1. (a) There is established in the state treasury the brownfields cleanup revolving loan fund, into which shall be deposited:

   1. (1) Funds from federal or private funding sources;
   2. (2) Moneys received as repayment of loans and interest payments; and
   3. (3) Any fees collected by the department under this section.

2. (b) Moneys in the brownfields cleanup revolving loan fund shall be used to provide low interest loans or other authorized financial assistance to eligible public, private, and nonprofit entities for brownfields site assessments, cleanup activities of contaminated sites, and site monitoring activities necessary to determine the effectiveness of a cleanup. Moneys in the brownfields cleanup revolving loan fund may also be used to provide grants to eligible public and nonprofit entities for brownfields site assessments, cleanup activities of contaminated sites, and site monitoring activities necessary to determine the effectiveness of a cleanup.

   All environmental site assessments and response activities and entities receiving funding shall be subject to the eligibility requirements of, and conducted in accordance with, the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, P.L. 96-510 (42 U.S.C. §§9601-9675), as amended, and shall be consistent with the National Oil and Hazardous Substances Pollution Contingency Plan at 40 Code of Federal Regulations part 300. Moneys from the fund may be used to cover administrative and legal costs of fund management and site management associated with individual loans, to include personnel, services, materials, equipment, and travel for the purposes of this section; provided that the moneys used for these purposes shall not exceed the lesser of ten per cent of the loan or subgrant amount or the percentage of the loan or subgrant amount set in rules adopted pursuant to this section.

3. (c) The fund shall be administered by the department of business, economic development, and tourism. Appropriations or authorizations from the fund shall be expended by the department. The department may award and disburse moneys from the fund in the form of grants to eligible public or nonprofit entities for brownfields site assessments, cleanup and related activities, or site monitoring activities pursuant to subsection (b). The department may contract with other public or private entities for the provision of all or a portion of the services necessary for the administration and implementation of loans under the loan fund program. The department may set fees or charges for fund management and technical site assistance provided under this section. The department may adopt rules pursuant to chapter 91 to carry out the purposes of this section.
4. (d) All interest earned on the deposit or investment of the moneys in the fund shall become a part of the fund.
5. (e) The department shall provide an annual report to the governor and the legislature describing all transactions and activities involved in the administration of the brownfields cleanup revolving loan fund.

[L 2002, c 173, §2; am L 2007, c 20, §2; am L 2021, c 234, §2]