Current through Register Vol. XLI, No. 50, December 13, 2024
Section 33-32-5 - Capitalization Fees5.1. Capitalization Fee. A capitalization fee shall be assessed against all owners or operators of underground storage tanks to be used to establish the Underground Storage Tank Insurance Trust Fund. The fee shall be: 5.1.a. One hundred dollars per tank per year ($100/tank/year) for a period of not less than one (1) year and not more than three (3) years. Second and third year capital assessments may be levied if there is an inadequate surplus of funds, as determined by the administrator, the director, and the underground storage tank advisory committee pursuant to W. Va. Code '22-17-7.5.2. Capitalization Fee Payment. -- The capitalization fee shall be paid to the director or the administrator and shall be deposited into the state treasury into a special fund designated the "Underground Storage Tank Insurance Trust Fund Capitalization Fees".5.3. Interest Accrued. -- Interest accrued on monies in the Underground Storage Tank Insurance Trust Fund Capitalization Fees or the Underground Storage Tank Trust Fund Premium Fund shall be credited to that fund.