020-1 Wyo. Code R. §§ 1-60 - Drawing on Financial Assurance Mechanisms

(a) The administrator shall require the guarantor, surety, or institution issuing a letter of credit to place the amount of funds stipulated by the administrator, up to the limit of funds provided by the financial assurance mechanism, into the department's Trust and Agency Account, which operates as a standby trust if:

(i) The owner and/or operator fails to establish alternate financial assurance within 60 days after receiving notice of cancellation of the guarantee, surety bond, letter of credit, or, as applicable, other financial assurance mechanism; and the administrator determines or suspects that a release from a UST covered by the mechanism has occurred and so notifies the owner and/or operator, or the owner and/or operator has notified the administrator pursuant to Part E of a release from a UST covered by the mechanism; or

(ii) The conditions of Section 60(b)(i) or 60(b)(ii)(A) or (B) are satisfied.

(b) The administrator may draw on a standby trust fund when:

(i) The administrator makes a final determination that a release has occurred and immediate or long-term corrective action for the release is needed, and the owner and/or operator, after appropriate notice and opportunity to comply, has not conducted corrective action as required under Part E.

(ii) The administrator has received either:

(A) Certification from the owner and/or operator, the third-party liability claimant(s), and both party's attorneys that a third-party liability claim should be paid. The certification shall be worded as specified in 40 CFR 280.112, as referenced in Section 2, or

(B) A valid final court order establishing a judgment against the owner and/or operator for bodily injury or property damage caused by an accidental release from a UST covered by financial assurance under this Part and the administrator determines that the owner and/or operator has not satisfied the judgment.

(c) If the administrator determines that the corrective action costs and third-party liability claims eligible for payment under Section 60(b) may exceed the balance of the standby trust fund and the obligation of the financial assurance provider, the first priority for payment shall be corrective action costs necessary to protect human health and the environment. The administrator shall pay third-party liability claims in the order in which the administrator receives certifications under Section 60(b)(ii)(A) and valid court orders under Section 60(b)(ii)(B).

Notes

020-1 Wyo. Code R. §§ 1-60

Adopted, Eff. 6/29/2018.