Terms of Exxon Spill Settlement
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WASHINGTON — The settlement between Exxon Corp. and the federal government over the Exxon Valdez oil spill contains the following elements:
* A $100-million criminal penalty to be paid immediately. Of that amount, $50 million will go directly to the U.S. Treasury and $50 million to the state of Alaska for restoration of damaged natural resources.
* A $900-million fund for natural resource restoration in Prince William Sound. Of the total, $135 million will repay money that the federal government has already spent on research and clean-up. The remaining $765 million will be paid to the U.S. Treasury over the next 10 years.
The money will be distributed by three federal and three state agencies: the National Oceanic and Atmospheric Administration, the Department of Agriculture, the Department of the Interior, the Alaska Department of Fish and Game, the Alaska Department of Environmental Conservation and the Alaska Attorney General’s Office.
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