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House Bill 380 |
House Author: West, George "Buddy" |
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Effective: 6-17-05 |
Senate Sponsor: Armbrister |
House Bill 380 amends the Natural Resources Code to allow use of a well-specific plugging insurance policy that meets certain requirements to meet the required financial assurance relating to oil-field cleanup in lieu of an individual or blanket bond, letter of credit, or cash deposit. The bill requires that benefits paid to the state from such a policy be deposited in the oil-field cleanup fund.