(a) In order to protect the public health, safety and welfare, to prevent degradation of the environment, conserve natural resources and provide a coordinated statewide underground storage tank program, it is declared to be the public policy of the state of Tennessee to regulate underground storage tanks and to:

(1) Provide safe storage for petroleum products;

(2) Provide a coordinated statewide program for petroleum products stored in underground storage tanks in cooperation with federal, state, and local agencies responsible for the prevention, control, or abatement of air, water, and land pollution such that adequate control is achieved without unnecessary duplication of regulatory programs;

(3) Develop long range plans for adequate petroleum underground storage tank systems to meet future demands;

(4) Provide a mechanism for the remediation of environmental pollution due to releases from petroleum underground storage tank systems; and

(5) Provide a comprehensive investigation and clean-up fund to address the problems caused by releases from petroleum underground storage tanks, including remediation of imminent and substantial threats to public health and/or the environment, and to provide a mechanism to assist the financial responsibility requirements for owners/operators of petroleum underground storage tanks.

(b) It is the intent of this legislation to enable the state to obtain primacy for the petroleum underground storage tank program from the United States environmental protection agency (EPA).

(c) It is the intent of the general assembly that this chapter shall not apply retroactively to releases or other events that occurred prior to July 1, 1988.