Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 590 - PETROLEUM UNDERGROUND STORAGE TANK FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-590-260:13 - APPENDIX XIII. ASSIGNMENT OF CERTIFICATE OF DEPOSIT ACCOUNT

Current through Register Vol. 40, No. 24, July 15, 2024
[Note: The instructions in brackets are to be replaced by the
				  relevant information and the brackets deleted.]
[Name and Address of Bank]
City _______________________ ____________, 20__
___ FOR VALUE RECEIVED, the undersigned assigns all right,
				  title, and interest to the State Water Control Board, Commonwealth of Virginia,
				  and its successors and assigns the State Water Control Board the principal
				  amount of the instrument, including all moneys deposited now or in the future
				  to that instrument, indicated below:
__If checked here, this assignment includes all interest now
				  and hereafter accrued.
Certificate of Deposit Account No.
				  _____________________
This assignment is given as security to the State Water
				  Control Board in the amount of _______________________ Dollars
				  [$_____________].
Continuing Assignment. This assignment shall continue to
				  remain in effect for all subsequent terms of the automatically renewable
				  certificate of deposit.
Assignment of Document. The undersigned also assigns any
				  certificate or other document evidencing ownership to the State Water Control
				  Board.
Additional Security. This assignment shall secure the payment
				  of any financial obligation of the [name of owner/operator] to the State Water
				  Control Board for "taking corrective action" and/or "compensating third parties
				  for bodily injury and property damage caused by" either "sudden accidental
				  releases" or "nonsudden accidental releases" or "accidental releases" arising
				  from operating the underground storage tank(s) identified below in the amount
				  of [in words] $[insert dollar amount] corrective action per occurrence, [in
				  words] $[insert dollar amount] third party liability per occurrence, and [in
				  words] $[insert dollar amount] annual aggregate:
[List the number of tanks at each facility and the name(s)
				  and address(es) of the facility(ies) where the tanks are located. If more than
				  one instrument is used to assure different tanks at any one facility, for each
				  tank covered by this instrument, list the tank identification number provided
				  in the notification submitted pursuant to
				  9VAC25-580-70 ("Notification
				  requirements" of the Underground Storage Tanks: Technical Standards and
				  Corrective Action Requirements), and the name and address of the facility.]
The certificate of deposit may not be drawn on to cover any
				  of the following:
(a) Any obligation,
				of [insert owner or operator] under a workers compensation, disability
				benefits, or unemployment compensation law or other similar law;
(b) Bodily injury to an employee of [insert
				owner or operator] arising from, and in the course of, employment by [insert
				owner or operator];
(c) Bodily
				injury or property damage arising from the ownership, maintenance, use, or
				entrustment to others of any aircraft, motor vehicle, or watercraft;
(d) Property damage to any property owned,
				rented, loaned to, in the care, custody, or control of, or occupied by [insert
				owner or operator] that is not the direct result of a release from a petroleum
				underground storage tank;
(e)
				Bodily injury or property damage for which [insert owner or operator] is
				obligated to pay damages by reason of the assumption of liability in a contract
				or agreement other than a contract or agreement entered into to meet the
				requirements of
				9VAC25-590-40 ("Amount and scope of
				financial responsibility requirement" of the Virginia Petroleum Underground
				Storage Tank Financial Responsibility Requirements).
Application of Funds. The undersigned agrees that all or any
				  part of the funds of the indicated account or instrument may be applied to the
				  payment of any and all financial responsibility obligations of [name of
				  owner/operator] to the State Water Control Board for "taking corrective action"
				  and/or "compensating third parties for bodily injury and property damage caused
				  by" either "sudden accidental releases" or "nonsudden accidental releases" or
				  "accidental releases" arising from operating the underground storage tank(s) at
				  the [facility name and address]. The undersigned authorizes the State Water
				  Control Board to withdraw any principal amount on deposit in the indicated
				  account or instrument including any interest, if indicated, and to apply it in
				  the State Water Control Board's discretion to fund "taking corrective action"
				  and/or "compensating third parties for bodily injury and property damage caused
				  by" either "sudden accidental releases" or "nonsudden accidental releases" or
				  "accidental releases" arising from operating the underground storage tank(s) at
				  the [facility name] or in the event of [owner or operator's] failure to comply
				  with the Petroleum Underground Storage Tank Financial Responsibility
				  Requirements, 9VAC25-590. The undersigned agrees that the State Water Control
				  Board may withdraw any principal and/or interest from the indicated account or
				  instrument without demand or notice. [The undersigned] agrees to assume any and
				  all loss of penalty due to federal regulations concerning the early withdrawal
				  of funds. Any partial withdrawal of principal or interest shall not release
				  this assignment.
The party or parties to this Assignment set their hand or
				  seals, or if corporate, has caused this assignment to be signed in its
				  corporate name by its duly authorized officers and its seal to be affixed by
				  authority of its Board of Directors the day and year above written.
The party or parties to this Assignment also certify that the
				  wording of this Assignment is identical to the wording specified in Appendix
				  XIII of 9VAC25-590 as such regulations were constituted on the date this
				  Assignment was executed.
______________________
SEAL
[Owner/Operator signature]
_____________________-
_______
[print Owner or Operator's name]
[Date]
_____________________
SEAL
[Owner/Operator signature]
_____________________
_______
[print Owner or Operator's name]
[Date]
THE FOLLOWING SECTION IS TO BE COMPLETED BY THE BRANCH OR
				  LENDING OFFICE:
The signature(s) as shown above compare correctly with the
				  name(s) as shown on record as owner(s) of the Certificate of Deposit indicated
				  above. The above assignment has been properly recorded by placing a hold in the
				  amount of $ _______________________ for the benefit of the State Water Control
				  Board, Commonwealth of Virginia.
__ If checked here, the accrued interest on the Certificate
				  of Deposit indicated above has been maintained to capitalize versus being
				  mailed by check or transferred to a deposit account.
_____________________________________
___________
[Signature]
[Date]
_____________________________________
[print name]
_____________________________________
[Title]
_____________________________________
Mailing address of branch or lending office
Area code and telephone number of branch or lending
						  office
Statutory Authority: §§ 62.1-44.34:9 and
					 62.1-44.34:12 of the Code of Virginia; 40 CFR Part
					 280.