This bill establishes the Long-Term Abandoned Mine Reclamation Account, which will receive up to 30% of federal funds provided to the state under the Infrastructure Investment and Jobs Act. The state treasurer is tasked with investing these funds, with earnings credited to the account. The bill limits the state's liability to the amount of unobligated and unexpended funds in the account and specifies that funds can only be used for purposes related to the abatement of acid mine drainage, prevention and control of subsidence, and prevention and control of coal mine fires, all contingent upon legislative appropriation.

Additionally, the bill repeals the abandoned mine lands fund balancing account and mandates the transfer of any unexpended, unobligated funds from this account to the abandoned mine land funds reserve account. The effective date for this act is set for July 1, 2024.

Statutes affected:
24LSO-0199 v0.7: 35-11-1210