Mich. Admin. Code R. 425.303 - Trust fund or escrow account
Rule 303.
(1) Subject to R 425.301, an operator may satisfy all or a portion of the financial assurance requirements by establishing a trust fund that conforms to the requirements of this rule. The trustee shall be a bank or other financial institution that has the authority to act as a trustee and whose trust operations are subject to federal or state oversight. The trust agreement shall be executed on a form approved by the department and shall designate the department as the sole beneficiary.
(2) Subject to R 425.301, an operator may satisfy all or a portion of the financial assurance requirements by establishing an escrow account that conforms to the requirements of this rule. The escrow account shall be maintained by a bank or other financial institution whose account operations are subject to federal or state oversight.
(3) Investments of the trust fund shall be reviewed and approved by the department and may include the following fixed income investments:
(a) U.S. treasury obligations.
(b) State issued securities.
(c) Time deposits.
(d) Other investments of similar risk as approved by the department.
Notes
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