D. The sum of $150,000,000 less the aggregate outstanding balance of mortgage loans secured by capital reserve funds pursuant to section 1032 for all other revenue obligation securities issued pursuant to this subchapter.; and

E.__The sum of $65,000,000 for revenue obligation securities issued pursuant to section 1019.

The amount of revenue obligation securities issued to refund securities previously issued may not be taken into account in determining the principal amount of securities outstanding, provided that proceeds of the refunding securities are applied as promptly as possible to the refunding of the previously issued securities. In computing the total amount of revenue obligation securities of the authority that may at any time be outstanding for any purpose, the amounts of the outstanding revenue obligation securities that have been issued as capital appreciation bonds or as similar instruments are valued as of any date of calculation at their then current accreted value rather than their face value.

Emergency clause. In view of the emergency cited in the preamble, this Act takes effect when approved.

SUMMARY

From 1953 until 1981, 4 sites were developed in the State for the storage and handling of waste motor oil. These sites are in Wells, Plymouth, Ellsworth and Casco. The Department of Environmental Protection has determined that 3 of the 4 sites, in Wells, Ellsworth and Casco, may pose environmental hazards and must be investigated and remediated. The United States Environmental Protection Agency has determined that the site in Plymouth must also be further investigated and remediated and has designated Plymouth as a federal superfund site. The costs of remediation are significant. The total response costs at the Wells site will be approximately $15,000,000. The United States Environmental Protection Agency and the Department of Environmental Protection have already expended in excess of $7,000,000 in relation to the site in Plymouth and significant further investigation and remediation needs to occur. Costs of cleanup in Ellsworth and Casco have not been clarified, but are expected to be significant.