1. A marketability fund is created as a separate fund in the state treasury under the control of the board. The board shall administer the marketability fund. Notwithstanding section 8.33, moneys remaining in the marketability fund at the end of each fiscal year shall not revert to the general fund but shall remain in the marketability fund. The marketability fund shall include the following:
a. Moneys allocated to the fund pursuant to section 423.24, subsection 1, paragraph "a", subparagraph (2).*
b. Notwithstanding section 12C.7, interest earned by the marketability fund or other income specifically allocated to the marketability fund.
2. The marketability fund shall be used for the following purposes:
a. Five million dollars per year shall be allocated to the innocent landowners fund which shall be established as a separate fund in the state treasury under the control of the board. The innocent landowners fund shall also include any moneys recovered pursuant to cost recovery enforcement under section 455G.13. Notwithstanding section 455G.1, subsection 2, benefits for the costs of corrective action shall be provided to the owner of a petroleum-contaminated property, who is not otherwise eligible to receive benefits under section 455G.9. An owner of a petroleum-contaminated property shall be eligible for payment of total corrective action costs subject to copayment requirements under section 455G.9, subsection 4. The board may adopt rules conditioning receipt of benefits under this paragraph to those petroleum-contaminated properties which present a higher degree of risk to the public health and safety or the environment and may adopt rules providing for denial of benefits under this paragraph to a person who did not make a good faith attempt to comply with the provisions of this chapter. This paragraph does not confer a legal right to an owner of petroleum-contaminated property for receipt of benefits under this paragraph.
b. The remainder of the moneys shall be used for payment of remedial benefits as provided in section 455G.9.
3. Moneys in the fund shall not be used for purposes of bonding or providing security for bonding under chapter 455G.
95 Acts, ch 215, §28, 34; 96 Acts, ch 1034, §69, 71; 98 Acts, ch 1065, §6
Referred to in §455G.3, 455G.8
*Retroactive transfer of use tax moneys to department of economic development; 98 Acts, ch 1207, §15, 20; corrective legislation is pending
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