CA AB2687

Removes the $300,000,000 cap on total deposits allowed in the Oil Trust Fund, permitting unlimited accumulation of funds for oil and gas facility removal in Long Beach tidelands.

Changes the monthly transfer start date from July 31, 2006 to January 31, 2021, maintaining the $2,000,000 monthly transfer or 50 percent of remaining oil revenue, whichever is less.

Eliminates provisions that directed interest earnings to the General Fund once the fund balance reached $300,000,000; now all interest on the abandonment reserve fund transfers to the Oil Trust Fund.

Continues requiring the State Lands Commission to expend fund money solely for well abandonment, pipeline removal, facility removal, remediation, and related costs for Long Beach tidelands oil and gas facilities not the responsibility of other parties.

Makes an appropriation by increasing the amount of money that may be deposited into the continuously appropriated Oil Trust Fund.