La. Admin. Code tit. 33 § XI-1123

Current through Register Vol. 50, No. 9, September 20, 2024

Section XI-1123 - Trust Fund

A. An owner or operator may satisfy the requirements of LAC 33:XI.1107 by establishing 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.

B. The wording of the trust agreement shall be identical to the wording specified in LAC 33:XI.1125.B.1, and shall be accompanied by a formal certification of acknowledgement as specified in LAC 33:XI.1125.B.2.

C. 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 mechanism(s) that provide the remaining required coverage.

D. 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 Office of Environmental Assessment for release of the excess.

E. If other financial assurance as specified in this Chapter is substituted for all or part of the trust fund, the owner or operator may submit a written request to the Office of Environmental Assessment for release of the excess.

F. Within 60 days after receiving a request from the owner or operator for release of funds as specified in Subsection D or E of this Section, the administrative authority will instruct the trustee to release to the owner or operator such funds as the administrative authority specifies in writing.

La. Admin. Code tit. 33, § XI-1123

Promulgated by the Department of Environmental Quality, Office of Solid and Hazardous Waste, Underground Storage Tank Division, LR 16:614 (July 1990), amended by the Office of Environmental Assessment, Environmental Planning Division, LR 26:2561 (November 2000), amended by the Office of the Secretary, Legal Affairs Division, LR 31:2521 (October 2005), LR 33:2174 (October 2007), amended by the Office of the Secretary, Legal Division, LR 38:2764 (November 2012), Amended by the Office of the Secretary, Legal Affairs and Criminal Investigations Division, LR 432146 (11/1/2017), Amended by the Office of the Secretary, Legal Affairs and Criminal Investigations Division, LR 441627 (9/1/2018).

AUTHORITY NOTE: Promulgated in accordance with R.S. 30:2001 et seq.