| (1) |
There is created within the General Fund a restricted account known as the Oil and Gas Conservation Account. |
Terms Used In Utah Code 40-6-14.5
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Division: means the Division of Oil, Gas, and Mining. See Utah Code 40-6-2
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Gas: means natural gas, as defined in Subsection (10), natural gas liquids, as defined in Subsection (11), other gas, as defined in Subsection (17), or any mixture of them. See Utah Code 40-6-2
- Oil: includes tar sands produced at the wellhead in liquid form through enhanced recovery operations authorized by the board in accordance with Subsection 40-6-5(3)(c). See Utah Code 40-6-2
| (2) |
The contents of the account shall consist of:
| (a) |
revenues from the fee levied under Section 40-6-14, including any penalties or interest charged for delinquent payments; and |
| (b) |
interest and earnings on account money. |
|
| (3) |
Account money shall be used to pay for:
| (a) |
the administration of this chapter in addition to money from the Division of Oil, Gas, and Mining Restricted Account, created in Section 40-6-23; |
| (b) |
the plugging and reclamation of abandoned oil or gas wells or bore, core, or exploratory holes for which:
| (i) |
there is no reclamation surety; or |
| (ii) |
the forfeited surety is insufficient for plugging and reclamation; and |
|
| (c) |
public educational programs designed to increase knowledge of mineral and petroleum resources and industries. |
|
| (4) |
Priority in the use of the money shall be given to paying for the administration of this chapter. |
| (5) |
Appropriations made in accordance with Subsections (3)(b) and (c) are nonlapsing. |
| (6) |
| (a) |
The balance of the Oil and Gas Conservation Account at the end of a fiscal year may not exceed 100% of the fiscal year appropriation for Subsection (3)(a). |
| (b) |
Any excess money at the end of the fiscal year above the balance limit established in Subsection (6)(a) shall be transferred to the General Fund. |
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Amended by Chapter 401, 2021 General Session
