This bill mandates the establishment of the PFAS Settlement Remediation Fund, an interest-bearing escrow account managed by the Department of Environmental Protection (DEP). The fund will be credited with all financial settlements received from the 3M Company related to perfluoroalkyl and polyfluoroalkyl substances (PFAS) contamination. The DEP is required to utilize the funds exclusively for purchasing filtration systems and other necessary equipment to remove PFAS from drinking water and to remediate PFAS contamination. Additionally, the bill allows for reimbursement to local government units for similar purchases.

Furthermore, the bill outlines a process for local government units to submit receipts for their purchases, which the DEP must approve for reimbursement, contingent on the availability of funds. The DEP is also tasked with preparing an annual report detailing the expenditures from the fund, including the amounts spent on both direct purchases and reimbursements. This report will be submitted to the Governor and the Legislature, ensuring transparency and accountability in the use of the settlement funds.