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§ 18494.5. State Approved Mechanism.

14 CA ADC § 18494.5Barclays 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 10. Financial Responsibility for Operating Liability Claims of Major Waste Tire Facilities
14 CCR § 18494.5
§ 18494.5. State Approved Mechanism.
Currentness
(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.

Credits

Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.
History
1. New section filed 4-1-2003; operative 5-1-2003 (Register 2003, No. 14).
This database is current through 4/12/24 Register 2024, No. 15.
Cal. Admin. Code tit. 14, § 18494.5, 14 CA ADC § 18494.5
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