Ariz. Admin. Code § R18-12-313 - Standby Trust Fund
A. Owners and
operators using any one of the mechanisms authorized by
R18-12-306,
R18-12-308, and
R18-12-309 shall establish a
standby trust fund when the mechanism is acquired. The trustee of the standby
trust fund 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 standby trust agreement shall be
worded as provided in
40 CFR 280.103(b)
(1) and 40 CFR 280.103(b)(2), amended as of
October 13, 2015, except that instructions in brackets are to be replaced with
the relevant information and the brackets deleted.
C. The Director shall instruct the trustee to
refund the balance of the standby trust fund to the provider of financial
assurance if the Director determines that no additional corrective action costs
or 3rd-party liability claims will occur as a result of a release covered by
the financial assurance mechanism for which the standby trust fund was
established.
D. Owners and
operators may establish one standby trust fund as the depository mechanism for
all funds assured in compliance with this Article.
Notes
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