DEP Form 62-761.900(3) Part H "Storage Tank Standby Trust Fund Agreement" - Florida

What Is DEP Form 62-761.900(3) Part H?

This is a legal form that was released by the Florida Department of Environmental Protection - a government authority operating within Florida.The document is a supplement to DEP Form 62-761.900(3), Storage Tank Certificate of Insurance. As of today, no separate filing guidelines for the form are provided by the issuing department.

Form Details:

  • Released on October 1, 2019;
  • The latest edition provided by the Florida Department of Environmental Protection;
  • Easy to use and ready to print;
  • Quick to customize;
  • Compatible with most PDF-viewing applications;
  • Fill out the form in our online filing application.

Download a fillable version of DEP Form 62-761.900(3) Part H by clicking the link below or browse more documents and templates provided by the Florida Department of Environmental Protection.

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Download DEP Form 62-761.900(3) Part H "Storage Tank Standby Trust Fund Agreement" - Florida

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SAVE
PRINT
CLEAR
A copy of financial instruments kept off-site shall be made
DEP Form 62-761.900(3) Part H
available for inspection upon five business days notice.
Form Title: Financial Mechanisms for Storage Tanks
Part H: ST Standby Trust Fund Agreement
Form Effective Date October 2019
Incorporated in Rules 62-761.420 and 62-762.421, F.A.C.
STATE OF FLORIDA
STORAGE TANK STANDBY TRUST FUND AGREEMENT
Reference: 40 CFR 280.103(b)
TRUST AGREEMENT, the "Agreement," entered into as of
, by and between
Sunbiz
[Date]
, a
[Name of owner or operator]
[Name of State]
, the "Grantor," and
,
[Legal Entity Type (e.g., corporation, partnership, sole proprietorship)]
[Name of Corporate Trustee]
,
Address of Corporate Trustee
, the "Trustee," for account number
.
[Insert "incorporated in the state of [state]" or "a national bank"]
Whereas, the Florida Department of Environmental Protection (FDEP), an agency of the State of Florida, has established
certain regulations applicable to the Grantor, requiring that an owner or operator of a storage tank shall provide assurance
that funds will be available when needed for corrective action and third-party compensation for bodily injury and property
damage caused by sudden and nonsudden accidental discharges arising from the operation of the storage tank. The
attached Schedule A lists the number of tanks at each facility and the name(s), FDEP identification number(s), and
address(es) of the facility(ies) where the tanks are located that are covered by the standby trust agreement.
Whereas, the Grantor has elected to establish a
to provide all or part of such
[Insert "guarantee", "surety bond", or "letter of credit"]
financial assurance for the storage tanks identified herein and is required to establish a standby trust fund able to accept
payments from the instrument;
Whereas, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this
agreement, and the Trustee is willing to act as trustee;
Now, therefore, the Grantor and the Trustee agree as follows:
Section 1. Definitions
As used in this Agreement:
(a) The term "Grantor" means the owner or operator who enters into this Agreement and any successors or assigns of
the Grantor.
(b) The term "Trustee" means the Trustee who enters into this Agreement and any successor Trustee.
Section 2. Identification of the Financial Assurance Mechanism
This Agreement pertains to the
for which the standby trust fund is
[Insert "guarantee”, "surety bond”, or "letter of credit"]
established to receive payments.
Section 3. Establishment of Fund
The Grantor and the Trustee hereby establish a trust fund, the "Fund," for the benefit of the FDEP. The Grantor and the
Trustee intend that no third party have access to the Fund except as herein provided. (The Fund is established as a
standby trust and initially shall not consist of any property.) Payments made by the provider of financial assurance
pursuant to the FDEP Secretary or the Secretary's designee ("designee") instruction are transferred to the Trustee and
are referred to as the Fund, together with all earnings and profits thereon, less any payments or distributions made by the
Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The
Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to
collect from the Grantor as provider of financial assurance, any payments necessary to discharge any liability of the
Grantor established by the FDEP.
Part H page 1 of 5
DEP Form 62-761.900(3)
Entire form page 22 of 42
SAVE
PRINT
CLEAR
A copy of financial instruments kept off-site shall be made
DEP Form 62-761.900(3) Part H
available for inspection upon five business days notice.
Form Title: Financial Mechanisms for Storage Tanks
Part H: ST Standby Trust Fund Agreement
Form Effective Date October 2019
Incorporated in Rules 62-761.420 and 62-762.421, F.A.C.
STATE OF FLORIDA
STORAGE TANK STANDBY TRUST FUND AGREEMENT
Reference: 40 CFR 280.103(b)
TRUST AGREEMENT, the "Agreement," entered into as of
, by and between
Sunbiz
[Date]
, a
[Name of owner or operator]
[Name of State]
, the "Grantor," and
,
[Legal Entity Type (e.g., corporation, partnership, sole proprietorship)]
[Name of Corporate Trustee]
,
Address of Corporate Trustee
, the "Trustee," for account number
.
[Insert "incorporated in the state of [state]" or "a national bank"]
Whereas, the Florida Department of Environmental Protection (FDEP), an agency of the State of Florida, has established
certain regulations applicable to the Grantor, requiring that an owner or operator of a storage tank shall provide assurance
that funds will be available when needed for corrective action and third-party compensation for bodily injury and property
damage caused by sudden and nonsudden accidental discharges arising from the operation of the storage tank. The
attached Schedule A lists the number of tanks at each facility and the name(s), FDEP identification number(s), and
address(es) of the facility(ies) where the tanks are located that are covered by the standby trust agreement.
Whereas, the Grantor has elected to establish a
to provide all or part of such
[Insert "guarantee", "surety bond", or "letter of credit"]
financial assurance for the storage tanks identified herein and is required to establish a standby trust fund able to accept
payments from the instrument;
Whereas, the Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this
agreement, and the Trustee is willing to act as trustee;
Now, therefore, the Grantor and the Trustee agree as follows:
Section 1. Definitions
As used in this Agreement:
(a) The term "Grantor" means the owner or operator who enters into this Agreement and any successors or assigns of
the Grantor.
(b) The term "Trustee" means the Trustee who enters into this Agreement and any successor Trustee.
Section 2. Identification of the Financial Assurance Mechanism
This Agreement pertains to the
for which the standby trust fund is
[Insert "guarantee”, "surety bond”, or "letter of credit"]
established to receive payments.
Section 3. Establishment of Fund
The Grantor and the Trustee hereby establish a trust fund, the "Fund," for the benefit of the FDEP. The Grantor and the
Trustee intend that no third party have access to the Fund except as herein provided. (The Fund is established as a
standby trust and initially shall not consist of any property.) Payments made by the provider of financial assurance
pursuant to the FDEP Secretary or the Secretary's designee ("designee") instruction are transferred to the Trustee and
are referred to as the Fund, together with all earnings and profits thereon, less any payments or distributions made by the
Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, IN TRUST, as hereinafter provided. The
Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to
collect from the Grantor as provider of financial assurance, any payments necessary to discharge any liability of the
Grantor established by the FDEP.
Part H page 1 of 5
DEP Form 62-761.900(3)
Entire form page 22 of 42
Section 4. Payment for Corrective Action and/or Third-Party Liability Claims (as applicable)
The Trustee shall make payments from the Fund as the FDEP Secretary or designee shall direct, in writing, to provide for
the payment of the costs of
[Insert "taking corrective action" and/or "compensating third parties for bodily injury and property damage caused by"]
arising from operating the tanks covered by the
[Insert “accidental discharges” or “sudden accidental discharges” or “nonsudden
accidental discharges” or leave blank if only corrective action is covered]
financial assurance mechanism identified in this Agreement. The Fund may not be drawn upon to cover any of the
following:
(a)
Any obligation of the owner or operator under a workers' compensation, disability benefits, or unemployment
compensation law or other similar law;
(b)
Bodily injury to an employee of the owner or operator arising from, and in the course of, employment by the owner
or operator;
(c)
Bodily injury or property damage arising from the ownership, maintenance, use, or entrustment to others of any
aircraft, motor vehicle, or watercraft;
(d)
Property damage to any property owned, rented, loaned to, in the care, custody, or control of, or occupied by the
owner or operator that is not the direct result of a discharge from a storage tank;
(e)
Bodily injury or property damage for which the owner or operator is obligated to pay damages by reason of the
assumption of liability in a contract or agreement other than a contract or agreement entered into to meet the
requirements of 40 CFR 280.93 and/or paragraph 62-762.421(3)(c), F.A.C.
The Trustee shall reimburse the Grantor, or other persons as specified by the FDEP Secretary or designee from the Fund
for corrective action expenditures and/or third-party liability claims (as applicable) in such amounts as the FDEP Secretary
or designee shall direct in writing. In addition, the Trustee shall refund to the Grantor such amounts as the FDEP
Secretary or designee specifies in writing. Upon refund, such funds shall no longer constitute part of the Fund as defined
herein.
Section 5. Payments Comprising the Fund
Payments made to the Trustee for the Fund shall consist of cash and securities acceptable to the Trustee.
Section 6. Trustee Management
The Trustee shall invest and reinvest the principal and income of the Fund and keep the Fund invested as a single fund,
without distinction between principal and income, in accordance with general investment policies and guidelines which the
Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of this Section.
In investing, reinvesting, exchanging, selling, and managing the Fund, the Trustee shall discharge his duties with respect
to the trust fund solely in the interest of the beneficiaries and with the care, skill, prudence, and diligence under the
circumstances then prevailing which persons of prudence, acting in a like capacity and familiar with such matters, would
use in the conduct of an enterprise of a like character and with like aims; except that:
(a)
Securities or other obligations of the Grantor, or any other owner or operator of the tanks, or any of their affiliates as
defined in the Investment Company Act of 1940, as amended, 15 U.S.C. 80a-2(a), shall not be acquired or held,
unless they are securities or other obligations of the federal or a state government;
(b)
The Trustee is authorized to invest the Fund in time or demand deposits of the Trustee, to the extent insured by an
agency of the federal or state government; and
(c)
The Trustee is authorized to hold cash awaiting investment or distribution uninvested for a reasonable time and
without liability for the payment of interest thereon.
Section 7. Commingling and Investment
The Trustee is expressly authorized in its discretion:
(a)
To transfer from time to time any or all of the assets of the Fund to any common, commingled, or collective trust
fund created by the Trustee in which the Fund is eligible to participate, subject to all of the provisions thereof, to be
commingled with the assets of other trusts participating therein; and
(b)
To purchase shares in any investment company registered under the Investment Company Act of 1940, 15 U.S.C.
80a-1 et seq., including one which may be created, managed, underwritten, or to which investment advice is
rendered or the shares of which are sold by the Trustee. The Trustee may vote such shares in its discretion.
Section 8. Express Powers of Trustee
Without in any way limiting the powers and discretions conferred upon the Trustee by the other provisions of this
Agreement or by law, the Trustee is expressly authorized and empowered:
Part H page 2 of 5
DEP Form 62-761.900(3)
Entire form page 23 of 42
(a)
To sell, exchange, convey, transfer, or otherwise dispose of any property held by it, by public or private sale. No
person dealing with the Trustee shall be bound to see to the application of the purchase money or to inquire into the
validity or expediency of any such sale or other disposition;
(b)
To make, execute, acknowledge, and deliver any and all documents of transfer and conveyance and any and all
other instruments that may be necessary or appropriate to carry out the powers herein granted;
(c)
To register any securities held in the Fund in its own name or in the name of a nominee and to hold any security in
bearer form or in book entry, or to combine certificates representing such securities with certificates of the same
issue held by the Trustee in other fiduciary capacities, or to deposit or arrange for the deposit of such securities in a
qualified central depository even though, when so deposited, such securities may be merged and held in bulk in the
name of the nominee of such depository with other securities deposited therein by another person, or to deposit or
arrange for the deposit of any securities issued by the United States Government, or any agency or instrumentality
thereof, with a Federal Reserve bank, but the books and records of the Trustee shall at all times show that all such
securities are part of the Fund;
(d)
To deposit any cash in the Fund in interest-bearing accounts maintained or savings certificates issued by the
Trustee, in its separate corporate capacity, or in any other banking institution affiliated with the Trustee, to the
extent insured by an agency of the federal or state government; and
(e)
To compromise or otherwise adjust all claims in favor of or against the Fund.
Section 9. Taxes and Expenses
All taxes of any kind that may be assessed or levied against or in respect of the Fund and all brokerage commissions
incurred by the Fund shall be paid from the Fund. All other expenses incurred by the Trustee in connection with the
administration of this Trust, including fees for legal services rendered to the Trustee, the compensation of the Trustee to
the extent not paid directly by the Grantor, and all other proper charges and disbursements of the Trustee shall be paid
from the Fund.
Section 10. Advice of Counsel
The Trustee may from time to time consult with counsel, who may be counsel to the Grantor, with respect to any
questions arising as to the construction of this Agreement or any action to be taken hereunder. The Trustee shall be fully
protected, to the extent permitted by law, in acting upon the advice of counsel.
Section 11. Trustee Compensation
The Trustee shall be entitled to reasonable compensation for its services as agreed upon in writing from time to time with
the Grantor.
Section 12. Successor Trustee
The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective
until the Grantor has appointed a successor trustee and this successor accepts the appointment. The successor trustee
shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee's
acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and
properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation
of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for
instructions. The successor trustee shall specify the date on which it assumes administration of the trust in writing sent to
the Grantor and the present Trustee by certified mail 10 days before such change becomes effective. Any expenses
incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 9.
Section 13. Instructions to the Trustee
All orders, requests, and instructions by the Grantor to the Trustee shall be in writing, signed by such persons as are
designated in the attached Schedule B or such other designees as the Grantor may designate by amendment to
Schedule B. The Trustee shall be fully protected in acting without inquiry in accordance with the Grantor's orders,
requests, and instructions. All orders, requests, and instructions by the FDEP Secretary or designee to the Trustee shall
be in writing, signed by the FDEP Secretary or designee, and the Trustee shall act and shall be fully protected in acting in
accordance with such orders, requests, and instructions. The Trustee shall have the right to assume, in the absence of
written notice to the contrary, that no event constituting a change or a termination of the authority of any person to act on
behalf of the Grantor or the FDEP Secretary or designee hereunder has occurred. The Trustee shall have no duty to act in
the absence of such orders, requests, and instructions from the Grantor and/or the FDEP Secretary or designee, except
as provided for herein.
Section 14. Amendment of Agreement
This Agreement may be amended by an instrument in writing executed by the Grantor and the Trustee, or by the Trustee
and the FDEP Secretary or designee if the Grantor ceases to exist.
Part H page 3 of 5
DEP Form 62-761.900(3)
Entire form page 24 of 42
Section 15. Irrevocability and Termination
Subject to the right of the parties to amend this Agreement as provided in Section 14, this Trust shall be irrevocable and
shall continue until terminated at the written direction of the Grantor and the Trustee, or by the Trustee and the FDEP
Secretary or designee, if the Grantor ceases to exist. Upon termination of the Trust, all remaining trust property, less final
trust administration expenses, shall be delivered to the Grantor.
Section 16. Immunity and Indemnification
The Trustee shall not incur personal liability of any nature in connection with any act or omission, made in good faith, in
the administration of this Trust, or in carrying out any directions by the Grantor or the FDEP Secretary or designee issued
in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by the Grantor, from and
against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its official capacity,
including all expenses reasonably incurred in its defense in the event the Grantor fails to provide such defense.
Section 17. Choice of Law
This Agreement shall be administered, construed, and enforced according to the laws of the State of Florida or the
Comptroller of the Currency in the case of National Association banks.
Section 18. Interpretation
As used in this Agreement, words in the singular include the plural and words in the plural include the singular. The
descriptive headings for each section of this Agreement shall not affect the interpretation or the legal efficacy of this
Agreement.
In witness whereof the parties have caused this Agreement to be executed by their respective officers duly authorized and
their corporate seals (if applicable) to be hereunto affixed and attested as of the date first above written. The persons
whose signatures appear below hereby certify that the wording of this instrument is identical to the wording as adopted and
incorporated by reference in Rule(s) 62-761.420 and/or 62-762.421, F.A.C.
GRANTOR
TRUSTEE
(SEAL)
[Authorized Signature for Grantor]
[Authorized Signature for Trustee]
[Type Name and Title]
[Type Name and Title]
[Telephone Number]
[Telephone Number]
[Email Address]
[Email Address]
[Signature of Witness or Notary]
[Printed Name of Witness or include Notary Seal]
[Date]
(See attached Certification of Acknowledgment, and Schedules A and B.)
Part H page 4 of 5
DEP Form 62-761.900(3)
Entire form page 25 of 42
Certification of Acknowledgment for Storage Tank Standby Trust Fund Agreement
[The Certification of Acknowledgment for Storage Tank Standby Trust Fund Agreement may be witnessed or notarized.]
State of
County of
The foregoing instrument was acknowledged before me this
day of
, 20
,
by
as
of
[Name of person]
[Title]
, the legal entity described in and which executed
[Owner or operator]
the above instrument.
or
(SEAL)
[Signature of witness]
[Signature of Notary Public]
Personally known
or
Produced identification
[Printed name of witness]
Type of identification produced:
SCHEDULE A
This Agreement (with a funding instrument) demonstrates financial assurance for the following facility(ies).
[List information for each facility. See Instruction #6 on page i for details. Indicate “See attachment” if required.]
FDEP FacID
Facility Name and Site Address
Number of Tanks or
(for sites in Florida)
(for all sites covered)
Tank I.D. Nos.
SCHEDULE B
All orders, requests, and instructions by the Grantor to the Trustee shall be in writing and signed by one of the
following persons:
[Type Name and Title]
[Type Name and Title]
[Type Name and Title]
(These are examples of the three attachments that must accompany a standby trust fund agreement.)
Part H page 5 of 5
DEP Form 62-761.900(3)
Entire form page 26 of 42
Page of 5