Section 20-6710. PRIVATE TRUST FUNDS

 

6710.1An owner may satisfy the requirements of § 6700 by establishing a trust fund that conforms to the requirements of this section.

 

6710.2The trustee shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by an agency of the federal government or the District of Columbia.

 

6710.3Each trust agreement shall be in the form prescribed by the Director and shall be accompanied by a formal certification of acknowledgement in the form prescribed in Appendix 67-8 of this chapter.

 

6710.4The 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 mechanism(s) that provide the remaining required coverage.

 

6710.5If the value of the trust fund is greater than the required amount of coverage, the owner may submit a written request to the Director for release of the excess.

 

6710.6If other financial assurance, or combination of assurance mechanisms, as specified in §§ 6703 through 6709, is substituted for all or part of the trust fund, the owner may submit a written request to the Director for release of the excess.

 

6710.7Within sixty (60) days after receiving a request from the owner for release of funds, as specified in §§ 6710.5 or 6710.6 of this section, the Director shall instruct the trustee in writing to release to the owner a specified amount of excess funds determined by the Director to be the proper amount for compliance with the requirements of this chapter.

 

 

authority

Section 13 of the District of Columbia Underground Storage Tank Management Act of 1990, effective March 8, 1991, as amended (D.C. Law 8-242; D.C. Official Code §§ 6-995.1 et seq. (1995 Repl.)); Mayor’s Order 98-58, dated April 17, 1998; Mayor's Order 91-160, dated October 9, 1991; the District of Columbia Water Pollution Control Act of 1984, effective March 16, 1985 (D.C. Law 5-188; D.C. Official Code § 6-921 (1995 Repl.)); and Mayor's Order 85-152, dated September 12, 1985.

source

Final Rulemaking published at 43 DCR 2799 (May 24, 1996), incorporating text of Proposed Rulemaking published at 42 DCR 5765 (October 20, 1995); as amended by Final Rulemaking published at 46 DCR 7699 (October 1, 1999).