Section R. 29.2165a - Trust fundRule 65a. Section 280.102 is added as adopted from the July 15, 2015, EPA-UST rules as follows:
Section 280.102.
(a) An O/O may satisfy the requirements of section 280.93 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 in which the fund is established.(b) The wording of the trust agreement must be identical to the wording specified in subdivision 280.103(b)(1), and must be accompanied by a formal certification of acknowledgment as specified in subdivision 280.103(b)(2).(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 O/O may submit a written request to the director of the implementing agency for release of the excess.(e) If other financial assurance as specified in this subpart is substituted for all or part of the trust fund, the O/O may submit a written request to the director of the implementing agency for release of the excess.(f) Within 60 days after receiving a request from the O/O for release of funds as specified in subsection (d) or (e) of this section, the director of the implementing agency shall instruct the trustee to release to the O/O such funds as the director specifies in writing.Mich. Admin. Code R. 29.2165a
2018 MR 21, Eff. 11/14/2018