R11-3-805. Certificate of Deposit

A responsible party may offer a certificate of deposit as financial assurance required under the Act and this Chapter. The responsible party shall ensure a certificate of deposit offered as financial assurance: 1. Is payable or assigned to the State Treasurer; 2. Complies with A.R.S. § 35-155 and any rules made under it; 3. Is on a form provided by or acceptable to the Inspector; 4. Assigns and transfers all rights, title, and interest in the certificate of deposit to the State Treasurer except accruing interest remains the property of the responsible party; 5. Provides the State Treasurer the right to redeem, collect, and withdraw the full amount of the certificate of deposit at any time without notice to the responsible party; and 6. Provides the assignment remains in effect until the Inspector authorizes its release in writing.