House Sponsors: JONES,JOHN-BLACK. Senate Sponsors: O'DANIEL-LUECHTEFELD Short description: PETROL EDUCATION-MARKETING ACT Synopsis of Bill as introduced: Creates the Illinois Petroleum Education and Marketing Act and the Illinois Petroleum Resources Board. Repeals the Board on July 1, 2002. Provides that the Board shall consist of 12 members appointed by the Governor. Sets out the powers and duties of the Board. Creates the Petroleum Resources Revolving Fund, a continuing fund not subject to fiscal year limitations. Allows the Board to levy an assessment equal to one-tenth of 1% of the gross revenues of oil and gas produced from each well in the State. Requires the assessment to be deducted from the proceeds of production by the first purchaser and remitted to the Department of Revenue. Sets out the procedures for requesting a refund. Allows the Board to invest funds collected through the assessments. Provides that this Act does not preempt or supersede other State or national programs. Amends the State Finance Act to add the Petroleum Resources Revolving Fund. Amends the Regulatory Agency Sunset Act to repeal the Illinois Petroleum Education and Marketing Act on January 1, 2008. Effective July 1, 1998. SENATE AMENDMENT NO. 1. Eliminates the power to approve and disapprove the investment of moneys in the Petroleum Resources Revolving Fund from the list of powers and duties of the Illinois Petroleum Resources Board. Last action on Bill: PUBLIC ACT.............................. 90-0614 Last action date: 98-07-10 Location: House Amendments to Bill: AMENDMENTS ADOPTED: HOUSE - 0 SENATE - 1 END OF INQUIRY Full Text Bill Status