LD 1626
pg. 4
Page 3 of 12 An Act to Establish the Waste Motor Oil Disposal Site Remediation Program Page 5 of 12
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LR 2819
Item 1

 
A.__All money appropriated for inclusion in the fund;

 
B.__Subject to any pledge, contract or other obligation, all
interest, dividends or other pecuniary gains from investment
of money of the fund;

 
C.__Any other money available to the authority and directed
by the authority to be paid into the fund; and

 
D.__All revenue received from the Treasurer of State
pursuant to subsection 6.

 
3.__Application of fund.__Money in the fund must be applied to
the payment of principal of, interest on or redemption premiums
on revenue obligation securities issued pursuant to section 1019
and may, in whole or in part, be pledged or transferred and
deposited as security for those securities.__Money in the fund
not needed currently to meet the obligations of the authority as
provided for in this subsection may be invested in such a manner
as permitted by law.__Money may also be applied to pay the
reasonable operating costs of the board, including expenses of
members of the board pursuant to section 1020, subsection 2.

 
4.__Accounts within fund.__The authority may divide the fund
into separate accounts as it determines necessary or convenient
for carrying out the purposes of this subchapter.

 
5.__Revolving fund.__The fund is a nonlapsing, revolving fund.__
All money in the fund must be continuously applied by the
authority to carry out the purposes of this subchapter.

 
6.__Premium.__In addition to any other tax or charge imposed
under state or federal law, a premium is imposed on all motor oil
sold in the State at wholesale.__The premium is in the amount of
20__per quart.__The premium must be paid monthly by the
manufacturer or wholesaler to the State Tax Assessor.__The State
Tax Assessor shall pay monthly all amounts received pursuant to
this subsection to the Treasurer of State and shall deposit the
funds in the fund.__Costs of administration are paid by the fund.

 
7.__Effective date.__This section takes effect on July 1, 1999
and remains in effect until the later of June 30, 2010 or any
date thereafter, but no later than December 31, 2020, on which
the authority notifies the Treasurer of State that there are
outstanding no revenue obligation securities that were issued
pursuant to section 1019.

 
§1019.__Waste Motor Oil Disposal Site Remediation Program


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