An owner or operator who uses a surety bond or an irrevocable standby
letter of credit to satisfy the requirements of this chapter must establish
a standby trust fund. Under the terms of the bond or letter of credit, all
payments made under the bond or all amounts paid pursuant to a draft by the
executive director shall be deposited by the surety or issuing institution
directly into the standby trust fund or in accordance with instructions from
the executive director. This standby trust fund must meet the requirements
of the trust fund specified in §37.201 of this title (relating to Trust
Fund), except that:
(1) an originally signed duplicate of the trust agreement must
be submitted to the executive director with the surety bond or irrevocable
standby letter of credit; and
(2) unless the standby trust fund is funded pursuant to
the requirements of this chapter, the following are not required by this section:
(A) payments into the trust fund as specified in §37.201
of this title;
(B) updating of Schedule A of the trust agreement to show current
cost estimates for closure, post closure, or corrective action;
(C) annual valuations as required by the trust agreement; and
(D) notices of nonpayment as required by the trust agreement.
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