Okla. Stat. tit. 27A, § 27A-3-5-109

Revolving Fund — Fee assessments — Reports.

A. There is hereby created in the State Treasury a revolving

fund for the Corporation Commission to be designated the “Class VI

Carbon Sequestration Storage Facility Revolving Fund”. The fund

shall be a continuing fund, not subject to fiscal year limitations,

and shall consist of all monies received by the Commission from

fines and fees paid to the Corporation Commission pursuant to

Sections 9 and 10 of this act. All monies accruing to the credit of

the fund are hereby appropriated and may be budgeted and expended by

the Commission for the purpose provided for in this section.

Expenditures from the fund shall be made upon warrants issued by the

State Treasurer against claims filed as prescribed by law with the

Director of the Office of Management and Enterprise Services for

approval and payment.

B. If a CO sequestration facility or a CO storage unit as a

2 2

part of a CO sequestration facility at any time deposits more than

2

Five Million Dollars ($5,000,000.00) to the fund, the fee

assessments to that facility or unit shall cease until such time as

funds begin to be expended for that facility or unit. The State

Treasurer shall certify to the Corporation Commission the date on

which the balance in the fund for a facility or unit equals or

exceeds Five Million Dollars ($5,000,000.00). On and after the

first day of the second month following the certification, fees

Oklahoma Statutes - Title 27A. Environment and Natural Resources Page 383

shall not be collected from such facility or unit; provided, fee

collection shall resume on receipt of a certification by the State

Treasurer that, based on the expenditures and commitments to expend

monies, the fund has fallen below Four Million Dollars

($4,000,000.00) of funds collected from that facility.

C. Expenditures from the fund may be used to:

1. Remediate any issues associated with, arising from, or

related to the site, including remediation of property, site

infrastructure, and any mechanical problems associated with the

remaining wells;

2. Fund research and development in connection with carbon

sequestration technologies and methods;

3. Monitor any remaining surface facilities and wells;

4. Repair any mechanical leaks at the storage facility;

5. Hire outside legal counsel as needed to effectuate the

provisions of this act;

6. Plug remaining injection wells, except for those wells to be

used as observation wells; and

7. Contract for assistance with permit or application review.

D. Not later than November 1 annually, the Corporation

Commission shall furnish an electronic report to the Secretary of

Energy and Environment, the President Pro Tempore of the Senate, and

the Speaker of the House of Representatives. The report shall

address the administration of funds, fund balances, expenditures

made, and any other information deemed necessary by the Corporation

Commission.

E. Not later than November 1, 2030, and every five (5) years

thereafter, the Corporation Commission shall furnish an electronic

report to the President Pro Tempore of the Senate and the Speaker of

the House of Representatives assessing the effectiveness of the fund

and other related provisions within this act. The Corporation

Commission shall provide such other information as may be requested

by the Legislature.