Bill Summary for S 709 (2011-2012)
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TO INCREASE ENERGY PRODUCTION IN NORTH CAROLINA TO DEVELOP A SECURE, STABLE, AND PREDICTABLE ENERGY SUPPLY TO FACILITATE ECONOMIC GROWTH, JOB CREATION, AND EXPANSION OF BUSINESS AND INDUSTRY OPPORTUNITIES AND TO ASSIGN FUTURE REVENUE FROM ENERGY EXPLORATION, DEVELOPMENT, AND PRODUCTION OF ENERGY RESOURCES IN ORDER TO PROTECT AND PRESERVE THE STATE'S NATURAL RESOURCES, CULTURAL HERITAGE, AND QUALITY OF LIFE.Intro. by Rucho, Brown, Tucker.
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House committee substitute, reported in on 6/8/11, makes the following changes to 3rd edition. Adds a new section to require any revenues and royalties paid to the state as a result of offshore or onshore energy resources activities be deposited in an interest-bearing special revenue fund. Requires the fund to maintain a $500 million balance, and directs monies from the fund to be used only for emergency response, emergency environmental protection, or mitigation associated with the release of liquid hydrocarbons or related substances directly related to offshore or onshore energy exploration, development, or transmission after such event has been declared a disaster by the Governor. Requires funds in excess of the $500 million balance be appropriated as follows: 24% to the General Fund, 10% (was, 15%) to the Highway Trust Fund, 10% to the Community Colleges System Office, 15% to the UNC Board of Governors, 30% to the Department of Environment and Natural Resources, 1% to the Department of Commerce, and 5% to the Rural Center (deletes 5% appropriation to State Ports Authority). Makes a clarifying change to GS 113B-6 (duties and responsibilities of the Energy Jobs Council). Amends GS 113B-9(b) to clarify that certain electric utilities, natural gas utilities, and major oil producers must submit a plan or analysis, as specified, if such action is required for an update of the program. Adds that utilities regulated under GS Chapter 62 may satisfy the requirement by submitting the General Load Reduction and System Restoration Plan. Makes additional conforming and clarifying changes.