Section 173-360-436. Standby trust fund.

(1) An owner or operator using any one of the mechanisms authorized by WAC 173-360-416, 173-360-423, or 173-360-426 shall establish a standby trust fund when the mechanism is acquired. The trustee of the standby trust fund 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.

(2)(a) The standby trust agreement or trust agreement shall be worded as set forth in WAC 173-360-490, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted.

(b) The standby trust agreement or trust agreement shall be accompanied by a formal certification of acknowledgment similar to that set forth in WAC 173-360-493.

(3) The director will 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 third-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.

(4) An owner or operator may establish one trust fund as the depository mechanism for all funds assured in compliance with this rule.

[Statutory Authority: Chapter 90.76 RCW. WSR 90-24-017, § 173-360-436, filed 11/28/90, effective 12/29/90.]

Chapter 90.76 RCW. WSR 90-24-017, § 173-360-436, filed 11/28/90, effective 12/29/90.

Rules

173-360-416,173-360-423,173-360-426,173-360-490,173-360-493,