Bill No.: HB0017                  Drafter:  IDS

LSO No.:  10LSO-0141              Effective Date:  3/5/2010

                                        Section 4: 7/1/2010

Enrolled Act No.:  HEA0026

Chapter No.:       52

Prime Sponsor:     Joint Judiciary Interim Committee

Catch Title:       Carbon sequestration-financial assurances and regulation.

Subject:  Carbon sequestration.

Summary/Major Elements:

· Establishes the Wyoming geologic sequestration special revenue account funded by monies collected from entities permitted to operate geologic sequestration sites in Wyoming.

· Requires fees in an amount reasonably calculated to pay the costs for the Wyoming Department of Environmental Quality to measure, monitor and verify sequestration sites at the point that the permit holder is no longer active at the site (post-closure).

· Requires liability insurance policies for geologic sequestration site permittees.

· Requires DEQ to adopt rules and regulations requiring bonding and financial assurances for geologic sequestration site permit holders. The rules also must address: 

o Periodic reporting by permit holders;

o Requirements for proof of compliance with financial assurance requirements;

o Procedures for financial assurance replacement;

o Procedures for claims against financial assurance instruments;

o Procedures for the release of financial assurances;

o Requirements for the filing of notice for every piece of land underlain by a geologic sequestration site;

o Requirements for fees which cover the cost of post-colure site monitoring and remediation

· Appropriates $200,000.00 to fund the reclassification of a position within DEQ to help with the rule making and financial assurance duties imposed by this legislation.