Ohio HB522 amends state law to establish a federal mineral royalty clearing fund and revises distribution of federal mineral royalties.

Ohio HB522 creates a federal mineral royalty clearing fund, separate from the state treasury, to receive federal mineral royalties from oil, gas, or mineral production on federal lands. The treasurer of state deposits these royalties into the fund. The bill also revises the distribution of federal mineral royalties, directing the director of the office of budget and management to allocate royalties from national forest timber and products to counties for road and bridge maintenance and public school benefits. The bill repeals existing section 1503.35 of the Revised Code.

Ohio HB522 amends state law to establish a federal mineral royalty clearing fund and revises distribution of federal mineral royalties.

Ohio HB522 creates a federal mineral royalty clearing fund, separate from the state treasury, to receive federal mineral royalties from oil, gas, or mineral production on federal lands. The treasurer of state deposits these royalties into the fund. The bill also revises the distribution of federal mineral royalties, directing the director of the office of budget and management to allocate royalties from national forest timber and products to counties for road and bridge maintenance and public school benefits. The bill repeals existing section 1503.35 of the Revised Code.