Indiana Code 13-23-7-1. Purposes of ELTF; limit on payment of certain expenses; trust fund
(1) Assisting owners and operators of underground petroleum storage tanks to establish evidence of financial responsibility as required under IC 13-23-4.
Terms Used In Indiana Code 13-23-7-1
- Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
- Fiscal year: The fiscal year is the accounting period for the government. For the federal government, this begins on October 1 and ends on September 30. The fiscal year is designated by the calendar year in which it ends; for example, fiscal year 2006 begins on October 1, 2005 and ends on September 30, 2006.
- Indemnification: In general, a collateral contract or assurance under which one person agrees to secure another person against either anticipated financial losses or potential adverse legal consequences. Source: FDIC
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Oversight: Committee review of the activities of a Federal agency or program.
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(3) Providing a source of money for the indemnification of third parties under IC 13-23-9-3.
(4) Providing a source of money to pay for the expenses of the department incurred in:
(A) paying and administering claims against the ELTF for those job activities and expenses that consist exclusively of administering the ELTF;
(B) inspecting underground storage tanks and aboveground storage tanks;
(C) establishing and implementing an online underground storage tank and aboveground storage tank operator training program that complies with the requirements of the federal Energy Policy Act of 2005; and
(D) project management and oversight of eligible releases.
(5) Providing a source of money to pay for the expenses of the department incurred under section 7(b) of this chapter.
(b) The expenses described in subsection (a)(4) that are paid from the ELTF in a state fiscal year may not exceed eleven percent (11%) of the fund income in the immediately preceding state fiscal year.
(c) The ELTF is designated as a trust fund.
[Pre-1996 Recodification Citation: 13-7-20-31(a).]
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; P.L.105-2011, SEC.2; P.L.96-2016, SEC.12; P.L.176-2023, SEC.39.