76-15-904. Coal bed methane protection account -- use. (1) There is a coal bed methane protection account in the state special revenue fund.
     (2) At the beginning of each fiscal year, there must be deposited in the account a total of $400,000 of the proceeds from the distribution of oil and natural gas production taxes, as provided in 15-36-324.
     (3) All money paid into the account must be invested by the board of investments. Earnings from investments must be deposited in the account.
     (4) Subject to the conditions of subsection (5), money deposited in the account must be used to compensate landowners and water right holders for damages attributable to coal bed methane development as provided in this part.
     (5) Money deposited in the fund and earnings of the fund may not be expended until after June 30, 2005. For fiscal years beginning after June 30, 2005, principal and earnings may be expended only in the case of an emergency. For fiscal years beginning after June 30, 2011, principal and earnings in the account may be expended for any purpose authorized pursuant to this part.
     (6) Money in the account must be appropriated to the department for use by conservation districts that have private landowners or water right holders who qualify for compensation as provided in 76-15-905. (Subsection (2) terminates June 30, 2011--sec. 10, Ch. 531, L. 2001.)

     History: En. Sec. 4, Ch. 531, L. 2001.