CA AB353

Removes the $300,000,000 cap on total deposits to the Oil Trust Fund established in the State Treasury for Long Beach tidelands oil and gas facility removal costs.

Requires the State Controller to transfer $2,000,000 monthly (or 50% of remaining oil revenue, whichever is less) to the fund beginning January 31, 2023.

Authorizes the State Lands Commission to expend fund moneys only for well abandonment, pipeline removal, facility removal, remediation, and related costs for Long Beach tidelands oil and gas facilities not funded by other responsible parties.

Requires Long Beach to adopt a resolution declaring insufficient oil revenue and submit an expenditure plan before the commission can authorize fund disbursements.

Directs any remaining fund balance after completion of all removal activities to be transferred to the General Fund.