AN ACT relating to underground storage tanks and declaring an emergency.
     Create and amend sections of KRS Chapter 224 relating to underground storage tanks; declare that as petroleum storage tanks are closed, upgraded or installed, and operated in compliance with environmental safeguards that less money will be needed for the petroleum storage tank environmental assurance fund; require that up to 28% of the fund shall be used for financial responsibility until fiscal year 2003-2004 when money up to 28% not needed for financial responsibility shall be used for purposes for which funds collected under KRS 138.220 may be used; require that 72% of the fund shall be used for site closure until July 1, 2007 when 72% of the fund shall be used for purposes for which funds collected under KRS 138.220 may be used; require the fund to pay approved claims within 30 days; authorize the fund to be used for performing financial audits; require the cabinet to revise by emergency regulations the corrective action standards based on the 1993 University of Kentucky study; require the study to be updated; prohibit local programs related to underground petroleum storage tanks unless the local program is approved by the cabinet; require a petroleum storage tank owner who will seek reimbursement from the fund to estimate the costs of corrective action; require the cabinet, jointly with the fund administrators, to review and approve the estimated costs of corrective action; allow the fund administrators to certify individuals; require the establishment of criteria for laboratories; allow the establishment of financial audits; require the fund to pay interest on certain unpaid claims; repeal KRS 224.60-137; make Sections 2, 5, 6, and 7 effective July 15, 1998; EMERGENCY.

     Feb 3-introduced in Senate
     Feb 4-to Transportation (S)
     Feb 10-reassigned to Agriculture and Natural Resources (S)