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224.60-110 Legislative findings and intent.
The General Assembly of the Commonwealth of Kentucky finds and declares that:
(1) Significant quantities of petroleum and petroleum products are being stored in
petroleum storage tanks in the state to meet the needs of its citizens and to
foster economic growth and development and the overall quality of life in the
state;
(2) Spills, leaks, discharges, and other releases into the environment from
petroleum storage tanks, however, have occurred, are occurring, or will occur,
and such releases may pose a threat to public health and safety and the
environment;
(3) Adequate financial resources must be readily available to provide a means for
investigation and cleanup of contamination without delay;
(4) In recent years, petroleum storage tank owners or operators have been unable
to obtain affordable pollution liability insurance coverage to pay for corrective
action measures;
(5) It is in the best interests of the state to protect public health and safety and the
environment by creating a fund for corrective action measures for releases into
the environment from petroleum storage tanks;
(6) Commercial insurers may increase the availability and affordability of pollution
liability insurance coverage for petroleum storage tanks if a comprehensive and
efficient financial responsibility program for tanks is established;
(7) An efficient program of financial responsibility should include corrective action
requirements that encourage petroleum storage tank owners or operators to
take corrective action measures in the first instance;
(8) An efficient program of financial responsibility for petroleum storage tanks
should minimize disputes over the causation of and responsibility for releases
into the environment from petroleum storage tanks;
(9) An efficient program of financial responsibility should protect petroleum storage
tank owners and operators from fraudulent claims against the fund to insure
the fund's financial viability and should authorize the vigorous pursuit of
fraudulent claims;
(10) It is necessary and essential that the state use all practical means to control or
eliminate pollution hazards posed by leaking petroleum storage tanks; and
(11) It is the intent of the General Assembly that a state fund be created to assist
petroleum storage tank owners or operators in complying with the federal
financial responsibility requirements promulgated under federal regulations and
to assist petroleum storage tank owners or operators in cleaning up
contamination caused by a release.
Effective:July 15, 1998
History: Amended 1998 Ky. Acts ch. 498, sec. 1, effective July 15, 1998. -Created 1990 Ky. Acts ch. 370, sec. 1, effective April 9, 1990.
Formerly codified as KRS 224.815.
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