|(a) An owner or operator may satisfy the requirements of §37.815
of this title (relating to Amount and Scope of Required Financial Assurance)
by establishing a trust fund that conforms to the requirements of this section.
The trustee 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 an
agency of the State of Texas.
(b) The wording of the trust agreement must be identical to
the wording specified in §37.855(b) of this title (relating to Standby
Trust Fund), and must be accompanied by a formal certification of acknowledgment
as specified in §37.855(c) of this title.
(c) The trust fund, when established, must be funded for the
full required amount of coverage, or funded for part of the required amount
of coverage and used in combination with other mechanism(s) that provide 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 executive director for release of the excess.
(e) If other financial assurance as specified in this subchapter
is substituted for all or part of the trust fund, the owner or operator may
submit a written request to the executive director for release of the excess.
(f) Within 60 days after receiving a request from the owner
or operator for release of funds as specified in subsections (d) or (e) of
this section, the executive director will instruct the trustee to release
to the owner or operator such funds as the executive director specifies in