Missouri Code of State Regulations › Title 10 - DEPARTMENT OF NATURAL RESOURCES › Division 26 - Petroleum and Hazardous Substance Storage Tanks › Chapter 3 - Underground Storage Tanks- Financial Responsibility › Section 10 CSR 26-3.103 - Standby Trust Fund

Current through Register Vol. 49, No. 14, July 15, 2024
PURPOSE: This rule describes the requirements for a
				  standby trust fund.
(1) An
				owner or operator using any one (1) of the mechanisms authorized by
				10 CSR 26-3.096,
				10 CSR 26-3.098, or
				10 CSR 26-3.099
				shall establish a standby trust fund when the mechanism is acquired. 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 this state.
(2) The standby trust agreement must be
				worded as specified in Form 7, included herein.
(3) The standby trust agreement must be
				accompanied by a formal certification of acknowledgment as specified in Form 8,
				included herein.
(4) The director
				will 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.
(5) An owner or operator may establish one
				(1) trust fund as the depository mechanism for all funds assured in compliance
				with this rule.
Form 7-Trust Agreement
The following text should be used to comply with the
				  requirements of
				  10 CSR
				  26-3.102(6) as follows, except that
				  the instructions in brackets are to be replaced by the relevant information and
				  the brackets deleted:
Trust Agreement
Trust agreement, the "Agreement" entered into as of
				  [
date
] by and between [
name of the owner or
				  operator
], a [
name of state
] [
insert
				  "corporation," "partnership," "association," or "proprietorship"
], the
				  "Grantor," and [
name of corporate trustee
], [
insert
				  "Incorporated in the state of" or "a national bank"
], the
				  "Trustee."
Whereas, the Department of Natural Resources, "the
				  department," an agency of the state of Missouri, has established certain
				  regulations applicable to the Grantor, requiring that an owner or operator of
				  an underground storage tank shall provide assurance that funds will be
				  available when needed for corrective action and third-party compensation for
				  bodily injury and property damage caused by sudden and non-sudden accidental
				  releases arising from the operation of the underground storage tank;
Whereas, the Grantor has elected to establish [
insert
				  either "a guarantee," "surety bond," or "letter of credit"
] to provide
				  all or part of such financial assurance for the underground storage tanks
				  identified herein and is required to establish a standby trust fund able to
				  accept payments from the instrument (This paragraph is only applicable to the
				  standby trust agreement.);
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the trustee under this agreement, and
				  the Trustee is willing to act as trustee; Now, therefore, the Grantor and the
				  Trustee agree as follows:
1.
				Definitions
As used in this Agreement:
A. The term "Grantor" means the owner or
				operator who enters into this Agreement and any successors or assigns of the
				Grantor.
B. The term "Trustee"
				means the Trustee who enters into the Agreement and any successor
				Trustee.