HB 327 -- Petroleum Storage Tank Insurance Fund

Sponsor:  Rizzo

The Petroleum Storage Tank Insurance Fund expires on December
31, 2003.  This bill extends the fund to December 31, 2010.
Thereafter, the fund's board of trustees may function only to
complete payment of claims made prior to the expiration date.

Current law allows the board to set, by rule, the surcharge paid
into the fund for each petroleum transport load.  The bill
allows the board to adjust the surcharge after 60 days notice
and an opportunity for public comment.  The maximum surcharge is
increased from $25 to $60 per load.  If the fund's balance
exceeds its liabilities by 10% on the first day of any month,
the surcharge reverts to $25 per load 2 months later.

The board, in consultation with the Department of Natural
Resources, may prioritize claims and expenditures from the
fund.  Tank owners and operators may continue participating in
the fund after transferring their property to another party.

Missouri House of Representatives
Last Updated November 26, 2001 at 11:43 am