30 Tex. Admin. Code § 37.211 - Surety Bond Guaranteeing Payment
(a) An
owner or operator may satisfy the requirements of financial assurance by
obtaining a surety bond which conforms to the requirements of this section, in
addition to the requirements specified in Subchapters A and B of this chapter
(relating to General Financial Assurance Requirements and Financial Assurance
Requirements for Closure, Post Closure, and Corrective Action), and submitting
an originally signed surety bond to the executive director.
(b) The surety company issuing the bond must,
at a minimum, be among those listed as acceptable sureties on Federal bonds in
Circular 570 of the United States Department of the Treasury.
(c) The wording of the surety bond must be
identical to the wording specified in §
37.311 of this title (relating to
Payment Bond).
(d) The bond must
guarantee that the owner or operator shall:
(1) fund the standby trust fund as required
in §
37.161 of this title (relating to
Establishment of a Standby Trust) in an amount equal to the penal sum of the
bond before the beginning of final closure of, or corrective action at, the
facility;
(2) fund the standby
trust fund as required in §
37.161 of this title in an amount
equal to the penal sum within 15 days after an administrative order to begin
final closure or corrective action issued by the executive director becomes
final, or within 15 days after an order to begin final closure or corrective
action is issued by the United States district court or other court of
competent jurisdiction; or
(3)
provide alternate financial assurance as specified in this subchapter, and
obtain the executive director's written approval of the assurance provided,
within 90 days after receipt by both the owner or operator and the executive
director of a notice of cancellation of the bond from the surety.
(e) Under the terms of the bond,
the surety shall become liable on the bond obligation when the owner or
operator fails to perform as guaranteed by the bond.
(f) The penal sum of the bond must be in an
amount at least equal to the current cost estimate, except as provided in
§
37.41 of this title (relating to
Use of Multiple Financial Assurance Mechanisms), §
37.51 of this title (relating to
Use of a Financial Assurance Mechanism for Multiple Facilities), or §
37.52 of this title (relating to
Use of a Universal Financial Assurance Mechanism for Multiple Facilities and
Program Areas).
(g) Under the terms
of the bond, the surety may cancel the bond by sending notice of cancellation
by certified mail to the owner or operator and to the executive director.
Cancellation may not occur, however, during the 120 days beginning on the date
of receipt of the notice of cancellation by both the owner or operator and the
executive director, as evidenced by the return receipts.
Notes
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