{"data":{"id":"us-ok/okla.-stat.-tit.-27a-27a-3-5-109","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 27A, § 27A-3-5-109","heading":"Class VI Carbon Sequestration Storage Facility","body":"Revolving Fund — Fee assessments — Reports.\n\nA. There is hereby created in the State Treasury a revolving\n\nfund for the Corporation Commission to be designated the “Class VI\n\nCarbon Sequestration Storage Facility Revolving Fund”. The fund\n\nshall be a continuing fund, not subject to fiscal year limitations,\n\nand shall consist of all monies received by the Commission from\n\nfines and fees paid to the Corporation Commission pursuant to\n\nSections 9 and 10 of this act. All monies accruing to the credit of\n\nthe fund are hereby appropriated and may be budgeted and expended by\n\nthe Commission for the purpose provided for in this section.\n\nExpenditures from the fund shall be made upon warrants issued by the\n\nState Treasurer against claims filed as prescribed by law with the\n\nDirector of the Office of Management and Enterprise Services for\n\napproval and payment.\n\nB. If a CO sequestration facility or a CO storage unit as a\n\n2 2\n\npart of a CO sequestration facility at any time deposits more than\n\n2\n\nFive Million Dollars ($5,000,000.00) to the fund, the fee\n\nassessments to that facility or unit shall cease until such time as\n\nfunds begin to be expended for that facility or unit. The State\n\nTreasurer shall certify to the Corporation Commission the date on\n\nwhich the balance in the fund for a facility or unit equals or\n\nexceeds Five Million Dollars ($5,000,000.00). On and after the\n\nfirst day of the second month following the certification, fees\n\nshall not be collected from such facility or unit; provided, fee\n\ncollection shall resume on receipt of a certification by the State\n\nTreasurer that, based on the expenditures and commitments to expend\n\nmonies, the fund has fallen below Four Million Dollars\n\n($4,000,000.00) of funds collected from that facility.\n\nC. Expenditures from the fund may be used to:\n\n1. Remediate any issues associated with, arising from, or\n\nrelated to the site, including remediation of property, site\n\ninfrastructure, and any mechanical problems associated with the\n\nremaining wells;\n\n2. Fund research and development in connection with carbon\n\nsequestration technologies and methods;\n\n3. Monitor any remaining surface facilities and wells;\n\n4. Repair any mechanical leaks at the storage facility;\n\n5. Hire outside legal counsel as needed to effectuate the\n\nprovisions of this act;\n\n6. Plug remaining injection wells, except for those wells to be\n\nused as observation wells; and\n\n7. Contract for assistance with permit or application review.\n\nD. Not later than November 1 annually, the Corporation\n\nCommission shall furnish an electronic report to the Secretary of\n\nEnergy and Environment, the President Pro Tempore of the Senate, and\n\nthe Speaker of the House of Representatives. The report shall\n\naddress the administration of funds, fund balances, expenditures\n\nmade, and any other information deemed necessary by the Corporation\n\nCommission.\n\nE. Not later than November 1, 2030, and every five (5) years\n\nthereafter, the Corporation Commission shall furnish an electronic\n\nreport to the President Pro Tempore of the Senate and the Speaker of\n\nthe House of Representatives assessing the effectiveness of the fund\n\nand other related provisions within this act. The Corporation\n\nCommission shall provide such other information as may be requested\n\nby the Legislature.","path":["OK Code","Title 27A"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os27A.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"bd74bd23e77870894e6395f98897a0615a65499ff70c531e6782a9286e2c7dac","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-27a-27a-3-5-108","next":"us-ok/okla.-stat.-tit.-27a-27a-3-5-111"},"notice":"GroundRules: Original legal text. Not legal advice."}