BILL DRAFT 2003-SYz-25 Iv.3] (5/10) 

 Leaking UST Fund Liquidity 



1 A BILL TO BE ENTITLED 



2 AN ACT IMPROVE AND ACCELERATE PROCESSING uF CLAIMS UNDER THE 



3 LEAKING PETROLEUM UNDERGROUND STORAGE TANK CLEANUP 



4 PROGRAM, AS RECOMMENDED BY THE ENVIRONMENTAL REVIEW 



5 COMMISSION. 



6 The General Assembly of North Carolina enacts: 



7 SECTION 1. Part 2A of Article 21A of Chapter 143 of the General Statutes 



8 is amended by adding a new section to read: 



9 " § 143-215.940. Liquidity Program. 



10 (a) The General Assembly finds that the Department and the State have existing 



11 obligations under this Part, including the obhgation under G.S. 143-215.94E to pay 



12 claims for reimbursement duly filed with the Department by owners, operators and 



13 landowners fi-om the Commercial Fund and the Noncommercial Fund, which 



14 obligations impose substantial burdens on the State. The General Assembly has 



15 pr eviously found under G.S. 143-2 15.94V that solvency of the Commercial Fund and 



16 the Noncommercial Fund is essential to the goals of the underground storage tank 



17 program. The General Assembly finds that: 



18 £jQ An appropriate means of managing and ensuring the solvency of the 



19 Funds is a liquidity program that will facihtate the sale of claims made 



20 against the Commercial Fund and the Noncommercial Fund by 



21 owners, operators and landowners who may require liquidity in 



22 anticipation of the ultimate payment of the claims by the Commercial 



23 Fund and the Noncommercial Fund. 



24 {2} The most cost-effective means to provide a liquidity program is for the 



25 Department to arrange for and incur obligations to provide funding to 



26 be used to purchase claims or in lieu thereof to participate in the 



59 



