| (1) |
There is created an administrative fund within the General Fund known as the “Bond and Surety Forfeiture Fund.” |
Terms Used In Utah Code 40-6-19
- Division: means the Division of Oil, Gas, and Mining. See Utah Code 40-6-2
- 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) |
Money collected by the Division of Oil, Gas, and Mining as a result of bond or surety forfeitures shall be deposited in the fund. |
| (3) |
Interest earned on money in the fund shall accrue to the fund. |
| (4) |
| (a) |
Money from each forfeited bond or surety, together with interest, shall be used by the Division of Oil, Gas, and Mining to accomplish the requisite performance standards under the program to which the forfeited bond or surety corresponds. |
| (b) |
Any money not used for a project shall be returned to the rightful claimant. |
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Amended by Chapter 451, 2022 General Session
