Section 850. Trust fund

A. A permit holder or applicant may satisfy the requirements of this article by establishing a trust fund that conforms to the requirements of subsection B of this section and submitting an originally signed duplicate of the trust agreement to the department.

B. Trust fund requirements.

1. The trustee must be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by the Commonwealth of Virginia, by a federal agency, or by an agency of another state.

2. The trust fund for liability coverage must be funded for the full amount of the liability coverage to be provided by the trust fund before it may be relied upon to satisfy the requirements of this section. If at any time after the trust fund is created, the amount of funds in the trust fund is reduced below the full amount of the liability coverage to be provided, the permit holder or applicant, by the anniversary date of the establishment of the fund, must either add sufficient funds to the trust fund to cause its value to be equal to the full amount of the liability coverage to be provided, or obtain other alternate financial assurance as specified in this section to cover the difference.

3. For purpose of this section, "the full amount of liability coverage provided" means the amount of coverage for clean-up costs, personal injury, bodily injury, and personal damage resulting from the transport, storage, or land application of biosolids in Virginia.

4. The wording of the trust fund must be identical to that specified in the Trust Fund form.

Historical Notes

Derived from Volume 29, Issue 24, eff. September 1, 2013.

Statutory Authority

§ 62.1-44.15 of the Code of Virginia.