The general assembly finds: (1) That a state administered underground storage tank (UST) clean-up fund is needed to provide an effective mechanism for USTs owners to comply with financial responsibility requirements and to insure that the environmental and public health impacts of UST leaks are addressed in an effective and timely manner.

(2)  Certain tank owners must be able to demonstrate one million dollars ($1,000,000) of liability coverage to satisfy the United States Environmental Protection Agency (EPA) (40 C.F.R. part 280.90 et seq., as published in the Federal Register dated October 26, 1988 and by Final Rule dated February 18, 1993). Specifically the EPA requirement is that certain tank owners must demonstrate financial responsibility of up to one million dollars ($1,000,000) per incident and up to two million dollars ($2,000,000) in the aggregate for damages. Failure by the state to create a state-sponsored fund will result in enforcement action by the EPA which can include both financial penalties against tank owners and closure of tanks, if the owner fails to demonstrate financial responsibility.

(3)  The Rhode Island economic development corporation recently concluded that failure by the state of Rhode Island to enact a state fund will adversely impact the state’s economy by eighteen million dollars ($18,000,000) annually.