HB 3590

Abstract

Amends the Response Action Contractor Indemnification Act. Provides that judgments subject to State indemnification (i) shall be paid by warrant solely out of funds available in the Response Contractors Indemnification Fund (rather than, when monies in the Response Contractors Indemnification Fund are insufficient, allowing transfers of funds from the General Revenue Fund) and (ii) may not surpass $100,000 (rather than $2,000,000) for a single occurrence. Provides that when there is at least $100,000 (rather than $2,000,000) in the Response Contractors Indemnification Fund at the beginning of a State fiscal year, State response action contracts during that fiscal year need not provide that 5% of each payment made under the contract be paid into the Fund. Removes language requiring the transfer of $1,200,000 from the Response Contractors Indemnification Fund to the Brownfields Redevelopment Fund on the first day of fiscal years 2004 and 2005. Provides that within 30 days after the effective date of this amendatory Act, the Comptroller shall order transferred and the Treasurer shall transfer all monies in the Response Action Contractor Indemnification Fund in excess of $100,000 from the Response Action Contractor Indemnification Fund to the Brownfields Redevelopment Fund. Effective immediately.