Lawriter - OAC - 3745-92-04 Release of escrow.

3745-92-04 Release of escrow.

(A) The escrow agreement shall be irrevocable unless released by the director upon a showing that the system or part thereof for which the escrow deposit is made:

(1) Has gone out of service and is no longer needed by the persons it formerly served;

(2) Has been acquired and is being operated by a public entity or has come under regulation of the public utilities commission; or

(3) Any other circumstances if the director determines that retention of the escrow deposit is no longer required under section 6109.08 of the Revised Code.

(B) If there is a change of ownership of the system and a release of the escrow agreement pursuant to paragraph (A) of this rule, the escrow deposit shall be released to the new owner.

R.C. 119.032 review dates: 03/17/2011 and 03/17/2016
Promulgated Under: 119.03
Statutory Authority: 6109.04
Rule Amplifies: 6109.03, 6109.04 , 6109.08
Prior Effective Dates: none