§ 46-12.9-2 - Legislative findings.
SECTION 46-12.9-2
§ 46-12.9-2 Legislative findings. –The general assembly finds: (1) That a state administered underground storagetank (UST) clean-up fund is needed to provide an effective mechanism for USTsowners to comply with financial responsibility requirements and to insure thatthe environmental and public health impacts of UST leaks are addressed in aneffective and timely manner.
(2) Certain tank owners must be able to demonstrate onemillion dollars ($1,000,000) of liability coverage to satisfy the United StatesEnvironmental Protection Agency (EPA) (40 CFR Part 280.90 et seq., as publishedin the Federal Register dated October 26, 1988 and by Final Rule dated February18, 1993). Specifically the EPA requirement is that certain tank owners mustdemonstrate 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 fordamages. Failure by the state to create a state-sponsored fund will result inenforcement action by the EPA which can include both financial penaltiesagainst tank owners and closure of tanks, if the owner fails to demonstratefinancial responsibility.
(3) The Rhode Island economic development corporationrecently concluded that failure by the state of Rhode Island to enact a statefund will adversely impact the state's economy by eighteen million dollars($18,000,000) annually.