53C-2-414 - Oil shale and tar sands development -- Participation by the administration -- Credit against future rentals -- Limits. - Utah Statutes

53C-2-414. Oil shale and tar sands development -- Participation by theadministration -- Credit against future rentals -- Limits.
(1) The director may participate with oil shale or tar sands lessees in programs for thedevelopment of technology for the economic recovery of fuel substances from oil shale or tarsands.
(2) (a) A trust land oil shale or tar sands lessee may apply to the director for credit againstfuture rentals by submitting to the director the details of a plan for research, experimentation, orinvestigation to develop technology for the economic recovery of fuel substances from oil shale ortar sands.
(b) The director may prescribe the format of the plan.
(3) (a) If the submitted plan is meritorious and designed to advance oil shale or tar sandstechnology, credit may be granted against rentals to become due in the future under any oil shaleor tar sands leases held by the lessee, in accordance with rules promulgated by the director.
(b) The credit may not be given in an amount which reduces the actual amount payableby the lessee under any oil shale or tar sands lease to less than 50 cents per acre per year.
(4) Lessees proceeding under a plan approved for director participation shall:
(a) maintain accurate books and records;
(b) make them available for inspection by the director at all reasonable times; and
(c) submit an accounting to the director at the conclusion of the program and at any othertimes the administration requests.

Enacted by Chapter 294, 1994 General Session