19-6-409.   Petroleum Storage Tank Trust Fund created -- Source of revenues.
     (1) (a) There is created a private-purpose trust fund entitled the "Petroleum Storage Tank Trust Fund."
     (b) The sole sources of revenues for the fund are:
     (i) petroleum storage tank fees under Section 19-6-411;
     (ii) underground storage tank installation company permit fees under Section 19-6-411;
     (iii) the environmental assurance fee and any penalties, paid under Section 19-6-410.5; and
     (iv) any interest accrued on these revenues.
     (c) Interest earned on fund monies shall be deposited into the fund.
     (2) Fund monies may be used to pay:
     (a) costs as provided in Section 19-6-419; and
     (b) for the administration of the fund and the environmental assurance program and fee under Section 19-6-410.5.
     (3) Costs for the administration of the fund and the environmental assurance fee shall be appropriated by the Legislature.
     (4) The executive secretary may expend monies from the fund for:
     (a) legal and claims adjusting costs incurred by the state in connection with claims, judgments, awards, or settlements for bodily injury or property damage to third parties;
     (b) costs incurred by the state risk manager in determining the actuarial soundness of the fund; and
     (c) other costs as provided in this part.

Amended by Chapter 256, 2002 General Session
Download Code Section Zipped WordPerfect 19_06_040900.ZIP 2,342 Bytes

Sections in this Chapter|Chapters in this Title|All Titles|Legislative Home Page

Last revised: Thursday, May 28, 2009