455G.21 - MARKETABILITY FUND.

        455G.21  MARKETABILITY FUND.         1.  A marketability fund is created as a separate fund in the      state treasury under the control of the board.  The board shall      administer the marketability fund.  Notwithstanding section 8.33,      moneys remaining in the marketability fund at the end of each fiscal      year shall not revert to the general fund but shall remain in the      marketability fund.  The marketability fund shall include,      notwithstanding section 12C.7, interest earned by the marketability      fund or other income specifically allocated to the marketability      fund.         2.  The marketability fund shall be used for the following      purposes:         a.  The innocent landowners fund shall be established as a      separate fund in the state treasury under the control of the board.      The innocent landowners fund shall include any moneys recovered      pursuant to cost recovery enforcement under section 455G.13.      Notwithstanding section 455G.1, subsection 2, benefits for the costs      of corrective action may be provided to the owner of a      petroleum-contaminated property, or an owner or operator of an      underground storage tank located on the property, who is not      otherwise eligible to receive benefits under section 455G.9 due to      the date on which the release causing the contamination was reported      or the date the claim was filed.  An owner of a      petroleum-contaminated property, or an owner or operator of an      underground storage tank located on the property, shall be eligible      for payment of corrective action costs subject to copayment      requirements under section 455G.9, subsection 4.  The board may adopt      rules conditioning receipt of benefits under this paragraph to those      petroleum-contaminated properties which present a higher degree of      risk to the public health and safety or the environment and may adopt      rules providing for denial of benefits under this paragraph to a      person who did not make a good faith attempt to comply with the      provisions of this chapter.  This paragraph does not confer a legal      right to an owner of petroleum-contaminated property, or an owner or      operator of an underground storage tank located on the property, for      receipt of benefits under this paragraph.         b.  The remainder of the moneys shall be used for payment of      remedial benefits as provided in section 455G.9.         3.  Moneys in the fund shall not be used for purposes of bonding      or providing security for bonding under chapter 455G.  
         Section History: Recent Form
         95 Acts, ch 215, §28, 34; 96 Acts, ch 1034, §69, 71; 98 Acts, ch      1065, §6; 99 Acts, ch 114, §37, 38; 2001 Acts, ch 51, §3         Referred to in §455G.3, 455G.8