[§201-18]  Brownfields cleanup revolvingloan fund.  (a)  There is established in the state treasury the brownfieldscleanup revolving loan fund, into which shall be deposited:

(1)  Funds from federal or private funding sources;

(2)  Moneys received as repayment of loans andinterest payments; and

(3)  Any fees collected by the department under thissection.

(b)  Moneys in the brownfields cleanuprevolving loan fund shall be used to provide low interest loans or otherauthorized financial assistance to eligible public, private, and nonprofitborrowers for cleanup activities of contaminated sites, and site monitoringactivities necessary to determine the effectiveness of a cleanup.  Allenvironmental response activities receiving funding shall be in accordance withthe Comprehensive Environmental Response, Compensation, and Liability Act of1980, P.L. 96-510 (42 U.S.C. §§9601-9675), as amended, and shall be consistentwith the National Oil and Hazardous Substances Pollution Contingency Plan at 40Code of Federal Regulations Part 300.  Moneys from the fund may be used tocover administrative and legal costs of fund management and site managementassociated with individual loans, to include personnel, services, materials,equipment, and travel for the purposes of this section; provided that themoneys used for these purposes shall not exceed the amounts allowed by theUnited States Environmental Protection Agency's Brownfields Cleanup RevolvingLoan Fund Pilot Program.

(c)  The fund shall be administered by thedepartment of business, economic development, and tourism.  Appropriations orauthorizations from the fund shall be expended by the department.  Thedepartment may contract with other public or private entities for the provisionof all or a portion of the services necessary for the administration andimplementation of the loan fund program.  The department may set fees orcharges for fund management and technical site assistance provided under thissection.  The department may adopt rules pursuant to chapter 91 to carry outthe purposes of this section.

(d)  All interest earned on the deposit orinvestment of the moneys in the fund shall become a part of the fund.

(e)  The department shall provide an annualreport to the governor and the legislature describing all transactions andactivities involved in the administration of the brownfields cleanup revolvingloan fund. [L 2002, c 173, §2; am L 2007, c 20, §2]