19-3-106.2.  Perpetual care and maintenance of commercial radioactive waste disposal facilities — Radioactive Waste Perpetual Care and Maintenance Account created — Contents — Use of restricted account money — Evaluation.

(1)  As used in this section, “perpetual care and maintenance” means perpetual care and maintenance of a commercial radioactive waste treatment or disposal facility, excluding sites within the facility used for the disposal of byproduct material, as required by applicable laws, rules, and license requirements beginning 100 years after the date of final closure of the facility.

Terms Used In Utah Code 19-3-106.2

  • Assets: (1) The property comprising the estate of a deceased person, or (2) the property in a trust account.
  • Byproduct material: means the same as that term is defined in 42 U. See Utah Code 19-3-102
  • Radioactive: means any solid, liquid, or gas which emits radiation spontaneously from decay of unstable nuclei. See Utah Code 19-3-102
  • State: when applied to the different parts of the United States, includes a state, district, or territory of the United States. See Utah Code 68-3-12.5
(2) 

(a)  There is created a restricted account within the General Fund known as the “Radioactive Waste Perpetual Care and Maintenance Account” to finance perpetual care and maintenance of commercial radioactive waste treatment or disposal facilities, excluding sites within those facilities used for the disposal of byproduct material.

(b)  The sources of revenue for the restricted account are:

(i)  fees paid into the account by the owner or operator of a commercial radioactive waste treatment or disposal facility; and

(ii)  investment income derived from money in the restricted account.

(c) 

(i)  The revenues for the restricted account shall be segregated into subaccounts for each commercial radioactive waste treatment or disposal facility covered by the restricted account.

(ii)  Each subaccount shall contain:

(A)  the fees paid by each owner or operator of a commercial radioactive waste treatment or disposal facility; and

(B)  the associated investment income.

(3) 

(a)  The state treasurer shall invest money in the account with the primary goal of providing for the stability, income, and growth of the principal.

(b)  The state treasurer shall seek account growth that is designed to achieve a minimum target account balance of $414,838,740 in the year 2141.

(c)  Nothing in this section requires a specific outcome in investing.

(d)  The state treasurer may deduct administrative costs incurred in managing account assets from earnings before distributing them.

(e) 

(i)  The state treasurer may employ professional asset managers to assist in the investment of assets of the account.

(ii)  The state treasurer may only provide compensation to asset managers from earnings generated by the account’s investments.

(f)  The state treasurer shall invest and manage the account assets as a prudent investor would, by:

(i)  considering the purposes, terms, distribution requirements, and other circumstances of the account; and

(ii)  exercising reasonable care, skill, and caution in order to meet the standard of care of a prudent investor.

(g)  In determining whether or not the state treasurer has met the standard of care of a prudent investor, the judge or finder of fact shall:

(i)  consider the state treasurer’s actions in light of the facts and circumstances existing at the time of the investment decision or action, and not by hindsight; and

(ii)  evaluate the state treasurer’s investment and management decisions respecting individual assets not in isolation, but in the context of an account portfolio as a whole and as a part of an overall investment strategy that has risk and return objectives reasonably suited to the account.

(h) 

(i)  Beginning in 2021, the state treasurer shall report every five years to the Legislative Management Committee the following information about the account’s investments at the sub-account level:

(A)  market value of investments;

(B)  asset allocation targets;

(C)  investment performance measured against appropriate benchmarks, at the portfolio and individual investment level;

(D)  projected investment returns;

(E)  actual contributions;

(F)  projected 10 and 20 year market values; and

(G)  whether account growth is progressing adequately to reasonably achieve the minimum target account balance established in Subsection (3)(b).

(ii)  The Legislative Management Committee shall:

(A)  review and evaluate the report; and

(B)  determine whether to recommend further action, including whether to impose a fee on an owner or operator of a commercial radioactive waste treatment or disposal facility for the perpetual care and maintenance of the facility.

(4)  The Legislature may appropriate money from the Radioactive Waste Perpetual Care and Maintenance Account for:

(a)  perpetual care and maintenance of a commercial radioactive waste treatment or disposal facility, excluding sites within the facility used for the disposal of byproduct material, beginning 100 years after the date of final closure of the facility; or

(b)  maintenance or monitoring of, or implementing corrective action at, a commercial radioactive waste treatment or disposal facility, excluding sites within the facility used for the disposal of byproduct material, before the end of 100 years after the date of final closure of the facility, if:

(i)  the owner or operator is unwilling or unable to carry out postclosure maintenance, monitoring, or corrective action; and

(ii)  the financial surety arrangements made by the owner or operator, including any required under applicable law, are insufficient to cover the costs of postclosure maintenance, monitoring, or corrective action.

(5)  The money appropriated from the Radioactive Waste Perpetual Care and Maintenance Account for the purposes specified in Subsection (4)(a) or (b) at a particular commercial radioactive waste treatment or disposal facility may be appropriated only from the subaccount established under Subsection (2)(c) for the facility.

(6)  The attorney general shall bring legal action against the owner or operator or take other steps to secure the recovery or reimbursement of the costs of maintenance, monitoring, or corrective action, including legal costs, incurred pursuant to Subsection (4)(b).

(7)  This section does not apply to a uranium mill licensed under 10 C.F.R. part 40, Domestic Licensing of Source Material.

Amended by Chapter 343, 2017 General Session

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