South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-92 - UNDERGROUND STORAGE TANK CONTROL REGULATIONS › Part 280 - TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST) › Subpart H - FINANCIAL RESPONSIBILITY › Section 61-92.280.H.103 - STANDBY TRUST FUND

Current through Register Vol. 48, No. 6, June 28, 2024
(a) An
				  owner or operator using any one of the mechanisms authorized by Sections
				  280.96, 280.98, or 280.99 must establish a standby trust fund when the
				  mechanism is acquired. The trustee of the standby trust fund must 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 a South Carolina
				  agency.
(b)
(1) The standby trust agreement, or trust
				  agreement, must be worded as follows, except that instructions in brackets are
				  to be replaced with 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 SOUTH CAROLINA" or "a national bank"], the "Trustee."
Whereas, the United States Environmental Protection Agency,
					 "EPA," an agency of the United States Government, and the Department of Health
					 and Environmental Control, an agency of the state of South Carolina, have
					 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
					 nonsudden accidental releases arising from the operation of the underground
					 storage tank. The attached Schedule A lists the number of tanks at each
					 facility and the name(s) and address(es) of the facility(ies) where the tanks
					 are located that are covered by the [insert ''standby'' where trust agreement
					 is standby trust agreement] trust agreement.
[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:
Section 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 this Agreement and any
				  successor Trustee.