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§ 18475. Surety Bond.

14 CA ADC § 18475Barclays Official California Code of Regulations

Barclays 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
14 CCR § 18475
§ 18475. Surety Bond.
Currentness
(a) An operator may establish a surety bond to meet the requirements of this Article. The surety company issuing the bond shall, at a minimum, be among those listed as acceptable sureties on federal bonds in the most recent issuance of Circular 570 of the U.S. Department of the Treasury.
(b) The surety bond shall be worded as specified by using one of the following forms which are incorporated by reference;
(1) Form CalRecycle 141 (03/17) “Performance Bond,” which is incorporated herein by reference, for a surety bond guaranteeing performance (See Appendix A.); or
(2) Form CalRecycle 142 (03/17) “Financial Guarantee Bond,” which is incorporated herein by reference, for a surety bond guaranteeing payment. (See Appendix A.)
(c) An operator who uses a surety bond to satisfy the requirements of this Article, or the surety who issues the bond, shall also establish a depository trust fund which meets the requirements of section 18474 of this Article if:
(1) An operator fails to demonstrate alternate financial assurance within 60 days after receiving notice of cancellation of the mechanism;
(2) An operator fails to perform closure in accordance with the applicable approved closure plan and permit requirements when required to do so by the Board or its designee; or
(3) A surety fails to perform such activities on behalf of the operator. This applies to the performance bond only.
(d) Under the terms of the bond, all payments made from the bond shall be deposited by the surety directly into the depository trust fund.
(e) A surety company shall become liable under the terms of the bond, if the Board or its designee determines that the operator has failed to perform closure as guaranteed by the bond.
(f) Under the terms of the bond, a surety may cancel the bond by sending notice of cancellation by certified mail to the operator and the Board or its designee. Cancellation shall not take effect until 120 days after the date of receipt of the notice of cancellation by both the operator and the Board or its designee, as evidenced by the return receipts.
(g) An operator may cancel a bond by sending written notice to the Surety(ies), provided, however, that no such notice shall become effective until the Surety(ies) receive(s) written authorization from the Board or its designee to terminate the bond.

Credits

Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.
History
1. New section filed 2-10-92 as an emergency; operative 2-10-92 (Register 92, No. 21). A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-29-92 as an emergency; operative 6-8-92 (Register 92, No. 25). A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 9-28-92 as an emergency; operative 10-6-92 (Register 92, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-3-92 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 1-25-93 as an emergency; operative 2-2-93 (Register 93, No. 5). A Certificate of Compliance must be transmitted to OAL 6-2-93 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 1-25-93 order transmitted to OAL 5-26-93; disapproved by OAL on 6-22-93 (Register 93, No. 26).
6. New section filed 6-22-93 as an emergency; operative 6-22-93 (Register 93, No. 26). A Certificate of Compliance must be transmitted to OAL 10-20-93 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of History 4 (Register 93, No. 26).
8. Certificate of Compliance as to 6-22-93 emergency order including amendment of subsection (f) transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).
9. Change without regulatory effect amending subsections (b)(1)-(2) filed 4-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 14).
10. Change without regulatory effect amending subsections (b)(1)-(2) and amending forms CalRecycle (formerly CIWMB) 141 and 142 (incorporated by reference) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 14, § 18475, 14 CA ADC § 18475
End of Document