shall be given to paying for the administration of
40 this chapter.
41 (5) Appropriations made in accordance with Subsections (3)(b) and (c) are nonlapsing.
42 (6) (a) The balance of the Oil and Gas Conservation Account at the end of a fiscal year
43 may not exceed [
44 (b) Any excess money at the end of the fiscal year above [
45 established in Subsection (6)(a) shall be transferred to the General Fund.
Legislative Review Note
as of 2-10-15 9:43 AM
Office of Legislative Research and General Counsel