1. A no further action fund is created as a separate fund in the state treasury under the control of and administered by the board. Notwithstanding section 8.33, moneys remaining in the no further action fund at the end of each fiscal year shall not revert to the general fund of the state but shall remain in the no further action fund. The no further action fund shall include the following:
a. Ten million dollars allocated to the fund on July 1, 1998, from the Iowa comprehensive petroleum underground storage tank fund created under section 455G.3.
b. Notwithstanding section 12C.7, interest earned by the no further action fund or other moneys specifically allocated to the no further action fund.
2. From the moneys in the fund, up to one hundred thousand dollars per site may be used to reimburse the department for corrective action as directed by the department under the following conditions:
a. The corrective action is in response to high risk conditions caused by a release for which the department has issued a no further action certificate under section 455B.474.
b. The no further action certificate was issued after January 31, 1997.
c. The department determines the high risk conditions are not caused by a release which occurred after the issuance of the no further action certificate.
3. Moneys in the no further action fund shall not be used for the purposes of bonding or providing security for bonding under this chapter.
4. This section does not confer a legal right to an owner or operator of petroleum contaminated property or any other person for receipt of benefits under this section.
5. Any funds remaining in the no further action fund on June 30, 2006, which are not held in reserve for a claim submitted pursuant to this section, and any funds which remain on June 30, 2008, shall be credited to the road use tax fund.
98 Acts, ch 1065, §7
Referred to in §455G.3
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