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§ 18477. Government Securities.

14 CA ADC § 18477Barclays 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 § 18477
§ 18477. Government Securities.
Currentness
(a) Government securities may be used to cover closure costs only for major waste tire facilities operated by government agencies.
(b) The terms of issuance of government securities shall specify that proceeds from the sale of the securities shall be deposited into a financial assurance mechanism that meets the requirements of Section 18478(d) of this Article.
(c) The securities shall have been issued and the proceeds deposited into the financial assurance mechanism that provides equivalent protection to a trust fund by meeting the following requirements:
(1) Proceeds from the sale of securities shall be used exclusively to pay for closure activities;
(2) The financial operations of the provider of the financial assurance are regulated by a federal or state agency, or the provider is otherwise certain to maintain and disburse the assured funds properly;
(3) If the provider of financial assurance has authority to invest revenue deposited into the mechanism, the provider shall exercise investment discretion similar to a trustee; and
(4) The mechanism meets other requirements that the Board determines are necessary to ensure that the assured funds shall be available in a timely manner.

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 A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.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 repealer and adoption of subsections (a)-(c) transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).
This database is current through 4/19/24 Register 2024, No. 16.
Cal. Admin. Code tit. 14, § 18477, 14 CA ADC § 18477
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