HB 2413 Summary

• Creates the Brownfield Revolving Loan Fund within the Department of Environmental Quality Revolving Fund to provide financial assistance for brownfield remediation under federal Small Business Liability Relief and Brownfields Revitalization Act.

• Fund sources include federal grant income, appropriated monies, interest earned on account balances, and other designated public or private contributions.

• Monies in the fund may be invested in interest-bearing accounts with all earned interest credited back to the Brownfield Revolving Loan Fund.

• Authorizes the Environmental Quality Board to promulgate rules governing the fund according to federal statute, regulations, and state law.

• Exempts the Brownfield Revolving Loan Fund from apportionment requirements in 62 O.S. 2011, Section 203, allowing the Department of Environmental Quality to budget and expend fund monies directly; effective November 1, 2014.