1. (a) A person subject to this subchapter shall establish financial assurance for post-response action care for an affected property which meets the requirements of this section, in addition to the requirements specified under:

   1. (1) Subchapter A of this chapter (relating to General Financial Assurance Requirements);
   2. (2) Subchapter B of this chapter (relating to Financial Assurance Requirements for Closure) except for §37.131 of this title (relating to Annual Inflation Adjustments to Closure Cost Estimates) and §37.161 of this title (relating to Establishment of a Standby Trust)
   3. (3) Subchapter C of this chapter (relating to Financial Assurance Mechanisms for Closure); and
   4. (4) Subchapter D of this chapter (relating to Wording of the Mechanisms for Closure), except as specified in this subchapter.
2. (b) The financial assurance shall be in the amount specified in the most recent post-response action care cost estimate required by §350.33(l), (m) or (n) , as applicable, of this title (relating to Remedy Standard B).

3. (c) A person subject to this subchapter may utilize any of the following financial assurance instruments specified in Subchapter C of this chapter (relating to Financial Assurance Mechanisms for Closure) to demonstrate financial assurance for post-response action care:

   1. (1) fully-funded trust;
   2. (2) surety bond guaranteeing payment;
   3. (3) surety bond guaranteeing performance;
   4. (4) irrevocable standby letter of credit;
   5. (5) insurance;
   6. (6) financial test; or
   7. (7) corporate guarantee.
4. (d) A person subject to this subchapter is not subject to §37.31 of this title (relating to Submission of Documents), but a person required by Chapter 350 of this title (relating to Texas Risk Reduction Program) to provide evidence of financial responsibility must submit originally signed financial assurance mechanisms within 90 days of the executive director's approval of the Response Action Plan.

5. (e) For purposes of this subchapter, the following terms shall have the following meanings:

   1. (1) The term "owner or operator" as used in other subchapters of this chapter shall be construed to include "person undertaking a response action subject to Chapter 350 of this title."
   2. (2) The term "closure" as used in other subchapters of this chapter shall be construed to include "post- response action care."
   3. (3) The term "closure plan" as used in other subchapters of this chapter shall be construed to include "response action plan."
   4. (4) The term "closure cost estimate" as used in other subchapters of this chapter shall be construed to include "post-response action care estimate."
   5. (5) References in §§37.221, 37.311, and 37.321 of this title (relating to Surety Bond Guaranteeing Performance for Closure, Wording for Payment Bond, and Wording for Performance Bond) to "registration or permit requirements" or "the registration or permit to(for) operate (operating) under authorization" shall be construed to include "the requirements of 30 TAC Chapter 350 of this title."
6. (f) If an affected property undergoing post-response action care does not have an agency registration or permit number, any references to the agency registration or permit number in the wording of mechanisms specified in Subchapter D of this chapter (relating to Wording of the Mechanisms for Closure) may be replaced with any other applicable name or number assigned by the agency to the subject property.

Source Note:The provisions of this §37.4021 adopted to be effective September 23, 1999, 24 TexReg 7413.