KRS 224.60-110: Legislative findings and intent.

The General Assembly of the Commonwealth of Kentucky finds and declares that:

(1) Significant quantities of petroleum and petroleum products are being stored in

petroleum storage tanks in the state to meet the needs of its citizens and to foster

economic growth and development and the overall quality of life in the state;

(2) Spills, leaks, discharges, and other releases into the environment from petroleum

storage tanks, however, have occurred, are occurring, or will occur, and such

releases may pose a threat to public health and safety and the environment;

(3) Adequate financial resources must be readily available to provide a means for

investigation and cleanup of contamination without delay;

(4) In recent years, petroleum storage tank owners or operators have been unable to

obtain affordable pollution liability insurance coverage to pay for corrective action

measures;

(5) It is in the best interests of the state to protect public health and safety and the

environment by creating a fund for corrective actio n measures for releases into the

environment from petroleum storage tanks;

(6) Commercial insurers may increase the availability and affordability of pollution

liability insurance coverage for petroleum storage tanks if a comprehensive and

efficient financial responsibility program for tanks is established;

(7) An efficient program of financial responsibility should include corrective action

requirements that encourage petroleum storage tank owners or operators to take

corrective action measures in the first instance;

(8) An efficient program of financial responsibility for petroleum storage tanks should

minimize disputes over the causation of and responsibility for releases into the

environment from petroleum storage tanks;

(9) An efficient program of finan cial responsibility should protect petroleum storage

tank owners and operators from fraudulent claims against the fund to insure the

fund's financial viability and should authorize the vigorous pursuit of fraudulent

claims;

(10) It is necessary and essenti al that the state use all practical means to control or

eliminate pollution hazards posed by leaking petroleum storage tanks; and

(11) It is the intent of the General Assembly that a state fund be created to assist

petroleum storage tank owners or operator s in complying with the federal financial

responsibility requirements promulgated under federal regulations and to assist

petroleum storage tank owners or operators in cleaning up contamination caused by

a release.