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ENGROSSED HOUSE AMENDME NT
TO
ENGROSSED SENATE BILL NO . 1370 By: Paxton of the Senate
and
Boles of the House
An Act relating to the Interstate Oil Compact
Commission; making an appropriation; stating purpose;
providing an effective date; and declaring an
emergency.
AUTHOR: Add the following House Coauthor: Davis
AMENDMENT NO. 1. Strike the title, enacting clause, and entire bill
and insert:
"An Act relating to the Oklahoma Low Carbon Energy
Initiative; amending 17 O.S. 2021, Sections 802.2, as
amended by Section 1, Chapter 27, O.S.L. 2022 and
802.4 (17 O.S. Supp. 2023, Section 802.2) , which
relates to the Oklahoma Energy Initiative Act;
modifying scope of duties; providing for the
acceptance of other funds; providing an effective
date; and declaring an emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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SECTION 1. AMENDATORY 17 O.S. 2021, Section 802.2, as
amended by Section 1, Chapter 27, O.S.L. 2022 (17 O.S. Supp. 2023,
Section 802.2), is amended to read as follows:
Section 802.2 A. There is hereby created the Oklahoma Low
Carbon Energy Initiative, referred to in Section 802.1 et seq. of
this title as the Initiative, which shall serv e as a strategic
program designed to create, advance, and promote new and existing
energy research and development, use, supply chain activity, and
infrastructure related to Oklahoma's core energy competencies by:
1. Promoting research and develop ment in the areas of
conventional and unconventional oil and natural gas development and
production, hydrogen production, storage, and distribution, CO2
enhanced oil recovery, wind fo recasting, advanced b iofuels, energy
storage, water management, energy po licy and economic analysis,
energy system optimization, renewable energy integration into the
electrical grid, and similar en ergy technologies;
2. Fostering communication and collabo ration between state and
federal governmental agencies, institutions of h igher education, and
private entities located throughout Oklahoma;
3. Advancing research and development programs and growing
production, supply chain activity, and infrastructure that provide
benefits to all indust ries and regions of the state;
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4. Streamlining research an d development efforts between
private and public industry to create synergistic relationships that
coordinate, not duplicate, efforts;
5. Establishing Oklahoma as a regional resource and
clearinghouse for transformative energy technologies in the areas of
traditional energy, hydrogen production, storage, and distribution,
and renewable resource research and development;
6. Attracting best-in-class researchers to Oklahoma in
competency areas alig ned with Oklahoma's natural resource base;
7. Coordinating with the Oklahoma Department of Commerce to
enhance venture capital investment in energy-related research and
business opportunities; and
8. Promoting seed funding that c an be leveraged against s tate,
federal, and private-source funding to establish sufficient startup
resources; and
9. Satisfying equipment needs related to monitoring seismic
activity.
B. The Initiative may receive assistance from any state agency
or public entity to implement the provisions of the Oklahoma Energy
Initiative Act including, but not limited to, administrative
assistance, staffing or legal counsel and provision of office space
or equipment as necessary. Assistance agreements may be mad e by
memorandums of understanding or as otherwise provided by law.
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SECTION 2. AMENDATORY 17 O.S. 2021, Section 802.4, is
amended to read as follows:
Section 802.4 A. There is hereby created in the State Treasury
a revolving fund for the Oklahoma Energy Initiative to be designated
as the "Oklahoma Energy Initiative Revo lving Fund". The fund shall
be a continuing fund, not subject to fiscal year limitations, and
shall consist of all monies received by the Secretary of Energy and
Environment or any other entity authorized to accept or expend funds
on behalf of the Oklahom a Energy Initiative from any a uthorized
source. All monies accruing to the credit of the fund are hereby
appropriated and may be budgeted and expended by the Oklahom a Energy
Initiative for the purpose of satisfying the objectives of the
Oklahoma Energy Initiative Act.
B. State appropriations for the Initiative shall be made as
otherwise provided by law and shall be directed to the Secretary of
Energy, or to an agency otherwise directed by the Governor, which
shall directly allocate the appropriations to t he Initiative.
C. The Initiative is authorized to accept donations, grants or,
endowments, or other funding from any person, corporation or entity
to achieve the purpose and satisfy the objectives of the Initiative
as provided by this act.
SECTION 3. This act shall be come effective July 1, 2024.
SECTION 4. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
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declared to exist, by reason whereof thi s act shall take effect and
be in full force from and after its passage and approval."
Passed the House of Representatives the 15th day of April, 2024.
Presiding Officer of the House of
Representatives
Passed the Senate the ____ day of _______ ___, 2024.
Presiding Officer of the Senate
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ENGROSSED SENATE
BILL NO. 1370 By: Paxton of the Senate
and
Boles of the House
An Act relating to the Interstate Oil Compact
Commission; making an appropriation; stating purpose;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 5. There is hereby appropriated to the Interstate Oil
Compact Commission from any monies not otherwise appropriated from
the General Revenue Fund of the State Treasury for the fiscal year
ending June 30, 2025, the sum of Four Million Dollars
($4,000,000.00) or so much thereof as may be necessary for the
purpose of purchasing new or updating existing seismic monitoring
equipment for the Oklahoma Geological Survey.
SECTION 6. This act shall become effective July 1, 2024.
SECTION 7. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
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Passed the Senate the 11th day of March, 2024.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________ ,
2024.
Presiding Officer of the House
of Representatives