15 CFR 990.65 - Opening an account for recovered damages.

§ 990.65 Opening an account for recovered damages.

(a)General. Sums recovered by trustees in satisfaction of a natural resource damage claim must be placed in a revolving trust account. Sums recovered for past assessment costs and emergency restoration costs may be used to reimburse the trustees. All other sums must be used to implement the Final Restoration Plan or all or an appropriate component of a Regional Restoration Plan or an existing restoration project.

(b)Joint trustee recoveries -

(1)General. Trustees may establish a joint account for damages recovered pursuant to joint assessment activities, such as an account under the registry of the applicable federal court.

(2)Management. Trustees may develop enforceable agreements to govern management of joint accounts, including agreed-upon criteria and procedures, and personnel for authorizing expenditures out of such joint accounts.

(c)Interest-bearing accounts. Trustees may place recoveries in interest-bearing revolving trust accounts, as provided by section 1006(f) of OPA ( 33 U.S.C. 2706(f)). Interest earned on such accounts may only be used for restoration.

(d)Escrow accounts. Trustees may establish escrow accounts or other investment accounts.

(e)Records. Trustees must maintain appropriate accounting and reporting procedures to document expenditures from accounts established under this section.

(f)Oil Spill Liability Trust Fund. Any sums remaining in an account established under this section that are not used either to reimburse trustees for past assessment and emergency restoration costs or to implement restoration must be deposited in the Oil Spill Liability Trust Fund, as provided by section 1006(f) of OPA ( 33 U.S.C. 2706(f)).