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- <br /> State later Resources Control Board � �144w <br /> Division of Financial Assistance <br /> 1,001 I Spec; -Sacmmenla. Caiifornia 9581 + <br /> P.O B 74421 '_ • Sacromeloo, Ca I ifoimi-a , 94244-2J20 arnuid Sch razenegger <br /> Linda S, Adana ) - (1 ) (- progr,�ms u G not <br /> sec Ielan fol (800 813-Fl., 363 ♦ FA \ IIC) _41 - 806 ♦ wtm.. lulosids-�a uslisalcr issuc�i ' slrt <br /> Entnonutento( Protection - - <br /> October 23 , 2008 <br /> To : Underground Storage Tank ( LIST ) Cleanup Fund ( Fund ) Claimants and Interested <br /> Parties <br /> IMPORTANT NOTICE DELAY IN FUND REIMBURSEMENTS <br /> T nis fetter is to notify you of immediate actions the Fund nrograrn is taking in <br /> response to a low cash balance . These actions will delay payments and affect all <br /> claimants and their consultants . PLEASE READ, <br /> Fund payment activity was significantly higher than expected last fiscal year. The Fund <br /> processed 4, 964 payments (an increase of 7 percent over the year before) , with a dollar <br /> value of $239 million (an increase of 18 percent over the prior fiscal year) . In addition , <br /> other obligations against the Fund have increased over recent years , including program <br /> administration and special account costs . Coupled with this , we have experienced a <br /> reduction in revenues partially due to the summer spike in gasoline prices . As a result, <br /> the Fund began the current fiscal year with a low cash reserve , and we f Intl it necessary <br /> to take the following immediate actions : <br /> 1 : Holding Payments : Current and future payments will be held as necessary to E <br /> ensure sufficient revenue has been collected and appropriate reserves are <br /> maintained . ,Payments - will be delayed several months beyond historic processing <br /> times . Payments will generally be made in order of Priority Class and date of receipt <br /> of the reimbursement request, as funds are available. <br /> 2 . Suspending Letters of Commitment ( LOCs ) for Lower Priority Claims : <br /> The number of active claims will be reduced to bring day-to-day demand into <br /> balance with revenues . T o accomplish this , the LOCs for several hundred lower <br /> priority claims will be suspended . LOC suspensions will occur in reverse priority <br /> order based on the claim ' s Priority Class anddateof application . You will be notified <br /> by separate letter if your LOC is suspended . Eligible costs incurred up to ten days <br /> after the date of the issuance of the notice of LOG suspension will be reimbursable , <br /> rf� I - G.. + a -. ti- a .. <br /> a nds are ova , ah e. 1 ^ curreu after ' at nate n iN not be eirnbur ed Until the <br /> LOG suspension is lifted . You will be notified when your claim ' s LOG is removed <br /> from suspension . <br /> 3 . Approving Budgets : Although payments will continue to be processed as outlined <br /> above, the Fund will require that a budget be approved for all active Priority Class <br /> Ca6forniia En l ironment.7i Protection Agener' <br />