1. (a) Use of local government guarantee to satisfy financial assurance. An owner/operator may demonstrate financial assurance for closure, post-closure, and corrective action by obtaining a written guarantee provided by a local government ("guarantor").
2. (b) Requirements of guarantor. The guarantor must meet the requirements of the local government financial test in OAC 252:515-27-82, and must comply with the terms of a written guarantee.

3. (c) Terms of guarantee. The guarantee must provide include the following provisions.

   1. (1) Failure to perform. If the owner/operator fails to perform closure, post-closure care, and/or corrective action of a facility covered by the guarantee, the guarantor will:

      1. (A) perform, or pay a third party to perform, closure, post-closure care, and/or corrective action as required; or
      2. (B) establish a fully funded trust fund as specified in OAC 252:515-27-76 in the name of the owner/operator.
   2. (2) Guarantee will remain in force. The guarantee will remain in force unless the guarantor sends notice of cancellation by certified mail to the owner/operator and to the DEQ. Cancellation may not occur, however, during the 120 days beginning on the date of receipt of the notice of cancellation by both the owner/operator and the DEQ, as evidenced by the return receipts.
   3. (3) Obtain alternate financial assurance after cancellation. If a guarantee is canceled by the local government, the owner/operator must, within 90 days following receipt of the cancellation notice, obtain DEQ approved alternate financial assurance meeting the requirements of this Part.
   4. (4) Failure to provide alternate financial assurance. If the owner/operator fails to provide alternate financial assurance within the 90-day period, the guarantor must provide DEQ approved alternate assurance within 120 days following receipt of the guarantor's notice of cancellation.

4. (d) Local government guarantor no longer qualifies.

   1. (1) Obtain alternative financial assurance. If a local government guarantor no longer meets the requirements of OAC 252:515-27-82, the owner/operator must, within 90 days of receipt of such notice, obtain DEQ approved alternative assurance meeting the requirements of this Part.
   2. (2) Failure to provide alternate financial assurance. If the owner/operator fails to obtain alternate financial assurance within that 90-day period, the guarantor must provide DEQ approved alternate assurance within the next 30 days.
5. (e) Recordkeeping and reporting. The owner/operator must submit a certified copy of the guarantee along with the items required under OAC 252:515-27-82(h) to the DEQ for approval, and place the approved documents in the operating record.

Added at 20 Ok Reg 1151, eff 6-1-03