2006 Utah Code - 40-6-14.5 — Oil and Gas Conservation Account created -- Contents -- Use of account monies.

     40-6-14.5.   Oil and Gas Conservation Account created -- Contents -- Use of account monies.
     (1) There is created within the General Fund a restricted account known as the Oil and Gas Conservation Account.
     (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 monies.
     (3) Account monies shall be used to pay for the:
     (a) administration of this chapter; and
     (b) 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.
     (4) Priority in the use of the monies shall be given to paying for the administration of this chapter.
     (5) Appropriations for plugging and reclamation of abandoned oil or gas wells or bore, core, or exploratory holes shall be nonlapsing.
     (6) The balance of the Oil and Gas Conservation Account at the end of a fiscal year may not exceed $750,000. Any excess monies shall be transferred to the General Fund.
     (7) (a) As used in this Subsection (7), "excess fee revenue" means revenue collected in fiscal year 1999-2000 from the fee levied under Section 40-6-14 that exceeds the fee revenue appropriated to the Division of Oil, Gas, and Mining in fiscal year 1999-2000.
     (b) If there is a General Fund surplus for fiscal year 1999-2000, the Division of Finance shall transfer General Fund surplus monies to the Oil and Gas Conservation Account in an amount up to the excess fee revenue.
     (c) The transfer provided in Subsection (7)(b) shall be made after General Fund surplus monies are transferred to the General Fund Budget Reserve Account pursuant to Section 63-38-2.5.

Amended by Chapter 88, 2003 General Session