(a)There is hereby created in the State Treasury a fund to be known as the Low-Level Radioactive Waste Fund, to be administered and expended by the Vermont Low-Level Radioactive Waste Authority.
(b)The Fund shall consist of:
(1)the balance in the Radioactive Waste Management Fund as of the repeal of section 6512 of this title;
(2)fees assessed under subsections (e) and (g) of this section and under subsection 7012(p) of this title;
(3)any monies required for the financial assurances, and pre-paid construction funds raised under section 7015 of this title;
(4)any grants from the federal government or from other sources accepted by the Governor for deposit into the Fund; and
(5)rebates of any surcharges collected for the disposal of low-level radioactive waste generated in Vermont pur
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(a) There is hereby created in the State Treasury a fund to be known as the Low-Level Radioactive Waste Fund, to be administered and expended by the Vermont Low-Level Radioactive Waste Authority.
(b) The Fund shall consist of:
(1) the balance in the Radioactive Waste Management Fund as of the repeal of section 6512 of this title;
(2) fees assessed under subsections (e) and (g) of this section and under subsection 7012(p) of this title;
(3) any monies required for the financial assurances, and pre-paid construction funds raised under section 7015 of this title;
(4) any grants from the federal government or from other sources accepted by the Governor for deposit into the Fund; and
(5) rebates of any surcharges collected for the disposal of low-level radioactive waste generated in Vermont pursuant to the Federal Low-Level Radioactive Waste Policy Amendments of 1985 (P.L. 99-240) and deposited in escrow pursuant to section 5(d)(2) of such law (42 U.S.C. § 2021e(d)(2)).
(c) All balances in the Fund at the end of any fiscal year shall be carried forward and remain a part of the Fund. Interest accruing from the Fund shall remain in the fund and shall be allocated proportionately among the accounts provided for in subsection (i) of this section based on the average principal balance of each account. Disbursements from the Fund shall be made by the State Treasurer on warrants drawn by the Director or Chair of the Authority.
(d) The Fund shall be used to:
(1) provide staff for the Authority, and to pay for all costs related to the performance of its responsibilities under this chapter;
(2) reimburse any State entity for all costs incurred in the issuance and enforcement of rules and adjudications authorized by section 7020 of this title and for all other costs for actions and proceedings authorized by this chapter;
(3) provide for all costs of the long-term monitoring and care of the disposal facility authorized under this chapter;
(4) cover costs of emergency responses, remedial action, personal injury, and property damage during construction, operation, closure, and long-term monitoring and care of the disposal facility authorized by this chapter;
(5) cover the costs of the permanent disposal of the long-lived waste;
(6) pay the costs associated with any community and project safety plan required under subdivision 7024(a)(9) of this title; and
(7) cover any liability of the Authority or of any other State entity arising out of activities under this chapter.
(e) A service fee shall be levied on all low-level radioactive waste generated in this State, whether shipped to a disposal facility or stored awaiting disposal. Initially, the service fee shall be $10.00 per cubic foot. Periodically or as necessary, the service fee shall be set by the Authority in an amount sufficient for all current and future expenses allowed under subsection (d) of this section, except for construction costs of the facility authorized by this chapter. The service fee shall be approved by the Public Utility Commission under section 7020 of this chapter. Whenever the Authority requests approval of a service fee by the Public Utility Commission, it shall estimate the totals needed in each of the segregated accounts required by subsection (i) of this section. The estimates shall contain appropriate contingency amounts. The Authority may set the service fee on the basis of volume, curies, hazardous constituents or a combination of those characteristics, as appropriate.
(f) The service fee of subsection (e) of this section and the assessment of subsection (g) of this section, shall not apply to low-level radioactive waste which was authorized, as of January 1, 1990, under regulations of the U.S. Nuclear Regulatory Commission, to be stored for decay on the site of generation for less than one year and disposed of as though it were not radioactive. The Authority shall identify those wastes that are exempt from the service fee, consistent with the intent of this section.
(g) In order to provide funds for the timely commencement of the regulatory responsibilities of State agencies and for the initial activities of the Authority, there shall be imposed an immediate assessment of $1,000,000.00 levied proportionately on all generators of low-level radioactive waste, based on the volume of waste generated in calendar years 1986-1989. The Authority shall make these assessments within 60 days of June 29, 1990 and the generators shall pay them within 30 days of the assessment.
(h) The service fee for Vermont Yankee shall be adjusted such that its portion of the total funds needed for all current and future expenses will be accumulated no later than the end of the operating life of the plant. The service fee for all other generators shall be adjusted to accumulate their shares no later than the date they expect to cease generating waste and in no case later than the expected date for closure of the disposal facility authorized by this chapter.
(i) The Fund established by this section shall be segregated into four accounts: one account for expenses expected prior to the end of the operating life of Vermont Yankee, except construction costs; a second account for expenses, including ongoing capital costs, expected after the end of the operating life of Vermont Yankee; a third account for the costs of the permanent disposal of the long-lived waste; and a fourth account for construction costs. Funds in each account shall be used only for the stated purpose of the account and shall not be transferred between accounts without approval of the Public Utility Commission. If the Public Utility Commission finds, upon petition, that any of the accounts contains funds substantially in excess of those reasonably expected to be sufficient for all current and future expenses of the account, the Public Utility Commission may require any excess in that account to be returned to the generators on an equitable basis. (Added 1989, No. 296 (Adj. Sess.), § 3, eff. June 29, 1990; amended 2019, No. 131 (Adj. Sess.), § 42.)