Section 18494.5 - State Approved Mechanism(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.Cal. Code Regs. Tit. 14, § 18494.5
1. New section filed 4-1-2003; operative 5-1-2003 (Register 2003, No. 14). Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.
1. New section filed 4-1-2003; operative 5-1-2003 (Register 2003, No. 14).