55-1,116. Same; fee fund. - Kansas Statutes

55-1,116

Chapter 55.--OIL AND GAS Article 1.--OIL AND GAS WELLS; REGULATORY PROVISIONS

      55-1,116.   Same; fee fund.(a) There is hereby created in the state treasury thenatural gasundergroundstorage fee fund.

      (b)   All moneys received by the state corporation commission as grants,gifts,bequests orstate or federal appropriations for the purposes of K.S.A. 55-1,115,and amendmentsthereto, shall beremitted by the commission to the state treasurer in accordance with theprovisions of K.S.A. 75-4215, and amendments thereto. Upon receipt of each suchremittence the statetreasurer shalldeposit the entire amount in the state treasury to the credit of the naturalgas underground storagefee fund. The commission is authorized to receive from the federal governmentor any of itsagencies or from any private or governmental source any funds made availablefor the purposesof K.S.A. 55-1,115, and amendments thereto.

      (c)   All moneys credited to the natural gas underground storagefee fund shall befor the use of the state corporation commission in administering the provisionsof K.S.A. 55-1,115, and amendments thereto. All expenditures fromthe natural gasundergroundstorage fee fundshall be made in accordance with appropriation acts upon warrants of thedirector of accountsand reports issued pursuant to vouchers approved by the chairperson of thestate corporationcommission or by a person or persons designated by the chairperson. Thecorporationcommission, with the approval of the director of accounts and reports, shallformulate a systemof accounting procedures to account for the money credited to the natural gasundergroundstorage fee fund pursuant to this section.

      (d)   On or before the 10th of each month, the director of accounts and reportsshall transfer from the state general fund to the natural gas undergroundstorage fee fund interest earnings based on:

      (1)   The average daily balance of moneys in the natural gas undergroundstorage fee fund for the preceding month; and

      (2)   the net earnings rate of the pooled money investment portfolio for thepreceding months.

      (e)   Whenever the state corporation commission determines that theunencumbered balance of moneys credited to the natural gas underground storagefee fund at the end of a fiscalyear is more than necessary, when considered in relation to the amount ofrevenues andexpenditures estimated for the ensuing fiscal year and an appropriateunencumbered balance inthe fund at the end of the ensuing fiscal year, the commission shallproportionally reduce all feesand assessments which are charged, taxed or assessed by the commission asauthorized orrequired by law, other than fees or assessments in amounts prescribed bystatute or any penaltiesauthorized by statute, and which are collected and deposited to the credit ofthe natural gasunderground storage fee fund, in order to reduce such unencumbered endingbalance in the fundto an appropriate amount.

      History:   L. 2001, ch. 191, § 18; July 1.