senate Bill S786

2011-2012 Legislative Session

Establishes a financial security fund for natural gas and oil producers

download bill text pdf

Sponsored By

Archive: Last Bill Status - In Senate Committee


  • Introduced
  • In Committee
  • On Floor Calendar
    • Passed Senate
    • Passed Assembly
  • Delivered to Governor
  • Signed/Vetoed by Governor

do you support this legislation?

You must fill out the form below in order to support or oppose this bill. X

You must login or fill out the fields below for the senator to have an accurate account of the support or opposition to this bill.

More information?
Create an account. An account allows you to officially support or oppose key legislation, sign petitions with a single click, and follow issues, committees, and bills that matter to you. When you create an account, you agree to this platform's terms of participation.
Use this box to enter a message to your senator.

Actions

view actions (2)
Assembly Actions - Lowercase
Senate Actions - UPPERCASE
Jan 04, 2012 referred to environmental conservation
Jan 05, 2011 referred to environmental conservation

S786 - Details

Current Committee:
Law Section:
Environmental Conservation Law
Laws Affected:
Add ยง23-0315, En Con L
Versions Introduced in 2009-2010 Legislative Session:
S3410

S786 - Summary

Establishes a natural gas and oil well security fund to enable natural gas and oil producers to meet the financial security requirements in the environmental conservation law for the permitting, operation, maintenance and plugging of natural gas and oil wells.

S786 - Sponsor Memo

S786 - Bill Text download pdf

                    S T A T E   O F   N E W   Y O R K
________________________________________________________________________

                                   786

                       2011-2012 Regular Sessions

                            I N  S E N A T E

                               (PREFILED)

                             January 5, 2011
                               ___________

Introduced  by  Sen.  YOUNG  -- read twice and ordered printed, and when
  printed to be committed to the Committee on Environmental Conservation

AN ACT to amend the  environmental  conservation  law,  in  relation  to
  establishing  a fund for the natural gas and oil producing industry to
  make financial security affordable for natural gas and  oil  producers
  who own, operate, maintain and plug natural gas and oil wells

  THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
BLY, DO ENACT AS FOLLOWS:

  Section 1. The environmental conservation law is amended by  adding  a
new section 23-0315 to read as follows:
S 23-0315. FINANCIAL SECURITY FUND.
  1.  NOTWITHSTANDING  ANY  OTHER  PROVISION OF LAW, THE COMMISSIONER OF
TAXATION AND FINANCE AND COMPTROLLER ARE HEREBY DIRECTED AND  AUTHORIZED
TO  ESTABLISH  A  NATURAL  GAS  AND  OIL WELL SECURITY FUND (HEREINAFTER
REFERRED TO IN THIS SECTION AS THE "FUND") TO  ENABLE  ELIGIBLE  NATURAL
GAS  AND  OIL  PRODUCERS  TO MEET THE FINANCIAL SECURITY REQUIREMENTS OF
THIS CHAPTER FOR THE PERMITTING, OPERATION, MAINTENANCE AND PLUGGING  OF
NATURAL GAS AND OIL WELLS. THE FUND SHALL BE ADMINISTERED BY THE COMMIS-
SIONER IN ACCORDANCE WITH THE PROVISIONS OF THIS SECTION. IN LIEU OF THE
FINANCIAL  SECURITY REQUIREMENTS ESTABLISHED BY THE COMMISSIONER OR THIS
CHAPTER, A NATURAL GAS OR OIL PRODUCER MAY SATISFY THE FINANCIAL SECURI-
TY REQUIREMENTS FOR NATURAL GAS OR OIL WELL PLUGGING AND ABANDONMENT  BY
PARTICIPATION IN THE NATURAL GAS AND OIL WELL SECURITY FUND.
  2.  (A) A NATURAL GAS PRODUCER WHO IS THE OWNER AND/OR OPERATOR OF ANY
NATURAL GAS WELL DRILLED TO A COMPLETION DEPTH OF NO MORE THAN SIX THOU-
SAND FEET THAT HAS BEEN REGISTERED WITH AND PERMITTED BY THE  DEPARTMENT
SHALL BE ELIGIBLE TO PARTICIPATE IN THE FUND.
  (B)  AN  OIL PRODUCER WHO IS THE OWNER AND/OR OPERATOR OF ANY OIL WELL
DRILLED TO A COMPLETION DEPTH OF NO MORE THAN SIX THOUSAND FEET THAT HAS

 EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                      [ ] is old law to be omitted.
                                                           LBD02705-01-1

Comments

Open Legislation comments facilitate discussion of New York State legislation. All comments are subject to moderation. Comments deemed off-topic, commercial, campaign-related, self-promotional; or that contain profanity or hate speech; or that link to sites outside of the nysenate.gov domain are not permitted, and will not be published. Comment moderation is generally performed Monday through Friday.

By contributing or voting you agree to the Terms of Participation and verify you are over 13.