IC 13-23-7
    Chapter 7. Underground Petroleum Storage Tank Excess LiabilityFund

IC 13-23-7-1
Purposes of fund; limitation on use of fund
    Sec. 1. (a) Subject to subsection (b), the underground petroleumstorage tank excess liability trust fund is established for thefollowing purposes:
        (1) Assisting owners and operators of underground petroleumstorage tanks to establish evidence of financial responsibility asrequired under IC 13-23-4.
        (2) Providing a source of money to satisfy liabilities incurred byowners and operators of underground petroleum storage tanksunder IC 13-23-13-8 for corrective action.
        (3) Providing a source of money for the indemnification of thirdparties under IC 13-23-9-3.
        (4) Providing a source of money to pay for the expenses of thedepartment incurred in paying and administering claims againstthe trust fund. Money may be provided under this subdivisiononly for those job activities and expenses that consistexclusively of administering the excess liability trust fund.
        (5) Providing a source of money to pay for the expenses of thedepartment incurred in inspecting underground storage tanks.
    (b) The combined amount of payments described in subsection(a)(4) and (a)(5) from the underground petroleum storage tank excessliability trust fund in a state fiscal year may not exceed ten percent(10%) of the fund income in the immediately preceding state fiscalyear.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.5;P.L.14-2001, SEC.4; P.L.114-2008, SEC.23.

IC 13-23-7-2
Sources of money for fund
    Sec. 2. Sources of money for the trust fund are the following:
        (1) Fees and penalties paid under IC 13-23-12.
        (2) Appropriations from the general assembly.
        (3) Gifts and donations intended for deposit in the fund.
        (4) Inspection fees paid under IC 16-44-2.
        (5) Bond revenue under IC 4-4-11.2-7(a)(1).
        (6) Any other money authorized to be deposited in orappropriated to the trust fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.6.

IC 13-23-7-3
Administration of fund
    Sec. 3. The commissioner or the commissioner's designee shalladminister the trust fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.7.
IC 13-23-7-4
Expenses
    Sec. 4. The expenses of administering the provisions of this articlethat are funded by the trust fund, including:
        (1) IC 13-23-8;
        (2) IC 13-23-9;
        (3) IC 13-23-11; and
        (4) IC 13-23-12;
shall be paid from money in the fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.8;P.L.14-2001, SEC.5.

IC 13-23-7-5
Investments
    Sec. 5. The treasurer of state shall invest the money in the trustfund not currently needed to meet the obligations of the fund in thesame manner as other public money may be invested. Interest thataccrues from these investments shall be deposited in the fund. Atleast one (1) time each year, the treasurer of state shall provide thefinancial assurance board a report detailing the investments madeunder this section.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.9.

IC 13-23-7-6
Reversion to general fund
    Sec. 6. Money in the trust fund at the end of a state fiscal yeardoes not revert to the state general fund.
As added by P.L.1-1996, SEC.13. Amended by P.L.9-1996, SEC.10.

IC 13-23-7-7
Audit of fund
    Sec. 7. Not later than December 31, 1996, and every two (2) yearsthereafter, the state board of accounts shall conduct an audit of theexcess liability trust fund.
As added by P.L.9-1996, SEC.25.

IC 13-23-7-8
Renaming; underground petroleum storage tank excess liabilitytrust fund
    Sec. 8. On July 1, 1996, the underground petroleum storage tankexcess liability fund established by section 1 of this chapter isrenamed as the underground petroleum storage tank excess liabilitytrust fund. The petroleum storage tank excess liability trust fund shallbe considered a trust fund.
As added by P.L.9-1996, SEC.26.

IC 13-23-7-9
Criminal penalty for application misstatement
    Sec. 9. A person who, with intent to defraud, knowingly orintentionally makes a material misstatement in connection with an

application for financial assistance from the fund commits a Class Dfelony.
As added by P.L.137-2007, SEC.25.