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CA SB1425
Bill
AI Summary
- Amends Public Resources Code Section 6217.8 to increase monthly transfers to the Oil Trust Fund from $2,000,000 to $5,000,000, effective January 31, 2025
- Changes transfer formula from "$2,000,000 or 50% of remaining oil revenue from the City of Long Beach, whichever is less" to "$5,000,000 or 50% of remaining oil revenue, whichever is greater"
- Oil Trust Fund moneys finance well abandonment, pipeline removal, facility removal, remediation, and other costs associated with removing oil and gas facilities from Long Beach tidelands
- Fund is administered by the California State Lands Commission and requires City of Long Beach to declare oil revenue insufficient before funds can be expended
- Enacted as urgency statute effective immediately upon Governor approval on September 25, 2024
Legislative Description
Oil revenue: Oil Trust Fund.
Last Action
Chaptered by Secretary of State. Chapter 609, Statutes of 2024.
9/25/2024
Committee Referrals
Appropriations6/18/2024
Natural Resources6/3/2024
Appropriations4/16/2024
Natural Resources and Water4/3/2024
Rules2/16/2024
Full Bill Text
No bill text available