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Round 3-12: Site-Specific Special Accounts




Reform Description
The purpose of this reform is to encourage greater use of Special Accounts. The Special Accounts, which accrue interest, hold settlement funds to be used for future response actions at Superfund sites.

In October 1996, the Office of Management and Budget (OMB) approved EPA's methodology for calculating Special Account interest. In late October 1996, EPA sent a memorandum to the Regions outlining the agreement with OMB, providing principal and interest balances in Special Accounts, and providing directions on how to request these funds. In February 1997, EPA updated and supplemented its 1996 guidance to the Regions.

Since 1997, EPA has worked to ensure that its Regions (program, counsel, and finance offices) understand how to create and use Special Accounts.

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Reform Status
check mark Implementation of this reform is complete.

EPA will continue to promote and refine the use of Special Accounts, and develop guidance as needed.

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Results
As a result of this reform, EPA:
  • Reached agreement that interest can accrue directly to Special Accounts.

  • Established 120 Special Accounts, collected over $220 million in principal, and earned over $19 million in interest on that principal during FY03.
SITE-SPECIFIC SPECIAL ACCOUNTS
Through Fiscal Year
Special Accounts Established
Collected Principal
Interest Earned
2003
345
$1.1 billion
$177 million
2002
225
$880 million
$158 million

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Success Stories
Allied Paper Site, Kalamazoo, MI

At the Allied Paper site, Special Account funds in the amount of $4.0 million will be used for response action. [FY98 Success]

Nyanza Site, Ashland, MA

Special Account funds in the amount of $4.1 million will be used to conduct or fund response actions at the Nyanza site. [FY98 Success]

Peak Oil Site, Tampa, FL

At the Peak Oil site, Special Account funds in the amount of $2.3 million will be used to conduct soil and ground water remediation. [FY98 Success]

Cherokee County, KS

Special Account funds in the amount of $2.25 million will be used to conduct future work at the Cherokee County site, including ground water and surface water remediation, soil cleanup, and public water supplies. [FY97 Success]

Jasper County, MO

Special Account funds in the amount of $5.9 million will be used to conduct future work at the Oronogo-Duenweg Mining Belt site, which may include public water supplies and/or individual water treatment units, surface water remediation, and engineering controls. [FY97 Success]

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Documents

Title: Memorandum: Interim Final Guidance on Disbursement of Funds From EPA Special Accounts to CERCLA Potentially Responsible Parties
Date: November 3, 1998
Synopsis: This guidance addresses the circumstances under which a PRP may receive special account funds; timing and amount of special account disbursements; special account disbursement priorities; disposition of special account funds after completion of the response action addressed in the settlement; the disbursement process; and implementation of the guidance.

Title: Update and Implementation of the Superfund Reform on Special Accounts
Date: February 7, 1997
Synopsis: EPA sent this memorandum to its Regional offices to update them on the status of the reform and to advise them on how to implement the OMB-EPA agreement on interest.

Title: Fact Sheet: Special Accounts Accruing Interest on Settlement Funds
Date: June 4, 1996
Synopsis: This document outlines EPA's agreement with OMB and the Department of the Treasury, which states that interest earned by Special Accounts can be credited to these accounts and used by the Agency to carry out the settlement agreements.

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