California Code of Regulations
Title 14 - Natural Resources
Division 7 - Department of Resources Recycling and Recovery
Chapter 6 - Permitting of Waste Tire Facilities and Waste Tire Hauler Registration and Tire Manifests
Article 9 - Financial Assurance Requirements for Closure of a Major Waste Tire Facility
Section 18478.5 - State Approved Mechanism
Universal Citation: 14 CA Code of Regs 18478.5
Current through Register 2024 Notice Reg. No. 38, September 20, 2024
(a) An operator may satisfy the requirements of this Chapter by obtaining any other mechanism that meets the following criteria, and that is approved by the Board.
(1) The financial assurance mechanism(s) must ensure that the amount of funds assured is sufficient to cover the costs assured when needed;
(2) The financial assurance mechanism(s) must ensure that funds will be available in a timely fashion when needed;
(3) The financial assurance mechanism(s) must be obtained by the operator before the first waste is received at a new facility and before any other financial mechanism is cancelled at existing facilities. The financial mechanism must be maintained until the operator is released from the financial assurance requirements under this Chapter.
(4) The financial assurance mechanism(s) must be legally valid, binding, and enforceable under California and Federal law.
1. New section filed 4-1-2003; operative 5-1-2003 (Register 2003, No. 14).
Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Sections 40502 and 42821, Public Resources Code.
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