1. (1) To use a trust fund to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall establish a trust fund that conforms to the requirements of this section. The trustee shall 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. (2) The wording of the trust agreement shall be identical to the wording specified in 40 CFR 280.103 (b) (1), except for the following:

   1. (a) The instructions in brackets in the agreement shall be replaced by the relevant information and the brackets deleted.

   2. (b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made:

      1. 1. Reference in the agreement to underground tanks shall be amended to refer to aboveground tanks.

      2. 2. Certification that wording is identical to the wording required in 40 CFR 280.103 (b) (1) shall be deleted.

         Note: A link to 40 CFR 280 is available at the following Web site: https://www.ecfr.gov/current/title-40/chapter-I/subchapter-I/part-280.

3. (3) The trust agreement shall be accompanied by a formal certification of acknowledgment as specified in 40 CFR 280.103 (b) (2).
4. (4) The trust fund, when established, shall be funded for the full required amount of coverage or funded for part of the required amount of coverage and used in combination with other mechanisms that provide the remaining required coverage.
5. (5) 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 department for release of the excess.
6. (6) If other financial assurance as specified in this subchapter is substituted for all or part of the trust fund, the owner or operator may submit a written request to the department for release of the excess.
7. (7) Within 60 days after receiving a request from the owner or operator for release of funds as specified in sub. (5) or (6), the department shall instruct the trustee to release to the owner or operator such funds as the department specifies in writing.

History

History: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19.