Montana Code 75-10-1604. Libby asbestos cleanup operation and maintenance account
75-10-1604. Libby asbestos cleanup operation and maintenance account. (1) There is a Libby asbestos cleanup operation and maintenance account in the state special revenue fund established in 17-2-102. Subject to appropriation by the legislature, money deposited in the account must be used for:
Terms Used In Montana Code 75-10-1604
- Appropriation: The provision of funds, through an annual appropriations act or a permanent law, for federal agencies to make payments out of the Treasury for specified purposes. The formal federal spending process consists of two sequential steps: authorization
- 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.
- Grantor: The person who establishes a trust and places property into it.
- Oversight: Committee review of the activities of a Federal agency or program.
- State: when applied to the different parts of the United States, includes the District of Columbia and the territories. See Montana Code 1-1-201
(a)cleanup and long-term operation and maintenance costs at the Libby asbestos superfund site; and
(b)administrative costs for the Libby asbestos superfund oversight committee, not to exceed 25% of the annual appropriation.
(2)The following funds must be deposited in the account:
(a)80% of the funds allocated for the cleanup and long-term operation and maintenance costs pursuant to 75-10-704;
(b)money received by the department of environmental quality in the form of grants, gifts, transfers, bequests, and donations, including donations limited in their purpose by the grantor, or appropriations from any source intended to be used for the purposes of this account; and
(c)any interest or income earned on the account.
(3)Any unspent or unencumbered money in the account at the end of a fiscal year must be transferred to the Libby asbestos cleanup trust fund.