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ENGROSSED HOUSE
BILL NO. 2359 By: Boles of the House
and
Paxton of the Senate
[ Corporation Commission - annual report - evidence
of financial security – penalty – codification -
effective date ]
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 160.14A of Title 17, unless
there is created a duplication in numbering, reads as follows:
A. The owner of a renewable energy re cycling facility shall
submit an annual report to the Oklahoma Corporation Commission no
later than December 31 of each calendar year to include current
inventory and an estimated timeline for the finality of recycling of
all renewable energy components. The report shall also include
evidence of financial security for all projects for that calendar
year.
B. The owner of a renewable energy recycling facility shall
submit to the Oklahoma Corporation Commission evidence of financial
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security to cover the ant icipated costs of recycling wind turbine
blades or other components of the renewable energy faci lity.
Evidence of financial security may be in the form of a surety bond,
collateral bond, parent guaranty, cash, cashier 's check, certificate
of deposit, bank joint custody receipt or other approved n egotiable
instrument as established in rules promulgat ed by the Oklahoma
Corporation Commission. Evidence of financial security shall be
submitted within ninety (90) days of the recycling facility taking
control of components for the energy facility to be recycled.
C. The amount of financial security shall be one hundred
twenty-five percent (125%) of the estimated total cost of recycling.
D. If the owner of the recycling facility fails to submit the
information required by this section, the owner shall b e subject to
an administrative penalty not to exceed F ive Hundred Dollars
($500.00) per day.
SECTION 2. This act shall become effective November 1, 2023.
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Passed the House of Representatives the 6th day of March, 2023.
Presiding Officer of the House
of Representatives
Passed the Senate the ___ day of __________, 2023.
Presiding Officer of the Senate