Oregon Statutes 466.791 – Underground Storage Tank Compliance and Corrective Action Fund; sources; uses
(1) The Underground Storage Tank Compliance and Corrective Action Fund is established separate and distinct from the General Fund in the State Treasury.
Terms Used In Oregon Statutes 466.791
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. Source: OCC
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Settlement: Parties to a lawsuit resolve their difference without having a trial. Settlements often involve the payment of compensation by one party in satisfaction of the other party's claims.
- State Treasury: includes those financial assets the lawful custody of which are vested in the State Treasurer and the office of the State Treasurer relating to the custody of those financial assets. See Oregon Statutes 174.100
(2) The following moneys, as they pertain to an underground storage tank, shall be deposited into the State Treasury and credited to the Underground Storage Tank Compliance and Corrective Action Fund:
(a) Moneys recovered or otherwise received from responsible parties for corrective action;
(b) Moneys allocated to the fund from the Administrative Services Economic Development Fund;
(c) As permitted by federal court decisions, federal statutory requirements and administrative decisions, funds made available from multidistrict litigation – 150 oil overcharge settlement moneys or surplus stripper well oil overcharge settlement moneys; and
(d) Any penalty, fine or damages recovered under ORS § 466.770.
(3) The State Treasurer may invest and reinvest moneys in the Underground Storage Tank Compliance and Corrective Action Fund in the manner provided by law.
(4) The moneys in the Underground Storage Tank Compliance and Corrective Action Fund are appropriated continuously to the Department of Environmental Quality to be used as provided in subsection (5) of this section.
(5) Moneys in the Underground Storage Tank Compliance and Corrective Action Fund may be used by the department for the following purposes:
(a) Supporting the loan guarantee program established pursuant to section 4, chapter 1071, Oregon Laws 1989;
(b) Repaying moneys advanced under ORS § 293.205 to 293.225 to allow the department to begin operating the grant and loan programs established pursuant to section 4, chapter 1071, Oregon Laws 1989, or servicing any debt incurred by the fund;
(c) Administration of the underground storage tank program;
(d) Funding the interest rate subsidies established under section 6a, chapter 863, Oregon Laws 1991;
(e) Funding the underground storage tank insurance premium copayment program established under sections 38 to 46, chapter 863, Oregon Laws 1991; and
(f) Funding of the grants established under section 6, chapter 863, Oregon Laws 1991. [1991 c.863 § 16 (enacted in lieu of 466.790); 1993 c.18 § 120; 1993 c.661 § 5; 1997 c.767 § 9; 2001 c.104 § 203]