75-11-708. Brownfields site redevelopment fund -- statutory appropriation. (1) It is the intent of the brownfield program to strengthen communities throughout this state and to promote economic development by encouraging environmental remediation activities and brownfields redevelopment of properties blighted by real or perceived contamination.

(2) The brownfields site redevelopment fund is an account in the state special revenue fund for assessment and cleanup of brownfield sites.

(3) The money in the account:

(a) may be deposited through an allocation of money.

(b) must be deposited through money received by the department in the form of legislative appropriations, reimbursements, gifts, or donations from any source that is intended to be used for the purposes of this account.

(4) The money in the account is statutorily appropriated, as provided in 17-7-502, to the department to be used only for:

(a) investigation and cleanup of petroleum or hazardous substances on an eligible site or facility for the purposes of brownfields redevelopment;

(b) demolition of structures, buildings, or other improvements located on an eligible site or facility;

(c) interior contaminant abatement activities on an eligible site or facility for asbestos abatement activities, as described in 75-2-502, or lead-based paint abatement activities as described in 40 CFR, part 745, subpart E; or

(d) removal of underground tank systems.

(5) Any unspent or unencumbered money in the account at the end of a fiscal year must remain in the account.

(6) Interest income on the account must deposited and remain in the account.