Section 20-6711. STANDBY TRUST FUNDS

 

6711.1An owner using any of the mechanisms authorized under §§ 6706, 6708, or 6709 shall establish a standby trust fund when the mechanism is acquired.

 

6711.2The trustee of a standby trust fund shall be an entity that has the authority to act as a trustee and whose trust operations are examined and regulated by an agency of the federal government or the District of Columbia.

 

6711.3Each standby trust agreement or trust agreement shall be in the form prescribed in Appendix 67-8 of this chapter, and shall be accompanied by formal certification of acknowledgement also in the form prescribed in Appendix 67-8.

 

6711.4The Director shall instruct the trustee to refund the balance of the standby trust fund to the provider of financial assurance if the Director 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.

 

6711.5An owner may establish a single trust fund as the depository mechanism for all funds assured in compliance with this chapter, including standby trust funds.

 

 

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).