SB 546
Modifies provisions relating to underground petroleum storage tanks
Sponsor:
LR Number:
2614S.01I
Last Action:
3/4/2021 - Second Read and Referred S Commerce, Consumer Protection, Energy and the Environment Committee
Journal Page:
Title:
Calendar Position:
Effective Date:
August 28, 2021

Current Bill Summary

SB 546 - This act modifies provisions relating to underground petroleum storage tanks.

Under current law, certain fees collected relating to underground storage tanks are placed in the Underground Storage Tank Regulation Program Fund. Under this act, any general revenue, federal funds, gifts, bequests, transfers, moneys appropriated by the General Assembly, or any other moneys so designated, shall also be paid into the Fund.

The underground storage tank regulation program shall be administered by the Department of Natural Resources.

Currently, the Petroleum Storage Tank Insurance Fund expires on December 31, 2025. This act extends the expiration date to December 31, 2030.

Under current law, the Petroleum Storage Tank Insurance Fund assumes costs of 3rd-party claims and cleanup of contamination caused by releases from petroleum storage tanks and pays legal defense costs for eligible 3rd-party claims. This act specifies that the legal defense costs are separate from other coverage limits and allows the Fund to set a limit for such coverage.

Subject to appropriations and beginning in fiscal year 2023 and continuing each year until the expiration of the Petroleum Storage Tank Insurance Fund, an allocation of an amount not to exceed $5 per transport load shall be deposited into the Underground Storage Tank Program Fund. Funds deposited into the Underground Storage Tank Program Fund shall be deposited up to the appropriated budgetary amount set by the General Assembly, for the Department of Natural Resource's petroleum related activities, for the fiscal year in which funds are being deposited. Any remaining funds shall be transferred to the Petroleum Storage Tank Insurance Fund no later than August 31st of the subsequent fiscal year. No later than October 1st of each year, the Department shall provide a written accounting of all moneys spent from the allocation authorized for the prior fiscal year to the Petroleum Storage Tank Insurance Fund Board of Trustees.

In the event the Petroleum Storage Tank Insurance Fund Board of Trustees has suspended the collection of the fee on petroleum products, the Board shall make payments in equal monthly installments into the Underground Storage Tank Regulation Program Fund, up to the appropriated budgetary amount set by the General Assembly, for the Department's petroleum related activities, for the fiscal year in which the funds are being deposited until such time as the Board has reinstated the fee.

This act contains a provision identical to SB 310 (2021) and HB 974 (2021).

JAMIE ANDREWS

Amendments

No Amendments Found.