(1) There is created an expendable special revenue fund known as the Environmental Mitigation and Response Fund.

(2) The fund consists of: (a) public and private funding sources made under Subsections (3) and (4); (b) legally binding bankruptcy, financial assurance, or natural resource damage claim settlements; and (c) interest earnings on cash balances.

(a) public and private funding sources made under Subsections (3) and (4);

(b) legally binding bankruptcy, financial assurance, or natural resource damage claim settlements; and

(c) interest earnings on cash balances.

(3) The department may accept contributions for deposit into the fund from public and private sources, including from a source as a condition of a consent decree, settlement agreement, stipulated agreement, or court order.

(4) If funds are deposited as part of a consent decree, settlement agreement, stipulated agreement, or court order, the source of the funding may specify terms and conditions in which the funds may be used, in accordance with the consent decree, settlement agreement, stipulated agreement, or court order.

(5) Unless mandated by court order, the department may refuse funds if the department determines it is incapable of meeting the terms and conditions of the agreement to obtain the funds, including covering the costs to administer the fund and oversee the implementation of the specific mitigation or response action.

(6) The fund may account for assets held by the state for: (a) an individual; (b) a private or public entity; (c) another governmental unit, including a local or federal agency; (d) a state agency; or (e) a Native American tribe.

(a) an individual;

(b) a private or public entity;

(c) another governmental unit, including a local or federal agency;

(d) a state agency; or

(e) a Native American tribe.