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Louisiana Revised Statutes Tit. 30, § 149. Storage of carbon dioxide; distribution of funds; sovereign state lands

Current as of January 01, 2023 | Updated by Findlaw Staff

A. For purposes of this Section, “specific area of interest” means an individual tract of property that is the subject of any contractual agreement entered into by the State Mineral and Energy Board for the purpose of injection, storage, sequestration, transportation, shipment, or withdrawal of carbon dioxide.

B. Any revenues collected by the office of mineral resources pursuant to any contractual agreement for the storage of carbon dioxide beneath public lands as defined in R.S. 41:1701 and dried lake beds that were formerly navigable and remain owned by the state shall be immediately forwarded to the state treasurer for deposit into the state treasury. After complying with the provisions of Article VII, Section 9(B) of the Constitution of Louisiana relative to the Bond Security and Redemption Fund, the state treasurer shall remit the funds as follows:

(1) Thirty percent of the revenue shall be remitted to the Mineral and Energy Operation Fund. The revenue remitted to the Mineral and Energy Operation Fund under this Subsection shall be in lieu of any other revenues collected pursuant to any contractual agreement for the storage of carbon dioxide beneath the state-owned land or water bottoms that is required by law to be remitted to the Mineral and Energy Operation Fund.

(2) Thirty percent of the revenue shall be remitted to the governing authority of the parish located in a specific area of interest. If the specific area of interest is located in more than one parish, the monies shall be divided between the parishes in proportion to the amount of property located in each parish pursuant to the contractual agreement.

(3) The remaining revenue shall be deposited into the state general fund.

C. This Section shall not be construed to apply to property owned by state agencies or local governmental entities.

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Cite this article: FindLaw.com - Louisiana Revised Statutes Tit. 30, § 149. Storage of carbon dioxide; distribution of funds; sovereign state lands - last updated January 01, 2023 | https://codes.findlaw.com/la/revised-statutes/la-rev-stat-tit-30-sect-149/

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