(a) Except as otherwise provided in ¶(b) and in §§ 22225 and § 22226, the operator of each disposal facility shall demonstrate financial responsibility to CalRecycle for initiating and completing known or reasonably foreseeable corrective action in at least the amount of the greater of either the most recently approved or most recently submitted corrective action cost estimate prepared pursuant to § 22101(a) [Water Release Corrective Action Estimate]. Effective July 1, 2011, this ¶ does not apply to an operator that is required to comply with ¶(b).

(b) Except as otherwise provided in §§ 22225 and 22226, effective July 1, 2011, on or before the date of the first permit review or revision or plan review as determined by the schedule in § 21865, the operator of each disposal facility shall demonstrate financial responsibility to CalRecycle for initiating and completing known or reasonably foreseeable corrective action in at least the amount of the greater of:

(c) Except as otherwise provided in §§ 22225 and 22226, in determining the required amount of financial assurances under ¶¶(a) and (b), if a disposal facility is subject to both known and reasonably foreseeable corrective actions, the operator must compare the amounts of the applicable known and reasonably foreseeable corrective action cost estimates and use the estimate with the greatest amount.

(d) The operator must annually adjust the estimate for inflation until the corrective action program is completed in accordance with § 20380 et seq. and § 22100 et seq.

(e) The operator must receive authorization from CalRecycle before reducing the financial mechanism used to demonstrate coverage.