Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 640 - ABOVEGROUND STORAGE TANK AND PIPELINE FACILITY FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-640-250:10 - APPENDIX X. 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 Department of Environmental Quality, Commonwealth of
				  Virginia, and its successors and assigns the Department of Environmental
				  Quality 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 Department of
				  Environmental Quality 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 Department of
				  Environmental Quality.
Additional Security. This assignment shall secure the payment
				  of any financial obligation of [name of operator] to the Department of
				  Environmental Quality to cover containment and clean up necessitated by
				  discharges of oil arising from operating the aboveground storage tank(s) and
				  pipelines identified below in the amount of [in words] $ [insert dollar amount]
				  per occurrence and [in words] $ [insert dollar amount] annual aggregate:
[List for each facility: the name and address of the facility
				  where tanks assured by this mechanism are located, either the registration
				  identification number assigned by the Department or the Oil Discharge
				  Contingency Plan facility identification number, and whether tanks are assured
				  by this mechanism. If more than one instrument is used to assure different
				  tanks at any one facility, list each tank covered by this instrument.
For pipelines, list: the home office address and the names of
				  the cities and counties in the Commonwealth where the pipeline is
				  located.]
The certificate of deposit may not be drawn on to cover any
				  of the following:
(a) Any obligation
				of operator under a workers' compensation, disability benefits, or unemployment
				compensation law or other similar law;
(b) Bodily injury to an employee of operator
				arising from, and in the course of, employment by 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 an operator that is not the direct result of a
				discharge of oil from an aboveground storage tank and/or pipeline;
(e) Bodily injury or property damage for
				which an 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
				9VAC25-640-50.
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
				  operator] to the Department of Environmental Quality to cover containment and
				  clean up necessitated by discharges of oil arising from operating the
				  aboveground storage tank(s) and pipelines at the [facility name and address].
				  The undersigned authorizes the Department of Environmental Quality to withdraw
				  any principal amount on deposit in the indicated account or instrument
				  including any interest, if indicated, and to apply it in the Department of
				  Environmental Quality's discretion to fund containment and clean up
				  necessitated by discharges of oil arising from operating the aboveground
				  storage tank(s) and pipelines at the [facility name] or in the event of
				  [operator's] failure to comply with the Aboveground Storage Tank and Pipeline
				  Facility Financial Responsibility Requirements, 9VAC25-640. The undersigned
				  agrees that the Department of Environmental Quality 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 X
				  of 9VAC25-640 as such regulations were constituted on the date this Assignment
				  was executed.
SEAL
[Operator]
[print Operator's name]
[Date]
SEAL
[Operator]
[print 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 Department of
				  Environmental Quality, 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: §§ 62.1-44.15 and
					 62.1-44.34:16 of the Code of Virginia.