AB 353: Oil revenue: Oil Trust Fund.

Existing law establishes the Oil Trust Fund in the State Treasury and appropriates the money in the fund to the State Lands Commission commencing when specified conditions are met. Existing law requires the Controller to transfer certain oil-revenue-related moneys to the fund. Existing law requires the commission to expend the money in the fund to finance the costs of well abandonment, pipeline removal, facility removal, remediation, and other costs associated with removal of oil and gas facilities from the Long Beach tidelands. Existing law prohibits the total amount deposited in the fund from exceeding $300,000,000 and requires all interest earned on money in the fund after the balance in the fund totals $300,000,000 to be transferred to the General Fund.

This bill would delete the provisions relating to the limit on the total amount deposited in the fund. By increasing the amount of money that may be deposited into a continuously appropriated fund, this bill would make an appropriation.