Cal. Code Regs. tit. 14 § 18490

Current through Register 2024 Notice Reg. No. 25, June 21, 2024

Section 18490 - Government Securities

(a) 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 18490(b) below.

(b) The securities shall have been issued and the proceeds already 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 claims by third parties for bodily injury and property damage caused by accidental occurrences and shall remain inviolate against all other claims, including any claims by the operator, the operator's governing body, and the creditors of the operator and its governing body;

(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 or its designee determines are necessary to ensure that the assured funds shall be available in a timely manner.

Cal. Code Regs. Tit. 14, § 18490

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 A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL by 2-3-92 or emergency language will be repealed by operation of law on the following day.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 A Certificate of Compliance must be transmitted to OAL 6-2-93 or emergency language will be repealed by operation of law on the following day.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 transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).

Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.

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 transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).