[Code of Federal Regulations]
[Title 15, Volume 3]
[Revised as of January 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 15CFR990.65]

[Page 393-394]
 
                  TITLE 15--COMMERCE AND FOREIGN TRADE
 
CHAPTER IX--NATIONAL OCEANIC AND ATMOSPHERIC ADMINISTRATION, DEPARTMENT 
                               OF COMMERCE
 
PART 990--NATURAL RESOURCE DAMAGE ASSESSMENTS--Table of Contents
 
               Subpart F--Restoration Implementation Phase
 
Sec. 990.65  Opening an account for recovered damages.

    (a) General. Sums recovered by trustees in satisfaction of a natural 
resource damage claim must be placed in a revolving trust account. Sums 
recovered for past assessment costs and emergency restoration costs may 
be used to reimburse the trustees. All other sums must be used to 
implement the Final Restoration Plan or all or an appropriate component 
of a Regional Restoration Plan or an existing restoration project.
    (b) Joint trustee recoveries. (1) General. Trustees may establish a 
joint account for damages recovered pursuant to

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joint assessment activities, such as an account under the registry of 
the applicable federal court.
    (2) Management. Trustees may develop enforceable agreements to 
govern management of joint accounts, including agreed-upon criteria and 
procedures, and personnel for authorizing expenditures out of such joint 
accounts.
    (c) Interest-bearing accounts. Trustees may place recoveries in 
interest-bearing revolving trust accounts, as provided by section 
1006(f) of OPA (33 U.S.C. 2706(f)). Interest earned on such accounts may 
only be used for restoration.
    (d) Escrow accounts. Trustees may establish escrow accounts or other 
investment accounts.
    (e) Records. Trustees must maintain appropriate accounting and 
reporting procedures to document expenditures from accounts established 
under this section.
    (f) Oil Spill Liability Trust Fund. Any sums remaining in an account 
established under this section that are not used either to reimburse 
trustees for past assessment and emergency restoration costs or to 
implement restoration must be deposited in the Oil Spill Liability Trust 
Fund, as provided by section 1006(f) of OPA (33 U.S.C. 2706(f)).