30 Tex. Admin. Code § 37.9185 - Trust Fund Requirements
(a) An owner or
operator may satisfy the requirements of financial assurance by establishing a
fully funded trust that conforms to the requirements of this subchapter and by
submitting an originally signed duplicate of the executed trust agreement to
the executive director.
(b) 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 or state
agency.
(c) The wording of the
trust agreement must be identical to the wording specified in §
37.9190(a) of
this title (relating to Trust Agreement Wording), including a formal
certification of acknowledgment as specified in §
37.9190(b) of
this title.
(d) Schedule A of the
trust agreement as specified in §
37.9190(a) of
this title must be updated within 60 days after an approved change in the
amount of the current cost estimate.
(e) A fully funded trust requires that the
initial payment into the trust fund be at least equal to the current cost
estimate, or when a combination of mechanisms are used in accordance with
§
37.41 of this title (relating to
Use of Multiple Financial Assurance Mechanisms), the initial payment plus the
amount of the combined mechanism(s) must be at least equal to the current cost
estimate. A receipt from the trustee for the initial payment must be submitted
by the owner or operator to the executive director with the originally signed
duplicate of the trust agreement.
(f) After the initial payment for a fully
funded trust, whenever the current cost estimate changes, the owner or operator
must compare the new estimate with the trustee's most recent annual valuation
of the trust fund. If the value of the fund is less than the amount of the new
estimate, the owner or operator, within 30 days after the change in the current
cost estimate, must either deposit an amount into the fund so that its value
after this deposit at least equals the amount of the current cost estimate, or
obtain an additional financial assurance mechanism as specified in this
subchapter to cover the difference.
(g) If the value of the trust fund is greater
than the total amount of the current cost estimate, the owner or operator may
submit a written request to the executive director for release of the amount in
excess of the current cost estimate.
(h) Within 60 days after receiving a request
from the owner or operator for release of funds as specified in subsection (g)
of this section, the executive director shall instruct the trustee to release
to the owner or operator such funds as the executive director specifies in
writing.
(i) An owner or operator
or any other person authorized by the executive director to perform reclamation
at the quarry or restoration related to the quarry, may request reimbursement
expenditures for reclamation at the quarry or restoration related to the quarry
by submitting itemized bills to the executive director. The request shall
include an explanation of the expenses and all applicable itemized bills. The
owner or operator may request reimbursements for partial reclamation or
restoration only if sufficient funds are remaining in the trust fund to cover
the maximum remaining costs for reclamation at the quarry or restoration
related to the quarry. After receiving bills for reclamation or restoration
activities, the executive director shall instruct the trustee to make
reimbursement in such amounts as the executive director specifies in writing,
if the executive director determines that the partial or final reclamation or
restoration expenditures are in accordance with the approved reclamation or
restoration plan activities, or are otherwise justified. If the executive
director has reason to believe that the cost of reclamation at the quarry or
restoration related to the quarry will be greater than the value of the trust
fund, the executive director may withhold reimbursement of such amounts as
deemed prudent until it is determined, in accordance with Subchapters A and B
of this chapter (relating to General Financial Assurance Requirements and
Financial Assurance Requirements for Closure, Post Closure, and Corrective
Action) that the owner or operator is no longer required to maintain financial
assurance for reclamation or restoration.
(j) If an owner or operator substitutes other
financial assurance as specified in this section 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 amount in excess of the current cost estimate
covered by the trust fund.
Notes
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