§4392. Spent Nuclear Fuel Disposal Trust Fund


(CONTAINS TEXT WITH VARYING EFFECTIVE DATES)
(WHOLE SECTION TEXT EFFECTIVE UNTIL CONTINGENCY: See T. 35-A, §4392, sub-§6)
(WHOLE SECTION TEXT REPEALED ON CONTINGENCY: See T. 35-A, §4392, sub-§6)








1. Established. 
Any licensee operating a nuclear power plant in this State shall establish a segregated
Spent Nuclear Fuel Disposal Trust Fund in accordance with this subchapter for the
eventual disposal of spent nuclear fuel resulting from the use of that fuel before
April 7, 1983. The licensee shall make payments into the fund in accordance with
a schedule based on sound financial practices designed to accumulate sufficient money
to make the payments to the United States Department of Energy in the manner described
in subsection 5. The licensee shall also review the schedule at least annually to
determine if the level of deposits in the fund remains reasonably capable of accumulating
appropriate money for application to these payments.


[
1987, c. 141, Pt. A, §6 (NEW)
.]








2. Financing agreement. 
The licensee shall file with the commission a fully executed spent nuclear fuel
financing agreement between the licensee and each owner, evidencing each owner's acceptance
of its respective share of the ultimate financial responsibility for spent nuclear
fuel. In satisfaction of this requirement, the licensee may submit existing ownership
agreements, together with documentation from each owner, of the applicability of the
agreement to the case of financial responsibility for spent nuclear fuel.


[
1987, c. 141, Pt. A, §6 (NEW)
.]








3. Trustee. 
The licensee shall select a trustee or trustees to manage the money within the fund
to ensure that it will be available when needed. Preference may be given to financial
institutions incorporated in the State if such a determination can be made consistent
with the fiduciary responsibility of the trustees. The licensee may change trustees
at any time upon appropriate notice. Trustees shall be subject to the same duties
and may exercise the same powers as trustees under Title 18-A, article VII, to the
extent that they are not inconsistent with this subchapter. The trustee may appoint
subsidiary financial managers, subject to the approval of the licensee.


[
1987, c. 141, Pt. A, §6 (NEW)
.]








4. Restrictions. 
The following restrictions apply to the fund.





A. The fund shall be segregated from the licensee's assets and administered by an independent
trustee in accordance with this subchapter. [1987, c. 141, Pt. A, §6 (NEW).]










B.
[1999, c. 173, §1 (RP).]










C. The funds shall not be invested in the securities of the owner of any nuclear power
plant. [1987, c. 141, Pt. A, §6 (NEW).]










D. Income to the fund shall be reinvested for the benefit of the fund or used to pay
the reasonable expenses of administration of the fund. [1987, c. 141, Pt. A, §6 (NEW).]










E. The fund may be invested only in a manner consistent with the criteria for decommissioning
trust funds as described in 18 Code of Federal Regulations, Sections 35.32(a)(3) and
35.33(c)(1998). [1999, c. 173, §2 (NEW).]







[
1999, c. 173, §§1, 2 (AMD)
.]








5. Expenditures from the fund. 
The trustee shall make payments from the fund to the United States Department of
Energy in accordance with the United States Nuclear Waste Policy Act of 1982 and any
contract between the licensee and the department under that Act for the disposal of
all spent nuclear fuel used prior to April 7, 1983. Notwithstanding any other provision
of this subsection, the trustee shall make payments from the fund to the licensee
to meet expenditures for interim spent fuel storage costs and to offset those interim
spent fuel storage costs already incurred by the licensee.


[
1999, c. 173, §3 (AMD)
.]








6. Contingent repeal. 
After payment of all fees in accordance with subsection 5, the trustee shall report
to the commission and, upon certification by the commission, the fund shall be dissolved
expeditiously and this subchapter is repealed.


[
RR 2009, c. 2, §104 (COR)
.]








7. Assets remaining in the fund. 
Any assets remaining in the fund at the time of dissolution must be returned, in
proportion to their payments, to the owners and any other persons who originally made
payments to the licensee for the fund. Any amounts returned to the transmission and
distribution utilities within the State will be subject to ultimate rate treatment
by the commission. No portion of the remaining assets in the fund may accrue to the
benefit of the licensee.


[
1999, c. 398, Pt. A, §102 (AMD);
1999, c. 398, Pt. A, §§104, 105 (AFF)
.]





SECTION HISTORY

1987, c. 141, §A6 (NEW).
1999, c. 173, §§1-3 (AMD).
1999, c. 398, §A102 (AMD).
1999, c. 398, §§A104,105 (AFF).
RR 2009, c. 2, §104 (COR).