7 Del. Admin. Code § 1352-D-15.0

Current through Register Vol. 28, No. 7, January 1, 2025

Section 1352-D-15.0 - Standby Trust Fund

15.1 Requirements for Use of Standby Trust Fund to Comply with Financial Responsibility

15.1.1 An Owner or Operator using any one of the mechanisms authorized by PART D, Section 6.0, PART D, Section 8.0, PART D, Section 9.0 and PART D, Section 10.0 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 an agency of the State in which the fund is established.

15.1.2 The standby trust agreement shall be worded as shown in PART D, Section 28.0 Form H except that instructions in brackets are to be replaced with the relevant information and the brackets deleted.

15.1.3 The Secretary will instruct the trustee to refund the balance of the standby trust fund to the Provider of Financial Responsibility if the Secretary determines that no additional corrective action costs or third party liability claims will occur as a result of a Release covered by the financial responsibility mechanism for which the standby trust fund was established.

15.1.4 An Owner or Operator may establish one trust fund as the depository mechanism for all funds assured in compliance with PART D.

7 Del. Admin. Code § 1352-D-15.0

20 DE Reg. 815 (4/1/2017) (Final)