Section 329IAC9-8-12. Trust fund

   (a) An owner or operator may satisfy the requirements of section 4 of this rule by establishing a trust fund that conforms to this section. The trustee must be an entity:

(1) that has the authority to act as a trustee; and

(2) whose trust operations are regulated and examined by:

(A) a federal agency; or

(B) an agency of the state in which the fund is established.

  (b) The wording of the trust agreement must be:

(1) identical to the wording specified in section 13(b)of this rule; or

(2) accompanied by a formal certification of acknowledgment as specified in section 13(c) and 13(d) of this rule.

  (c) The trust fund, when established, must be funded for:

(1) the full required amount of coverage; or

(2) part of the required amount of coverage and used in combination with another mechanism that provides 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 commissioner for release of the excess.

  (e) If other financial assurance as specified in this rule is substituted for all or part of the trust fund, the owner or operator may submit a written request to the commissioner for release of the excess.

  (f) Within sixty (60) days after receiving a request from the owner or operator for release of funds as specified in subsection (d) or (e), the commissioner shall instruct the trustee to release to the owner or operator such funds as the commissioner specifies in writing. (Solid Waste Management Division; 329 IAC 9-8-12; filed Jul 19, 1999, 12:00 p.m.: 22 IR 3742; readopted filed Jan 10, 2001, 3:25 p.m.: 24 IR 1535)