1. (a) The permittee shall secure and maintain a performance bond or other equivalent form of financial assurance or guarantee approved by the commission as identified in §331.144 of this title (relating to Financial Assurance for Plugging and Abandonment) to ensure the closing, plugging, abandonment, and post-closure care of the injection operation in the manner prescribed by the commission. The assurance may cover more than one well or operation. For new Class I and Class III injection wells, and Class I salt cavern disposal wells and associated salt caverns, financial security shall be provided at least 60 days prior to the commencement of drilling operations for the well. All assurance shall be effective before commencement of drilling operations. For converted wells and other previously constructed wells, financial security shall be provided at least 30 days prior to permit issuance and be effective upon permit issuance.
2. (b) The requirement to maintain financial responsibility is enforceable regardless of whether the requirement is a condition of the permit.

Source Note:The provisions of this §331.142 adopted to be effective October 16, 1992, 17 TexReg 6780; amended to be effective January 2, 1995, 19 TexReg 10099.