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rsxr+nl< r[ri••III 4159642292 P. 03 <br /> i I <br /> i STATE OF CALIFORNIA-CALIFORNIA ENVINGNMENTALPRI)TECTION AGENCY PETS WiL$ON,GoW4lli0t <br />!� STATE WATER'RgSOURCEs CONTROL BOARD <br /> DMSKM OF CLEAN WATERPROGRAMS <br /> 2014 T STREET,SUITE 130 <br /> P.O.6QX 444212 <br /> E SACAAMWrO,CALIFORNIA, 994244-2120 <br /> (916) 227-4360 <br /> (916) 227-4530 WAX) <br /> May 27, 1993 <br /> i f <br /> TO. Claimants <br /> Regulatory. Agencies 1 <br /> Interested Parties _.__ ._ . _..." ..._..I..• <br /> i <br /> SUBJECT UNDERGROUIM :STORAGE TANK CLEAi+UP P'UM (FUND) UPDATE ' <br /> �NTRObt7CTIDN ' <br /> our February 1, 1993 update on the Fund received a number of <br /> favorable comments. Much has happened since that time and I <br /> wanted to .keep everyone -advised of the Fund's progress. <br /> .SOLVENCY OF THE FUM <br /> Many, tank owners may Have recently received a mailer which <br /> expressed concerns regarding the solvency of the Fund. some of <br /> the statements included in the mailer were: (1) ' the majority of <br /> you will .not receive one dime from the Underground Storage flank <br /> Cleanup Fund'" ; (2) "the fund will dry up long before most of you <br /> receive anything"; arid (3) "as many as 78% of you may not be <br /> reimbursed" . <br /> Since :this mailer was published, we received a number of -letters <br /> and ,.calls to the Fund from concerned claimants. The following <br /> are .the facts -regard' the solvency of the fund,.' ,. i _ a <br /> a. The Fund began collecting the storage fee on January 1, 1991. <br /> Under current law, the, fee collection will stop on January 1, I <br /> 1998. To date, about $20 million per calendar quarter or about <br /> $80 million per year is being collected. Therefore, based on the i <br /> experience to date and under thecurrent law, the program will. i <br /> collect about $560 million. <br /> b. It was always recognized that the initial fee- structure of <br /> $0.006 per gallon would not be capable of handling all potential <br /> claims._ For this reason, the legislation provided a priority ' <br /> .system which theoretically helps those who need the assistance <br /> the most. i <br /> I <br /> c. Anyone familiar with the program also knows that the <br /> legislation implementing the Fund was only a 11foot in the door" <br /> . and thatonce the Fund was up and running, and the-needs of the <br /> r)roaram hafiYwr- iAxfnY-!-F rA. Tref# �17a-0. .. .. t.�7 lie .­jjf }r <br /> F <br />