A. There is created in the state treasury the "orphan material recovery fund". The fund shall be invested as other state funds are invested. All money remaining in the orphan material recovery fund at the end of any fiscal year shall remain in that fund.
B. The department shall administer the orphan material recovery fund. Money in the fund is appropriated to the department for the purpose of contracting for the disposal of orphan hazardous materials:
(1) held in the possession of the department; and
(2) identified by state emergency response officers.
C. Any expenditures made from the orphan material recovery fund that are recovered from the party responsible for the orphan hazardous materials shall be credited to the fund.
D. If the cost of disposing orphan hazardous materials exceeds the balance available in the orphan material recovery fund, the secretary is authorized to seek and the state board of finance is authorized to disburse funds from the state board of finance emergency fund in an amount necessary to cover the deficit in the orphan material recovery fund.
History: 1978 Comp., § 74-4B-13, enacted by Laws 1992, ch. 5, § 2; recompiled as § 12-12-29 by Laws 2005, ch. 22, § 4.
Recompilations. — Laws 2005, ch. 22, § 4 recompiled 74-4B-13 NMSA 1978 as 12-12-29 NMSA 1978, effective July 1, 2005.
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