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S07718 Text:

                           S T A T E   O F   N E W   Y O R K
       ________________________________________________________________________

                                         7718

                                   I N  S E N A T E

                                     June 2, 2014
                                      ___________

       Introduced  by Sen. GRISANTI -- read twice and ordered printed, and when
         printed to be committed to the Committee on Environmental Conservation

       AN ACT to amend the  environmental  conservation  law,  in  relation  to
         global financial surety

         THE  PEOPLE OF THE STATE OF NEW YORK, REPRESENTED IN SENATE AND ASSEM-
       BLY, DO ENACT AS FOLLOWS:

    1    Section 1. The environmental conservation law is amended by  adding  a
    2  new section 17-1019 to read as follows:
    3  S 17-1019 FINANCIAL SECURITY.
    4    1.  FOR  THE  PURPOSES  OF  THIS SECTION, THE FOLLOWING TERMS SHALL BE
    5  DEFINED AS FOLLOWS:
    6    A. "CLEANUP AND DECONTAMINATION" MEANS ACTIVITIES UNDERTAKEN TO PERMA-
    7  NENTLY ELIMINATE, REMOVE, ABATE, CONTROL OR MONITOR HEALTH AND/OR  ENVI-
    8  RONMENTAL HAZARDS OR POTENTIAL HAZARDS.
    9    B.  "CLEANUP AND DECONTAMINATION COSTS" MEAN ALL COSTS ASSOCIATED WITH
   10  THE CLEANUP AND DECONTAMINATION OF  CONTAMINATION  INCLUDING  RELOCATION
   11  COSTS  INCURRED  BY  THE  STATE  OR  ITS POLITICAL SUBDIVISIONS OR THEIR
   12  AGENTS OR ANY PERSON WITH APPROVAL OF THE DEPARTMENT.
   13    C. "CONTAMINATION" MEANS ANY DAMAGE TO ANY PROPERTY  OR  THE  ENVIRON-
   14  MENT,  INCLUDING,  BUT NOT LIMITED TO, A PUBLIC OR PRIVATE WATER SUPPLY,
   15  ANY THREAT TO PUBLIC HEALTH, OR ANY HAZARDOUS  CONDITION  THAT  PREVENTS
   16  THE USE OF PROPERTY OR THAT REQUIRES RELOCATION OF PEOPLE OR PROPERTY TO
   17  PREVENT HARM RESULTING FROM THE RELEASE OF ANY SUBSTANCE.
   18    D.  "ENVIRONMENT"  MEANS  ANY  WATER  INCLUDING, BUT NOT LIMITED TO, A
   19  STREAM, POND, LAKE, RIVER, WATER COURSE, AQUIFER, WETLAND, OR RESERVOIR,
   20  ANY LAND INCLUDING, BUT NOT LIMITED TO, A LAND  SURFACE  OR  SUBSURFACE,
   21  AIR, FISH, WILDLIFE, BIOTA AND ALL OTHER NATURAL RESOURCES.
   22    2.  IN  ADDITION  TO  ANY  OTHER EXISTING REQUIREMENTS, THE DEPARTMENT
   23  SHALL REQUIRE ALL PETROLEUM BULK STORAGE FACILITIES  THAT  STORE  BAKKEN
   24  CRUDE OIL OR BITUMEN CRUDE OIL TO PROVIDE FINANCIAL SECURITY TO MEET ALL
   25  RESPONSIBILITIES  FOR  CLEANUP AND DECONTAMINATION COSTS ASSOCIATED WITH
   26  THE RELEASE OF SUCH OIL.  FINANCIAL SECURITY MAY BE EVIDENCED BY ONE  OR
   27  A COMBINATION OF THE FOLLOWING METHODS ACCEPTABLE TO THE COMMISSIONER IN
   28  CONSULTATION  WITH THE SUPERINTENDENT OF FINANCIAL SERVICES: EVIDENCE OF

        EXPLANATION--Matter in ITALICS (underscored) is new; matter in brackets
                             [ ] is old law to be omitted.
                                                                  LBD15386-03-4
       S. 7718                             2

    1  INSURANCE, GUARANTEE, LETTER OF CREDIT, OR A BOND FROM A CORPORATE SURE-
    2  TY LICENSED TO DO BUSINESS AS SUCH IN THE STATE. SUCH FINANCIAL SECURITY
    3  SHALL REMAIN IN FULL FORCE AND EFFECT FOR THE DURATION OF THE  REGISTRA-
    4  TION. IF THE FINANCIAL SECURITY SHALL FOR ANY REASON BE CANCELLED, WITH-
    5  IN  SEVEN DAYS AFTER RECEIVING NOTICE THEREOF, A VALID REPLACEMENT SHALL
    6  BE PROVIDED UNDER THE SAME CONDITIONS. FAILURE TO PROVIDE A  REPLACEMENT
    7  WITHIN  SUCH  PERIOD  SHALL  RESULT  IN  THE IMMEDIATE SUSPENSION OF THE
    8  FACILITY'S REGISTRATION BY THE DEPARTMENT. NO PERSON SHALL ENGAGE IN THE
    9  STORAGE OF BAKKEN CRUDE OIL OR BITUMEN CRUDE OIL  WITH  AN  API  GRAVITY
   10  EQUAL OR LESS THAN TEN WITHOUT COMPLYING WITH THIS REQUIREMENT.
   11    S  2.  This  act  shall take effect on the sixtieth day after it shall
   12  have become a law.
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