Section 9-17-163 - [Effective 10/1/2024] Underground Carbon Dioxide Storage Facility Administrative Fund; Underground Carbon Dioxide Storage Facility Trust Fund(a)(1) The Underground Carbon Dioxide Storage Facility Administrative Fund is created in the State Treasury. The fund shall consist of all administrative fees for the geologic storage of carbon dioxide as determined by the board pursuant to Section 9-17-151(d).(2) All monies in the fund shall be used only for the purpose of defraying expenses incurred by the board in the performance of its administrative and regulatory duties relative to the geologic storage of carbon dioxide.(3) Monies in the fund shall be invested by the State Treasurer for the sole benefit of the fund and in a manner to obtain the highest return possible while preserving the principal. Any interest earned on the fund shall be deposited into the fund.(4) The fund shall be paid out only by warrant of the Comptroller upon the State Treasury, upon itemized vouchers, approved by the State Oil and Gas Supervisor; provided, that no funds shall be withdrawn or expended except as budgeted and allotted according to the provisions of Sections 41-4-80 through 41-4-96 and Sections 41-19-1 through 41-19-12, and only in amounts as stipulated in the general appropriation or other appropriation bills; provided further, that any funds unspent and unencumbered at the end of any state fiscal year shall not be transferred into the State General Fund.(b)(1) The Underground Carbon Dioxide Storage Facility Trust Fund is created in the State Treasury.(2) The fund shall consist of any fees levied by the board pursuant to 9-17-151(d) and all monies received by the board to measure, monitor, and verify underground carbon dioxide storage facilities following the plugging and abandonment of all injection wells in accordance with board rules, issuance of a certificate of project closure and completion, and release of all financial assurance instruments for a storage facility. The board shall adopt rules as necessary to collect monies for the fund in an amount reasonably calculated to pay the costs of measuring, monitoring, and verifying the sites.(3) Monies in the fund shall only be used for the following purposes: a. Testing, monitoring, and long-term inspection of underground carbon dioxide storage facilities.b. Remediation of mechanical problems associated with remaining wells and infrastructure.c. Plugging and abandoning monitoring wells.d. All costs associated with the release of carbon dioxide from underground carbon dioxide storage facilities following the issuance by the board of a certificate of project closure and completion and release of financial assurance instruments.e. Other operations and activities deemed necessary by the board or the State Oil and Gas Supervisor to protect underground sources of drinking water and for public health and safety following the issuance of a certificate of project closure and completion by the board and release of all financial assurance instruments.(4) Monies in the fund shall be invested by the State Treasurer for the sole benefit of the fund and in a manner to obtain the highest return possible while preserving he principal. Any interest earned on the fund shall be deposited into the fund.(5) The fund shall be paid out only by warrant of the Comptroller upon the State Treasury, upon itemized vouchers, approved by the State Oil and Gas Supervisor; provided, that no funds shall be withdrawn or expended except as budgeted and allotted according to the provisions of Sections 41-4-80 through 41-4-96 and Sections 41-19-1 through 41-19-12, and only in amounts as stipulated in the general appropriation or other appropriation bills; provided further, that any funds unspent and unencumbered at the end of any state fiscal year shall not be transferred into the State General Fund.Ala. Code § 9-17-163 (1975)
Added by Act 2024-325,§ 2, eff. 10/1/2024.