Payment of ELTF claim; cap on expenses paid from ELTF

Sec. 1.7. (a) The administrator may pay an ELTF claim for fifty percent (50%) of the costs of decommissioning or replacing an underground petroleum storage tank, provided that: (1) the applicant is the owner of the tank; (2) such decommissioning or replacement is necessary, in the judgment of the administrator, to protect human health and the environment considering the age, obsolescence, and level of deterioration of the tank; and (3) the costs: (A) are reasonable and cost effective; and (B) result from or reimburse the claimant for work performed decommissioning the tank or replacing the tank with a new tank. (b) The expenses described in subsection (a) that are paid from the ELTF in a state fiscal year may not exceed: (1) ten million dollars ($10,000,000) each year for claims submitted by applicants owning not more than twelve (12) underground petroleum storage tanks; (2) seven million five hundred thousand dollars ($7,500,000) each year for claims submitted by applicants owning more than twelve (12) but not more than one hundred (100) underground petroleum storage tanks; and (3) two million five hundred thousand dollars ($2,500,000) each year for claims submitted by applicants owning more than one hundred (100) underground petroleum storage tanks. As added by P.L.176-2023, SEC.44.