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Arizona Revised Statutes Title 17. Game and Fish § 17-285. Bonds as legal investments;  state nonliability

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A. Bonds issued under this article are legal investments for all banks, trust companies and insurance companies organized and operating under the laws of this state.

B. The bonds and interest on the bonds shall be paid solely according to their terms and are not obligations general, special or otherwise of this state.  The bonds do not constitute a legal debt of this state and are not enforceable against this state.  The commission is not in any event liable for the payment of the principal of or interest on the bonds from any source of revenues other than those pledged for the payment of the bonds.  The bonds shall not be construed to constitute an indebtedness of the commission within the meaning of any constitutional or statutory provision.

(a) A producer in this state wishing to obtain the benefits of the provisions for this subchapter shall make application to the Secretary of the Department of Finance and Administration for a permit to obtain credit on severance taxes due on all oil or natural gas produced in saltwater-producing wells of the producer as provided in this subchapter.

(b) The application shall list:

(1) The name and address of the producer;

(2) The number and location of all saltwater-producing wells of the producer;  and

(3) A certified copy of a certificate from the Arkansas Pollution Control and Ecology Commission and the Oil and Gas Commission certifying that all salt water produced in the production of oil or natural gas in the wells is being disposed of in an approved underground saltwater disposal system.

(c) If the secretary determines that the producer has complied with the provisions of this subchapter and the rules established by the secretary, the secretary shall issue a permit to the producer.

(d) The permit shall entitle the producer to obtain a severance tax credit on all oil or natural gas produced in saltwater-producing wells in the amount provided in this subchapter.

Cite this article: FindLaw.com - Arizona Revised Statutes Title 17. Game and Fish § 17-285. Bonds as legal investments;  state nonliability - last updated March 08, 2022 | https://codes.findlaw.com/az/title-17-game-and-fish/az-rev-st-sect-17-285/


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