[Code of Federal Regulations]

[Title 40, Volume 26]

[Revised as of July 1, 2006]

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

[CITE: 40CFR280.102]



[Page 540-541]

 

                   TITLE 40--PROTECTION OF ENVIRONMENT

 

         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)

 

PART 280_TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR 

OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST)--Table of Contents

 

                   Subpart H_Financial Responsibility

 

Sec.  280.102  Trust fund.



    (a) An owner or operator may satisfy the requirements of Sec.  

280.93 by establishing a trust fund that conforms to the requirements of 

this section. The trustee 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.

    (b) The wording of the trust agreement must be identical to the 

wording specified in Sec.  280.103(b)(1), and must be accompanied by a 

formal certification of acknowledgement as specified in Sec.  

280.103(b)(2).

    (c) The trust fund, when established, must be funded for the full 

required amount of coverage, or funded for part of the required amount 

of coverage and



[[Page 541]]



used in combination with other mechanism(s) that provide the remaining 

required coverage.

    (d) If the value of the trust fund is greater than the required 

amount of coverage, the owner or operator may submit a written request 

to the Director of the implementing agency for release of the excess.

    (e) If other financial assurance as specified in this subpart is 

substituted for all or part of the trust fund, the owner or operator may 

submit a written request to the Director of the implementing agency for 

release of the excess.

    (f) Within 60 days after receiving a request from the owner or 

operator for release of funds as specified in paragraph (d) or (e) of 

this section, the Director of the implementing agency will instruct the 

trustee to release to the owner or operator such funds as the Director 

specifies in writing.