10.1-1422.3 - Waste Tire Trust Fund established; use of moneys; purpose of Fund.
§ 10.1-1422.3. Waste Tire Trust Fund established; use of moneys; purpose ofFund.
A. All moneys collected pursuant to § 58.1-642, minus the necessary expensesof the Department of Taxation for the administration of this tire recyclingfee as certified by the Tax Commissioner, shall be paid into the treasury andcredited to a special nonreverting fund known as the Waste Tire Trust Fund,which is hereby established. Any moneys remaining in the Fund shall notrevert to the general fund but shall remain in the Fund. Interest earned onsuch moneys shall remain in the Fund and be credited to it. The Department ofWaste Management is authorized and empowered to release moneys from the Fund,on warrants issued by the State Comptroller, for the purposes enumerated inthis section, or any regulations adopted thereunder.
B. Moneys from the Fund shall be expended to:
1. Pay the costs of implementing the waste tire plan authorized by §10.1-1422.1, as well as the costs of any programs created by the Departmentpursuant to such a plan;
2. Provide partial reimbursement to persons for the costs of using wastetires or chips or similar materials; and
3. Pay the costs to remove waste tire piles from property pursuant to §10.1-1418.4, to the extent funds are available from the increased revenuesgenerated by the increased tire recycling fee collected beginning July 1,2003, and ending July 1, 2006, in accordance with § 58.1-641.
C. Reimbursements under § 10.1-1422.4 shall not be made until regulationsestablishing reimbursement procedures have become effective.
(1993, c. 211; 2003, c. 101.)