(1) After carbon dioxide injections into a reservoir end and upon application by the storage operator, the commission shall consider issuing a certificate of project completion.

(2) The certificate may only be issued after public notice and hearing. The commission shall establish notice requirements for such hearing.

(3) The certificate may only be issued after the commission has consulted with the Department of Environment and Energy and the Underground Injection Control program permitting authority.

(4) The certificate may only be issued if the storage operator:

(a) Is in full compliance with all laws governing the storage facility;

(b) Shows that it has addressed all pending claims regarding the storage facility's operation;

(c) Shows that it has received an authorization of site closure from the applicable underground injection control program permitting authority for each storage facility injection well; and

(d) Shows that any wells, equipment, and facilities to be used in the post-closure period are in good condition and retain mechanical integrity.

(5) Once a certificate is issued:

(a) Title to the storage facility and to the stored carbon dioxide transfers, without payment of any compensation, to the State of Nebraska;

(b) Title acquired by the state includes all rights and interests in, and all responsibilities associated with, the stored carbon dioxide;

(c) The storage operator and all persons who generated any injected carbon dioxide streams are released from all regulatory requirements associated with the storage facility;

(d) Any financial assurance provided by the storage operator shall be released; and

(e) Monitoring and managing the storage facility is the state's responsibility to be overseen by the commission.