Ariz. Admin. Code § 18-12-313

Current through Register Vol. 30, No. 50, December 13, 2024

Section 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.

Ariz. Admin. Code § R18-12-313

Adopted effective September 21, 1992 (Supp. 92-3). Amended by final rulemaking at 25 A.A.R. 3123, effective 10/1/2020.