1. (1)

   1. (a) An owner or operator using any one of the mechanisms authorized by s. ATCP 93.713, 93.717, or 93.720 shall establish a standby trust fund when the mechanism is acquired.
   2. (b) The trustee of the standby trust fund 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 standby trust agreement or 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 department shall instruct the trustee to refund the balance of the standby trust fund to the provider of financial assurance if the department 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. (4) An owner or operator may establish one trust fund as the depository mechanism for all funds assured in compliance with this section.

History

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