(a) The administrator shall require the guarantor, surety, or institution issuing a letter of credit to place the amount of funds stipulated by the administrator up to the limit of funds provided by the financial assurance mechanism into the department's trust and agency account, which operates as a standby trust, if: - (i) The owner and/or operator fails to establish alternate financial assurance within 60 days after receiving notice of cancellation of the guarantee, surety bond, letter of credit, or, as applicable, other financial assurance mechanism; and the administrator determines or suspects that a release from an underground storage tank covered by the mechanism has occurred and so notifies the owner and/or operator or the owner and/or operator has notified the administrator pursuant to Chapter XVII, Water Quality Rules and Regulations, Parts E or F, of a release from an underground storage tank covered by the mechanism, or;
- (ii) The conditions of Sections 13(b) (i) or (b) (ii) (A) or (B) are satisfied.
(b) The administrator may draw on a standby trust fund when: - (i) The administrator makes a final determination that a release has occurred and immediate or long-term corrective action for the release is needed, and the owner and/or operator, after appropriate notice and opportunity to comply, has not conducted corrective action as require under Chapter XVII, Water Quality Rules and Regulations, Part F, or;
- (ii) The administrator has received certification from the owner and/or operator and the third-party liability claimant(s) and from attorneys representing the owner and/or operator and the third-party liability claim ant(s) that a third-party liability claim should be paid. The certification must be worded as specified in 40 CFR 280.108.
- (iii) A valid final court order establishing a judgment against the owner or operator for bodily injury or property damage caused by an accidental release from an underground storage tank covered by financial assurance under this chapter and the administrator determines that the owner or operator has not satisfied the judgment.
(c) If the administrator determines that the amount of corrective action costs and third-party liability claims eligible for payment under Section 13(b) may exceed the balance of the standby trust fund and the obligation of the provider of financial assurance, the first priority for payment shall be corrective action costs necessary to protect human health and the environment. The administrator shall pay third-party liability claims in the order in which the administrator receives certifications under Section 13(b) (ii), and valid court orders under Section 13(b) (iii).
020-19 Wyo. Code R. § 19-13