Montana Code 75-10-1603. Libby asbestos cleanup trust fund
75-10-1603. Libby asbestos cleanup trust fund. (1) There is established a fund of the permanent fund type to pay exclusively for the cost to the state of cleanup and long-term operation and maintenance at the Libby asbestos superfund site.
Terms Used In Montana Code 75-10-1603
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(2)The fund is financed with:
(a)20% of the funds allocated for the cleanup and long-term operation and maintenance costs pursuant to 75-10-704;
(b)any funds remaining at the end of each fiscal year in the Libby asbestos cleanup operation and maintenance account provided for in 75-10-1604; and
(c)other sources of funding that the legislature or congress may from time to time provide.
(3)The fund must be invested by the board of investments pursuant to Title 17, chapter 6, part 2, and the earnings from the investment must be credited to the principal of the fund until the year 2028.
(4)The annual earnings on the fund for the year 2029 and for each succeeding year may be appropriated for the purposes of subsection (1).
(5)The principal of the fund must remain inviolate unless appropriated by a vote of two-thirds of the members of each house of the legislature. An appropriation of the principal may be made only for payment of the costs of cleanup and long-term operation and maintenance costs.