Ariz. Admin. Code § R18-12-312 - Trust Fund
A. Owners and
operators may satisfy the requirements of
R18-12-303 by establishing a trust
fund that conforms to the requirements of this Section. The trustee shall be an
entity that has the authority to act as a trustee and whose trust operations
are regulated and examined by a federal agency or an agency of the state in
which the fund is established.
B.
The wording of the trust agreement shall be identical to the wording specified
in
40 CFR
280.103(b)(1), amended as of
October 13, 2015, and shall be accompanied by a formal certification of
acknowledgment as specified in
40 CFR
280.103(b)(2), amended as of
October 13, 2015.
C. The trust
fund, when established, shall be funded for the full required amount of
coverage, or funded for part of the required amount of coverage and used in
combination with other mechanisms that provide the remaining required
coverage.
D. If the value of the
trust fund is greater than the required amount of coverage, the owner or
operator may submit a written request to the Director for release of the
excess.
E. If other financial
assurance as specified in the Sections
R18-12-305 through
R18-12-311 and
R18-12-314 through
R18-12-317 is substituted for all
or part of the trust fund, the owner or operator may submit a written request
to the Director for release of the excess.
F. Within 60 days after receiving a request
from the owner or operator for release of funds as specified in subsections (D)
or (E) the Director shall instruct the trustee to release to the owner or
operator such funds as the Director specifies in writing.
Notes
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