§ 68-202-405 — Forfeiture and disposition of bond - Trust fund

(a) At any time during the life of a bond, the commissioner may order forfeiture of the bond based upon the commissioner's determination of abandonment, insolvency, or other inability of the specific licensee to perform to the satisfaction of the commissioner. (b) All forfeited bonds shall be deposited in a special account in the name of the state entitled "the radiation reclamation trust fund." (c) All moneys deposited in such fund may be expended by the commissioner as the commissioner considers necessary to assure the protection of the public health, safety or welfare. (d) Following the decontamination, removal and disposal of radioactive sources, and the reclamation of the premises, any funds remaining from the forfeited bond shall accrue to the state and shall not be refundable to the specific licensee. (e) The moneys which are deposited in the radiation reclamation trust fund and the perpetual care trust fund shall not be used for normal operating expenses of the department but shall be expended only for the decontamination, the removal and disposal of radioactive materials, the reclamation of sites or facilities, and the perpetual care and surveillance of sites or facilities where the specific licensee has abandoned, defaulted, or otherwise refused to perform the above services to the satisfaction of the commissioner. (f) Moneys accumulated in the radiation reclamation trust fund or the perpetual care trust fund may be transferred by the commissioner whenever it is determined by the commissioner that the transfer of such funds is required to provide services at abandoned, inoperative, decommissioned facilities, or at contaminated sites to protect the public health, safety or welfare.

Legislative History

Acts 1976, ch. 475, § 5; T.C.A., §§ 53-3327, 68-23-405.