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A09926 Summary:

A09926 Actions:

A09926 Floor Votes:

A09926 Text:

 
                STATE OF NEW YORK
        ________________________________________________________________________
 
                                          9926
 
                   IN ASSEMBLY
 
                                      May 29, 2014
                                       ___________
 
        Introduced  by COMMITTEE ON RULES -- (at request of M. of A. Fahy, McDo-
          nald, Sweeney, Steck) -- read once and referred 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  § 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
 
         EXPLANATION--Matter in italics (underscored) is new; matter in brackets
                              [ ] is old law to be omitted.
                                                                   LBD15386-03-4
        A. 9926                             2
 
     1  consultation with the superintendent of financial services: evidence  of

     2  insurance, guarantee, letter of credit, or a bond from a corporate sure-
     3  ty licensed to do business as such in the state. Such financial security
     4  shall  remain in full force and effect for the duration of the registra-
     5  tion. If the financial security shall for any reason be cancelled, with-
     6  in seven days after receiving notice thereof, a valid replacement  shall
     7  be  provided under the same conditions. Failure to provide a replacement
     8  within such period shall result  in  the  immediate  suspension  of  the
     9  facility's registration by the department. No person shall engage in the
    10  storage  of  Bakken  crude  oil or Bitumen crude oil with an API gravity
    11  equal or less than ten without complying with this requirement.

    12    § 2. This act shall take effect on the sixtieth  day  after  it  shall
    13  have become a law.