§ 2806. Barnwell Potential Liability Fund

(a) There is hereby created a Barnwell Potential Liability Fund in the State Treasury. The Fund shall be separately maintained and accounted for by the State Treasurer and administered by the Agency of Natural Resources. Expenditures from the Fund shall be made after obtaining approval of the Attorney General, for the purpose of paying:

(1) any final determinations of liability, or negotiated settlements, on the part of the State or of any agency, subdivision or entity of the State, arising out of activities under any interstate agreement, relating to the Southeast Compact Commission's regional facility in Barnwell County, South Carolina, ratified, adopted or approved according to the requirements of Sec. 2 of Act No. 296 of the Acts of the 1989 Adjourned Session of the General Assembly, and

(2) any costs of the State or of any agency, subdivision or entity of the State, related to the process of determining liability or the process of arriving at a negotiated settlement.

(b) All interest earned by the Fund shall remain in the Fund and shall not revert to the general Fund.

(c) The Fund shall be in the form of cash sufficient to provide protection to the State in the amount of $50,000.00 in 1994 dollars. The monies shall be provided by no later than January 1, 2012, or six months prior to the time the largest generator ceases to exist, whichever comes first, by the generators of low-level radioactive waste who are authorized to use the Barnwell facility under the contract for access, approved by the General Assembly for the period from January 1, 1993 through June 30, 1994, in proportion to the amounts of waste to be disposed of at the facility during the term of the interstate agreement. If the Secretary determines that the level of protection provided under this section is not adequate, the Secretary shall make appropriate recommendations to the General Assembly. (Added 1993, No. 76, § 4.)