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Requires owners or operators of bulk oils or liquid fuels terminals to obtain a certificate of financial responsibility from the Department of Environmental Quality. Directs the Environmental Quality Commission to establish rules pertaining to certificates of financial responsibility. Requires the department to report to the Legislative Assembly on the implementation of the Act each even-numbered year. Preempts local governments from requiring financial assurance that exceeds or is in addition to the requirements of the Act. Declares an emergency, effective on passage.