CHAPTER 7. UNDERGROUND PETROLEUM STORAGE TANK EXCESS LIABILITY FUND
IC 13-23-7
Chapter 7. Underground Petroleum Storage Tank Excess Liability
Fund
IC 13-23-7-1
Purposes of fund; limitation on use of fund
Sec. 1. (a) Subject to subsection (b), the underground petroleum
storage tank excess liability trust fund is established for the
following purposes:
(1) Assisting owners and operators of underground petroleum
storage tanks to establish evidence of financial responsibility as
required under IC 13-23-4.
(2) Providing a source of money to satisfy liabilities incurred by
owners and operators of underground petroleum storage tanks
under IC 13-23-13-8 for corrective action.
(3) Providing a source of money for the indemnification of third
parties under IC 13-23-9-3.
(4) Providing a source of money to pay for the expenses of the
department incurred in paying and administering claims against
the trust fund. Money may be provided under this subdivision
only for those job activities and expenses that consist
exclusively of administering the excess liability trust fund.
(5) Providing a source of money to pay for the expenses of the
department incurred in inspecting underground storage tanks.
(b) The combined amount of payments described in subsection
(a)(4) and (a)(5) from the underground petroleum storage tank excess
liability trust fund in a state fiscal year may not exceed ten percent
(10%) of the fund income in the immediately preceding state fiscal
year.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.5;
P.L.14-2001, SEC.4; P.L.114-2008, SEC.23.
IC 13-23-7-2
Sources of money for fund
Sec. 2. Sources of money for the trust fund are the following:
(1) Fees and penalties paid under IC 13-23-12.
(2) Appropriations from the general assembly.
(3) Gifts and donations intended for deposit in the fund.
(4) Inspection fees paid under IC 16-44-2.
(5) Bond revenue under IC 4-4-11.2-7(a)(1).
(6) Any other money authorized to be deposited in or
appropriated to the trust fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.6.
IC 13-23-7-3
Administration of fund
Sec. 3. The commissioner or the commissioner's designee shall
administer the trust fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.7.
IC 13-23-7-4
Expenses
Sec. 4. The expenses of administering the provisions of this article
that are funded by the trust fund, including:
(1) IC 13-23-8;
(2) IC 13-23-9;
(3) IC 13-23-11; and
(4) IC 13-23-12;
shall be paid from money in the fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.8;
P.L.14-2001, SEC.5.
IC 13-23-7-5
Investments
Sec. 5. The treasurer of state shall invest the money in the trust
fund not currently needed to meet the obligations of the fund in the
same manner as other public money may be invested. Interest that
accrues from these investments shall be deposited in the fund. At
least one (1) time each year, the treasurer of state shall provide the
financial assurance board a report detailing the investments made
under this section.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.9.
IC 13-23-7-6
Reversion to general fund
Sec. 6. Money in the trust fund at the end of a state fiscal year
does not revert to the state general fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.10.
IC 13-23-7-7
Audit of fund
Sec. 7. Not later than December 31, 1996, and every two (2) years
thereafter, the state board of accounts shall conduct an audit of the
excess liability trust fund.
As added by P.L.9-1996, SEC.25.
IC 13-23-7-8
Renaming; underground petroleum storage tank excess liability
trust fund
Sec. 8. On July 1, 1996, the underground petroleum storage tank
excess liability fund established by section 1 of this chapter is
renamed as the underground petroleum storage tank excess liability
trust fund. The petroleum storage tank excess liability trust fund shall
be considered a trust fund.
As added by P.L.9-1996, SEC.26.
IC 13-23-7-9
Criminal penalty for application misstatement
Sec. 9. A person who, with intent to defraud, knowingly or
intentionally makes a material misstatement in connection with an
application for financial assistance from the fund commits a Class D
felony.
As added by P.L.137-2007, SEC.25.