An owner or operator of a Class A or B petroleum-substance contaminated soil storage, treatment, or reuse facility subject to this subchapter shall establish financial assurance for the closure the facility that meets the requirements of this section, in addition to the requirements specified under Subchapters A, B, C, and D of this chapter (relating to General Financial Assurance Requirements; Financial Assurance Requirements for Closure; Financial Assurance Mechanisms for Closure; and Wording of the Mechanisms for Closure).

1. (1) The financial assurance shall be in the amount specified in the cost estimate for closure pursuant to §334.508 of this title (relating to Closure Requirements Applicable to Class A and Class B Facilities).

2. (2) An owner or operator subject to this subchapter may utilize a(n):

   1. (A) fully-funded trust;
   2. (B) surety bond guaranteeing payment;
   3. (C) surety bond guaranteeing performance;
   4. (D) irrevocable standby letter of credit;
   5. (E) insurance;
   6. (F) financial test; or
   7. (G) corporate guarantee, as specified in Subchapter C of this chapter (relating to Financial Assurance Mechanisms for Closure) to demonstrate financial assurance for closure.
3. (3) Within 60 days after receiving certifications from the owner or operator and an independent qualified hydro geologist, geologist, or independent registered professional engineer that closure has been completed in accordance with the approved closure plan, the executive director shall notify the owner or operator in writing that he is no longer required by this section to maintain financial assurance for closure, as specified in Subchapter B of this chapter (relating to Financial Assurance Requirements for Closure) for that facility, unless the executive director has reason to believe that closure has not been in accordance with the approved closure plan.

Source Note:The provisions of this §37.1011 adopted to be effective December 30, 1996, 21 TexReg 12297.