official translation REPUBLIC OF LITHUANIA law on the STATE ENTERPRISE IGNALINA NUCLEAR POWER PLANT decommissioning fund

official translation REPUBLIC OF LITHUANIA law on the STATE ENTERPRISE IGNALINA NUCLEAR POWER PLANT decommissioning fund 12 July 2001 No. IX-466 Vilnius Article

1. Purpose of the Law This Law shall establish the procedure for setting up, administration, liquidation of the State Enterprise Ignalina Nuclear Power Plant (hereinafter referred to as the Ignalina NPP) Decommissioning Fund, accumulation and compensation for funds, use, accounting, and control of the funds. Article
2. Setting up the Fund The Ignalina NPP Decommissioning Fund (hereinafter referred to as the Fund) shall be set up by means of this Law. The founder of the Fund shall be the Government of the Republic of Lithuania, the administrator - the Council of the Fund, the manager – the Ministry of Economy of the Republic of Lithuania, keeper – the Ministry of Finance of the Republic of Lithuania. Article
3. Funds of the Fund Resources of the Fund shall consist of: 1) deductions of the Ignalina NPP from revenue received for sold electricity; 2) volunteer target contributions of foreign countries, international organisations and financial institutions, as well as legal and natural persons of the Republic of Lithuania; 3) proceeds obtained from the sale of the property during the closure; 4) interest on the resources of the Fund and income for the resources of the Fund used to acquire public securities (bonds); 5) other funds. Article
4. Accumulation of Resources of the Fund
5. The Ignalina NPP shall, from the day of coming into force of this Law, pay to the Fund deductions from revenue received for sold electricity.
6. The amount of deductions to the Fund shall be annually approved by the Government of the Republic of Lithuania. Article
7. Accumulation of Funds Necessary for Decommissioning of the Ignalina NPP
8. The Government of the Republic of Lithuania shall, invoking the provisions of this Law, negotiate with providers of international financial support funds necessary for decommissioning of the Ignalina NPP, intended for: 1) technical decommissioning projects; 2) disposal of and long-term storage of radioactive waste, including spent fuel; 3) financing social programmes of the Ignalina NPP region; 4) compensate for funds which will not be obtained because of early closure of an energy unit.
9. Funds which will not be received because of early closure, shall be calculated for a time period from the final shutdown of an energy unit till the end of the 30-year operational period, equally allotting the expenses related to decommissioning through the whole 30-year operational period.
10. Negotiations of the Government of the Republic of Lithuania with the sponsors shall establish a part of funds being received from the sponsors and a remaining uncovered part funds, which is accumulated at the Fund from the sources provided for in Article 3 of this Law. Article
11. Administration of the Fund
12. Procedure for administration, management of the Fund, keeping and use of funds shall be established by the Regulations of the Fund approved by the Government of the Republic of Lithuania.
13. The Council of the Fund shall consist of 7 members from State government and municipal institutions, the Ignalina NPP and scientific institutions. They shall be appointed by the Government of the Republic of Lithuania.
14. The Council of the Fund shall: 1) decide which measures of the programme on the decommissioning of an energy unit of the Ignalina NPP must be financed with the resources of the Fund; 2) co-ordinate and give its consent to an annual estimate of the use of the Fund's resources, prepared by the Ministry of Economy of the Republic of Lithuania, submit to the Government of the Republic of Lithuania for consideration. This estimate together with a draft law on the approval of financial indicators of the State budget and municipal budgets of an appropriate year shall be submitted by the Government of the Republic of Lithuania to the Seimas of the Republic of Lithuania for consideration and approval; 3) co-ordinate the use of the resources of the Fund for the acquisition of public securities (bonds); 4) give its consent to an annual report on the use of the resources of the Fund, prepared by the Ministry of Economy of the Republic of Lithuania and the Ministry of Finance of the Republic of Lithuania, and submit it to the Government of the Republic of Lithuania for approval. Article
15. Use of Resources of the Fund
16. Resources of the Fund together with the resources of the Ignalina International Decommissioning Support Fund shall be used to finance the following needs and (or) to finance partially: 1) technical and social projects pertaining to the decommissioning of an energy unit of the Ignalina NPP and the Decommissioning Service; 2) management, disposal of and long-term storage of radioactive waste of the Ignalina NPP, including spent fuel; 3) compensation for nuclear damage.
17. Resources of the Fund intended for financing the measures provided for in the programme on the decommissioning of an energy unit of the Ignalina NPP shall be allocated in accordance with an annual estimate of the use of the Fund's resources, approved by the Seimas of the Republic of Lithuania.
18. Resources of the Fund may not be used for the purposes other than those established by this Law.
19. The Ministry of Finance shall, after consultation with the Council of the Fund, use temporary free resources of the Fund to acquire public securities (bonds), by guaranteeing their return to the Fund for the financing of the measures specified in paragraph 1 of this Article. Article
20. Accounting and Control of Fund's Resources
21. The keeper of the Fund shall ensure the accounting of the resources of the Fund, complying with the legal acts regulating financial accounting and statement.
22. The use of the resources of the Fund shall be controlled by the State Control.
23. An annual estimate and annual report on the use of the resources of the Fund shall be available to the public – published in the Valstybės žinios. Article
24. Liquidation of the Fund The Fund shall be liquidated upon the completion of the decommissioning of the Ignalina NPP and disposal of radioactive waste. Procedure of the liquidation of the Fund and the use of balance of the resources shall be established by the Government of the Republic of Lithuania. Article
25. Coming into Force of the Law This Law shall come into force on 1 January
26. Article
27. Final Provisions
28. The resources accumulated in the State Enterprise Ignalina Nuclear Power Plant Decommissioning Fund, set up by Resolution of the Government of the Republic of Lithuania No. 1403 of 2 November 1995, which are kept in a special account of the State Treasury of the Republic of Lithuania shall become the resources of the Fund from the day of coming into force of this Law. Resources of the Fund shall be further accumulated in the same special account of the State Treasury of the Republic of Lithuania.
29. The Government of the Republic of Lithuania shall, within a month from the coming into force of this Law, approve the Regulations of the Fund. I promulgate this Law passed by the Seimas of the Republic of Lithuania. PRESIDENT OF THE REPUBLIC VALDAS ADAMKUS