[Code of Federal Regulations]

[Title 15, Volume 3]

[Revised as of January 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 15CFR990.65]



[Page 396-397]

 

                  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



[[Page 397]]



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)).