Ariz. Admin. Code § 11-3-806

Current through Register Vol. 30, No. 25, June 21, 2024

Section R11-3-806 - Trust

A. A responsible party may satisfy the financial assurance requirements in the Act and this Chapter by establishing an irrevocable trust with the State of Arizona as the primary beneficiary.

B. The responsible party shall ensure the trust fund established under subsection (A) has a pay-in period that meets the requirements of the Act and this Chapter.

C. The responsible party shall:

1. Submit a duplicate of the trust agreement, with an original signature, to the Inspector to be placed in the operating record of the aggregate exploration operation or mining unit or facility;

2. Initially fund the trust in an amount equal to or greater than the estimated cost in the approved reclamation plan to reclaim surface disturbances existing when the trust is established and all other surface disturbances to occur during the first year of the trust;

3. Make payments to the trust at least annually no later than 30 days after the anniversary date of the initial funding made under subsection (C)(2); and

4. Ensure annual payments made to the trust under subsection (C)(3) are in an amount equal to or greater than the amount required to pay all costs to reclaim surface disturbances made during the annual period.

D. If a responsible party establishes a trust under subsection (A) after having used one or more alternative financial assurance mechanisms, the responsible party shall still comply with the provisions in subsection (C) except the amount of initial funding shall be equal to or greater than the estimated cost not covered by the alternative financial assurance mechanisms.

Ariz. Admin. Code § R11-3-806

Adopted by final rulemaking at 25 A.A.R. 828, effective 5/11/2019.