30 Tex. Admin. Code § 37.850 - Trust Fund
(a) An owner or
operator may satisfy the requirements of §
37.815 of this title (relating to
Amount and Scope of Required Financial Assurance) by establishing a trust fund
that conforms to the requirements of this section. The trustee must 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 of
Texas.
(b) The wording of the trust
agreement must be identical to the wording specified in §
37.855(b) of
this title (relating to Standby Trust Fund), and must be accompanied by a
formal certification of acknowledgment as specified in §
37.855(c) of
this title.
(c) The trust fund,
when established, must 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 mechanism(s) 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 executive director for release of the excess.
(e) If other financial assurance as specified
in this subchapter is substituted for all or part of the trust fund, the owner
or operator may submit a written request to the executive 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) of this section, the executive director
will instruct the trustee to release to the owner or operator such funds as the
executive director specifies in writing.
Notes
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