The vast majority of businesses identified as responsible parties that are still in existence today can not afford to pay the cost of cleanup of waste motor oil deposited since 1953. In addition, numerous entities that disposed of waste oil at these sites are no longer in existence and existing businesses would be asked to bear those "orphan share" costs as well. This bill creates a stream of revenue to retire the costs of investigation and remediation at the 4 sites. It also retires the cost of any early pay-ins by various businesses at the Wells site. The Finance Authority of Maine is authorized to issue revenue obligation securities in amounts sufficient to cover a large percentage of the clean-up costs. These revenue obligation securities are to be retired with funds derived from a premium on motor oil. The premium is imposed at the wholesale level.

The State and instrumentalities of the State, including the Department of Transportation, the Department of Public Safety and counties and municipalities, are eligible to participate in the Waste Motor Oil Disposal Site Remediation Program. The revenue obligation securities will also cover the shares of those businesses that maintained or repaired motor vehicles between 1953 and 1981 or their successors in interest, and that had waste motor oil deposited at one or more of the 4 sites. Any business that operated a fleet of 25 or more vehicles for which it performed its own maintenance and repairs and that contributed waste motor oil to one or more of the 4 sites is eligible for participation in the program. The United States Government and its instrumentalities are not eligible to participate in the program.

The Waste Motor Oil Revenue Board is created to oversee the process and make determinations as to eligibility for participation in the program.