OK SB1163

Amends 17 O.S. 2011, Section 353 regarding the Petroleum Storage Tank Indemnity Fund administered by the Corporation Commission.

Removes provisions allowing state agencies to receive reimbursement from the Indemnity Fund when purchasing property with storage tanks from qualified owners if an eligible release occurred prior to acquisition.

Eliminates the co-pay reimbursement mechanism that previously allowed state agencies to access the fund at the same reimbursement level as qualified private owners or operators.

Becomes effective July 1, 2012, with an emergency clause declaring immediate necessity for preservation of public peace, health and safety.