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
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