(a) There is established within the general fund a special agency account to be known as the “petroleum underground storage tank fund” referred to in this chapter as the “fund.”
lawyer at desk

Ask a legal question, get an answer ASAP!
Click here to chat with a lawyer about your rights.

Terms Used In Tennessee Code 68-215-110

  • Board: means the underground storage tanks and solid waste disposal control board created pursuant to §. See Tennessee Code 68-215-103
  • Commissioner: means the commissioner of environment and conservation, the commissioner's authorized representatives, or in the event of the commissioner's absence or a vacancy in the commissioner's office, the deputy commissioner. See Tennessee Code 68-215-103
  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Department: means the department of environment and conservation. See Tennessee Code 68-215-103
  • Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
  • 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.
  • Highway: includes public bridges and may be held equivalent to the words "county way" "county road" or "state road". See Tennessee Code 1-3-105
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Petroleum: means crude oil or any fraction of crude oil which is a liquid at standard temperature and pressure (sixty degrees Fahrenheit (60°. See Tennessee Code 68-215-103
  • Petroleum underground storage tank: means any one (1) or combination of tanks (including the underground lines connected thereto) which are used or have been used to contain an accumulation of petroleum substances, and the volume of which (including the volume of the underground pipes connected thereto) is ten percent (10%) or more beneath the surface of the ground. See Tennessee Code 68-215-103
  • Petroleum underground storage tank fund: means the fund established by this chapter to provide for the cleanup of releases from petroleum underground storage tanks and assist with the financial responsibilities of owners/operators of petroleum underground storage tanks. See Tennessee Code 68-215-103
  • Release: means any spilling, overfilling, leaking, emitting, discharging, escaping, leaching or disposing of a petroleum substance from a petroleum underground storage tank or its associated piping into groundwater, surface water, or subsurface soils. See Tennessee Code 68-215-103
  • Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
  • Restitution: The court-ordered payment of money by the defendant to the victim for damages caused by the criminal action.
  • State: means the state of Tennessee. See Tennessee Code 68-215-103
  • Tank: means a stationary device, designed to contain an accumulation of petroleum substances which is constructed primarily of non-earthen materials (e. See Tennessee Code 68-215-103
  • Year: means a calendar year, unless otherwise expressed. See Tennessee Code 1-3-105
(b) All fees, civil penalties, and damages collected pursuant to this chapter shall be deposited in the fund. Damages, costs, restitution awards, and other recoveries collected or received by this state related to or arising from claims under this chapter, shall also be deposited into the fund to the extent that such recoveries represent the restoration of amounts disbursed from the fund, including any costs charged to the fund in pursuing such claims. Any deposits to the fund that would result in the unobligated balance of the fund exceeding fifty million dollars ($50,000,000) shall be transferred to the highway fund.
(c) No part of the fund shall revert to the general fund, but shall be carried forward until expended in accordance with this chapter.
(d) Interest accruing on investments and deposits of the fund shall be returned to the fund and remain a part of the fund.
(e) The board shall, when adjusting underground storage tank fees by rule as provided in § 68-215-109, consider all reasonably anticipated current and future liabilities and income of the petroleum underground storage tank fund, and, adjust underground storage tank fees, using an equitable and fiscally sound approach to sustain the long-term viability of the fund, to levels that are intended to result in sufficient funding of the current obligations, and actuarially determined obligations, after taking into account projected revenues that are reasonably expected to be available to fund these obligations as they become due, up to an unobligated maximum balance of fifty million dollars ($50,000,000) in the fund. The board shall not consider lowering or suspending the fees to a level that will result in a failure to maintain a balance above an amount sufficient to cover the then projected annual amount of claims against the fund, as well as, anticipated administrative expenses for the year. After consideration of all relevant information, including information requested by the board from the department and any additional information provided by the department, the board shall choose the process, timing and assumptions to be used in the board’s determinations of the obligations, anticipated income, and appropriate fund balance.
(f) For each fiscal year there is appropriated a sum sufficient from the fund to provide for the administrative costs of the underground storage tank program.
(g) Moneys in the account shall be invested by the state treasurer for the benefit of the fund pursuant to § 9-4-603. The fund shall be administered by the commissioner.
(h)

(1) To provide for the stability of the petroleum underground storage tank fund, there is levied, in addition to all other fees or taxes, an environmental assurance fee of four-tenths of one cent (0.4¢) per gallon on each gallon of petroleum products imported into this state and petroleum products manufactured in this state. For the purpose of this levy, petroleum products are those defined in § 67-3-103.
(2) The environmental assurance fee is for the purpose of assuring sufficient funding of emergency, preventive, or corrective actions necessary when public health or safety is, or potentially may be, threatened from any release of regulated substances from an underground storage tank or the use and service thereof.
(3)

(A) Such environmental assurance fee shall be paid and remitted to the department of revenue on a monthly basis at the same time and in the same manner that the special tax on petroleum products is paid and remitted pursuant to § 67-3-203. Such tax collections are appropriated, and are to be allocated and expended on an annual basis only in the following order of priority:

(i) First to the Tennessee local development authority, referred to in this section as the “authority,” a sum sufficient to make debt service payments on the authority’s bonds or notes, both currently outstanding and those reasonably anticipated to be issued during the fiscal year, issued pursuant to the Tennessee Local Development Authority Leaking Underground Storage Funding Act of 1997, compiled in title 4, chapter 31, part 9, the proceeds of which have been or will be distributed to the board pursuant to a funding agreement, plus any amounts necessary to maintain a fully funded debt reserve or other reserve intended to secure the principal and interest on the bonds or notes as may be required by resolution, or other agreement of the authority, and to pay reasonable administrative costs directly related thereto; and
(ii) Second, for a period of three (3) years starting July 1, 2009, the state shall credit an amount not to exceed three million dollars ($3,000,000) to the general fund annually, if the annual general appropriations act so provides, and the remainder shall be credited to the petroleum underground storage tank fund. On July 1, 2012, and thereafter, all of the funds received from this fee shall be credited to the petroleum underground storage tank fund.
(B) Prior to the start of each fiscal year, and to the extent necessary during the fiscal year, the following certifications shall be made and delivered to the authority:

(i) The commissioner of finance and administration, the actual expenditures of the fund;
(ii) The commissioner of revenue, the actual collections made pursuant to subdivision (h)(1);
(iii) The commissioner of environment and conservation, the amount of anticipated expenditures and claims against the fund, excluding payments in subdivision (h)(3)(A)(i), and the amount of anticipated tank fees collected pursuant to § 68-215-109; and
(iv) The authority, the amount reasonably anticipated to be necessary to make such payments as provided in subdivision (h)(3)(A)(i).
  Previous section
Next section  
 Part 1 Contents