N.J. Admin. Code § 7:26C-5.4

Current through Register Vol. 56, No. 24, December 18, 2024

Section 7:26C-5.4 - Remediation trust fund requirements

(a) Any person who is required or chooses to establish a remediation trust fund as a remediation funding source or financial assurance pursuant to this subchapter shall submit to the Department the original remediation trust fund agreement. The remediation trust fund agreement must:

1. Be executed by an entity that has the authority to act as a trustee, whose trust operations are regulated and examined by a New Jersey or Federal agency, and who is not the person responsible for conducting the remediation;

2. Include the applicable case number, the program interest name, program interest number (preferred ID), site name, and site address;

3. Specify that the remediation trust fund cannot be revoked or terminated without the prior written approval of the Department;

4. Indicate that the trustee may only disburse those funds from the remediation trust fund:

i. If the remediation of the site is under direct oversight by the Department pursuant to N.J.S.A. 58:26C-27, the Department shall approve in writing the amount to be disbursed; or

ii. For all other sites, the licensed site remediation professional shall approve in writing the amount to be disbursed;

5. Specify that the funds in the remediation trust fund shall be utilized solely for the purposes of conducting the remediation approved by either the Department or the licensed site remediation professional; and

6. Identify the Department as the sole beneficiary of the remediation trust fund.

(b) Any person responsible for conducting the remediation that uses a remediation trust fund to satisfy the requirements of this subchapter shall annually, at least 30 days prior to the anniversary date of when that person was obligated to establish a remediation funding source or financial assurance, submit to the Department a written statement from the trustee confirming the value of the trust in an amount that the Department has approved or a licensed site remediation professional has certified, and confirming that the trust shall continue to exist for the next consecutive 12-month period.

N.J. Admin. Code § 7:26C-5.4

Amended by 50 N.J.R. 1715(b), effective 8/6/2018