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19-5-959. Petroleum Storage Tank Trust Fund.
Arkansas Code — all titles (historical 2020) · legal_authorities
19-5-959. Petroleum Storage Tank Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Petroleum Storage Tank Trust Fund”.
(b) The Petroleum Storage Tank Trust Fund shall consist of the petroleum environmental assurance fees as provided in § 8-7-906, all other fees assessed under the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq., gifts, grants, donations, such other funds made available by the General Assembly, the excess of a reserve of two (2) months’ requirements of debt service from fees in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund under § 15-5-1206 and any moneys recovered by the Division of Environmental Quality which are attributable to collections of civil penalties under § 8-7-806 or to costs under § 8-7-807 not owed the Regulated Substance Storage Tank Program Fund, there to be administered by the Director of the Division of Environmental Quality, who shall make disbursements from the Petroleum Storage Tank Trust Fund as authorized by the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 19-5-959
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:19-5-959
Source file: gov.ar.code.title.19.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 5bc9e6eb4591be3ac21da061ceed2c80bc5c0c70105f5a40a66b727c09361d55
Source location: content.xml paragraph 6961
Stored source content
19-5-959. Petroleum Storage Tank Trust Fund.
(a) There is established on the books of the Treasurer of State, the Auditor of State, and the Chief Fiscal Officer of the State a fund to be known as the “Petroleum Storage Tank Trust Fund”.
(b) The Petroleum Storage Tank Trust Fund shall consist of the petroleum environmental assurance fees as provided in § 8-7-906, all other fees assessed under the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq., gifts, grants, donations, such other funds made available by the General Assembly, the excess of a reserve of two (2) months’ requirements of debt service from fees in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund under § 15-5-1206 and any moneys recovered by the Division of Environmental Quality which are attributable to collections of civil penalties under § 8-7-806 or to costs under § 8-7-807 not owed the Regulated Substance Storage Tank Program Fund, there to be administered by the Director of the Division of Environmental Quality, who shall make disbursements from the Petroleum Storage Tank Trust Fund as authorized by the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq.
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Arkansas Code — all titles (historical 2020) · legal_authorities
15-5-1206. Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund — Payment of debt service — Tax exemption.
(a) Payment of principal and interest on the bonds shall be paid from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund when due.
(b) If and so long as all payments of debt service are properly made, on the last day of each fiscal quarter the pledged fees remaining in the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund in excess of a reserve of two (2) months' requirements of debt service shall be withdrawn from the Petroleum Storage Tank Trust Fund Revenue Bond Debt Service Fund and deposited into the Petroleum Storage Tank Trust Fund as special revenues.
(c) The interest on the bonds shall be exempt from state, county, and municipal income, inheritance, and estate taxes.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 15-5-1206
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 15-5-1206. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-806. Penalties — Enforcement.
(a) It shall be unlawful for any person:
(1) To violate any provision of this subchapter or any rule adopted under this subchapter;
(2) To knowingly make a false statement, representation, or certification in any report or other document submitted under or required by this subchapter or the Petroleum Storage Tank Trust Fund Act, § 8-7-901 et seq., or any rule issued pursuant thereto; or
(3) To violate any order issued by the Division of Environmental Quality under this subchapter or any provision of any such order.
(b) Any person who knowingly makes a false statement, representation, or certification as described in subdivision (a)(2) of this section shall be subject to a civil penalty not to exceed ten thousand dollars ($10,000) for each such violation.
(c) Any owner or operator who fails to give any notification regarding storage tanks required by this subchapter or any rule issued pursuant to this subchapter shall be subject to a civil penalty not to exceed ten thousand dollars ($10,000) for each storage tank for which notification is not given.
(d)(1) Any person who violates any provision of this subchapter or of any rule, permit, certification, license, plan, or order issued pursuant thereto or who commits an unlawful act under this section may be assessed an administrative civil penalty not to exceed ten thousand dollars ($10,000) per violation or unlawful act.
(2) Each day of a continuing violation or unlawful act may be deemed a separate violation or unlawful act for purposes of civil penalty assessment.
(3) If the violation or unlawful act concerns the operation of an underground storage tank, the civil penalty shall not exceed ten thousand dollars ($10,000) for each underground storage tank for each day of vi
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-806
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 8-7-806. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-901. Title.
This subchapter may be known and may be cited as the “Petroleum Storage Tank Trust Fund Act”.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-901
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 8-7-901. This identifies an authority to review, not proof of applicability.
Arkansas Code — all titles (historical 2020) · legal_authorities
8-7-906. Petroleum environmental assurance fee.
(a) There is established a petroleum environmental assurance fee to be paid, except as provided in subsection (c) of this section, on each gallon of motor fuel or distillate special fuel purchased in or imported into this state.
(b) The fee shall be paid by the first distributor or supplier receiving fuel from a terminal in this state, or, if the fuel will never be stored in a terminal in this state, then by the distributor or supplier who first imports fuel into this state by tank truck.
(c) Exchanges of fuels on a gallon-for-gallon basis within a terminal or fuels exported from this state are exempt from the fee.
(d) Proof of payment shall be provided to the owner or operator.
(e) The fee shall be remitted to the Secretary of the Department of Finance and Administration at the time, in the manner, and on forms prescribed by the secretary and may be collected and remitted at the same time and in the same manner as the motor fuels tax and special motor fuels tax under § 26-55-101 et seq. and the Special Motor Fuels Tax Law, § 26-56-101 et seq.
(f)(1) For so long as no bonds for the benefit of the Petroleum Storage Tank Trust Fund are issued and outstanding, the fees collected under this subchapter shall be deposited into the Petroleum Storage Tank Trust Fund.
(2) The applicable fund balances shall be required to be maintained in perpetuity.
(g)(1) The maximum rate for the fee shall be at a rate of three-tenths of one cent (0.3¢) for each gallon of fuel.
(2)(A) For so long as no bonds for the benefit of the Petroleum Storage Tank Trust Fund are outstanding, the fee shall be collected at the maximum rate. However, when the balance of the Petroleum Storage Tank Trust Fund, as adjusted to reflect the obligati
Source: Arkansas Code — historical release 78 (November 6, 2020) · 8-7-906
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 8-7-906. This identifies an authority to review, not proof of applicability.