|
| | 09800SB3181sam001 | - 2 - | LRB098 20014 HLH 56716 a |
|
|
1 | | (a) The Oil and Gas Impact Fund and the Permanent Fossil |
2 | | Fuels Fund are hereby created as special funds in the State |
3 | | treasury. |
4 | | (b) All moneys received by the Department under this Act |
5 | | shall be paid into the Oil and Gas Impact Fund paid into the |
6 | | General Revenue Fund in the State treasury .
|
7 | | (c) Each month, the State Comptroller shall order |
8 | | transferred and the State Treasurer shall transfer from the Oil |
9 | | and Gas Impact Fund to the Permanent Fossil Fuels Fund an |
10 | | amount equal to 5% of the moneys received by the Department |
11 | | under this Act during the immediately preceding month. In each |
12 | | State fiscal year, an amount equal to 5% of the accumulated |
13 | | principal amount available in the Permanent Fossil Fuels Fund |
14 | | on the last day of the immediately preceding State fiscal year |
15 | | shall be used to supplement other funds appropriated for the |
16 | | following programs: |
17 | | (1) 50% of that money shall be used by the Department |
18 | | of Commerce and Economic Opportunity to make grants and |
19 | | provide other support for renewable energy projects, as |
20 | | defined by the Illinois Power Agency Act, and workforce |
21 | | training programs for renewable energy industries; in |
22 | | awarding grants and other support for renewable energy |
23 | | projects using these funds, the Department of Commerce and |
24 | | Economic Opportunity shall give priority to applications |
25 | | for viable projects in counties from which revenues have |
26 | | been received under this Act; and |
|
| | 09800SB3181sam001 | - 3 - | LRB098 20014 HLH 56716 a |
|
|
1 | | (2) 50% of that money shall be used by the Department |
2 | | of Natural Resources to support the acquisition, |
3 | | management, and restoration of conservation lands; the |
4 | | Department of Natural Resources shall give first priority |
5 | | to viable acquisition, management, and restoration |
6 | | projects in counties from which revenues have been received |
7 | | under this Act. |
8 | | The remainder of the moneys in the Permanent Fossil Fuels |
9 | | Fund shall be invested, and earnings on the investments shall
|
10 | | be retained in the Fund. |
11 | | (d) The remaining moneys in the Oil and Gas Impact Fund |
12 | | shall be used, subject to appropriation, by the Department of |
13 | | Natural Resources for any of the following purposes: |
14 | | (1) remediation of legacy oil, gas, and abandoned well |
15 | | plugging and reclamation projects; |
16 | | (2) reclamation and remediation of drilling sites and |
17 | | legacy pollution problems from drilling sites; |
18 | | (3) costs associated with enforcement, monitoring, |
19 | | data collection, and other costs of implementing and |
20 | | enforcing oil and gas statutes; or |
21 | | (4) costs associated with inspection, detection, and |
22 | | repair of leaks in gas pipelines or other infrastructure. |
23 | | (e) Within 30 days after the end of the lapse period for |
24 | | each State fiscal year, the State Comptroller shall order |
25 | | transferred and the State Treasurer shall transfer from the Oil |
26 | | and Gas Impact Fund to the Permanent Fossil Fuels Fund any |
|
| | 09800SB3181sam001 | - 4 - | LRB098 20014 HLH 56716 a |
|
|
1 | | unobligated and unexpended moneys remaining in the Oil and Gas |
2 | | Impact Fund from the previous fiscal year. |
3 | | (f) The moneys deposited into the Oil and Gas Impact Fund |
4 | | and the Permanent Fossil Fuels Fund under this Section shall |
5 | | not be subject to sweeps, borrowing, administrative charges or |
6 | | chargebacks, or other uses not specified by this Section. |
7 | | (Source: P.A. 98-22, eff. 6-17-13.)".
|