Utah Code 40-11-23. Carbon Dioxide Storage Fund
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(1) There is created an expendable special revenue fund known as the “Carbon Dioxide Storage Fund.”
Terms Used In Utah Code 40-11-23
- Board: means the Board of Oil, Gas, and Mining. See Utah Code 40-11-1
- Carbon dioxide: means carbon dioxide (CO2) that has been captured from an emission source or direct air capture, plus incidental associated substances derived from the source materials and the capture process, and any substances added to the carbon dioxide to enable or improve the injection process. See Utah Code 40-11-1
- Division: means the Division of Oil, Gas, and Mining. See Utah Code 40-11-1
- Fund: means the Carbon Dioxide Storage Fund created under Section
40-11-23 . See Utah Code 40-11-1 - Permit: means a permit issued by the division and approved by the board allowing a person to operate a storage facility. See Utah Code 40-11-1
- State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
- Storage facility: means the reservoir, underground equipment, and surface facilities and equipment used or proposed to be used in a geologic carbon storage operation. See Utah Code 40-11-1
(2) The fund shall consist of:
(2)(a) money from fees collected under Subsection 40-11-3 (4) and Sections 40-11-20 and 40-11-21 ;
(2)(b) penalties imposed for violations of this chapter; and
(2)(c) interest or other earnings for the fund.
(3) The state treasurer shall invest the money in the fund according to Title 51, Chapter 7, State Money Management Act, except that interest or other earnings derived from those investments shall be deposited into the fund.
(4) The division shall only use the money in the fund to:
(4)(a) defray the division’s regulatory expenses incurred during the regulation of a storage facility:
(4)(a)(i) construction;
(4)(a)(ii) operation; and
(4)(a)(iii) pre-closure activities;
(4)(b) make determinations in accordance with Section 40-11-20 ;
(4)(c) reimburse a regulatory agency with whom the board has entered into a cooperative agreement described in Section 40-11-18 for expenses the cooperating agency incurs in conducting the activities described in Subsections (4)(a) and (b);
(4)(d) permit, inspect, monitor, investigate, record, and report on geologic storage facilities and associated carbon dioxide injection wells;
(4)(e) perform long-term monitoring of geologic storage facilities and associated carbon dioxide injection wells;
(4)(f) remediate mechanical problems associated with geologic storage facilities and associated carbon dioxide injection wells;
(4)(g) repair mechanical leaks at geologic storage facilities;
(4)(h) plug abandoned carbon dioxide injection wells used for geologic storage;
(4)(i) training and technology transfer related to carbon dioxide injection and geologic storage;
(4)(j) perform compliance and enforcement activities related to geologic storage and associated man-made carbon dioxide injection wells; and
(4)(k) oversee the management of the geologic storage facilities and associated carbon dioxide injection wells after site closure.