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ID H0053

Bill

Official Source

Status

Passed

3/15/2011

Primary Sponsor

Unknown

Origin

House of Representatives

2011 Regular Session

AI Summary

  • Maintains minimum annual rental of 25 cents per acre for geothermal resource leases, payable in advance
  • Removes the fixed 10% minimum royalty requirement and instead authorizes the state board of land commissioners to establish royalties based on market value of geothermal resources produced
  • Grants the board discretion to fix rentals and royalties using multiple methods including competitive bidding, negotiation, fixed amounts, or formulas
  • Clarifies that royalties shall be paid in addition to rental payments at the discretion of the board of land commissioners

Legislative Description

Amends existing law relating to geothermal resource leases to revise provisions relating to the manner of fixing rentals and to provide for royalties.

GEOTHERMAL RESOURCE LEASES

Last Action

Governor signed Session Law Chapter 62 Effective: 07/01/11

3/15/2011

Committee Referrals

Resources and Environment2/21/2011
Resources and Conservation1/27/2011

Full Bill Text

No bill text available