“Designated amount” means an amount equal to one hundred nine million seven hundred fifty thousand dollars ($109,750,000), subject to the following:
(a) Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000) shall be retained in the Oil Spill Response Trust Fund as cash.
(b) Fifty-four million eight hundred seventy-five thousand dollars ($54,875,000) shall be accessible in the Oil Spill Response Trust Fund in the form of financial security obtained by the Treasurer.
(Amended by Stats. 1996, Ch. 362, Sec. 14. Effective January 1, 1997.)
Last modified: October 25, 2018