30 Tex. Admin. Code § 37.7031 - Financial Assurance Requirements for Post Closure
(a) An owner or operator subject to this
subchapter may be required to establish financial assurance for post closure of
each existing and new Class I hazardous well and each existing and new Class I
salt cavern disposal well and associated salt cavern, in a manner that meets
the requirements of this section, in addition to the requirements specified
under Subchapters A, B, C, and D of this chapter (relating to General Financial
Assurance Requirements; Financial Assurance Requirements for Closure, Post
Closure, and Corrective Action; Financial Assurance Mechanisms for Closure,
Post Closure, and Corrective Action; and Wording of the Mechanisms for Closure,
Post Closure, and Corrective Action), §
331.68 of this title (relating to
Post-Closure Care), and §
331.171 of this title (relating to
Post-Closure Care).
(b) An owner or
operator required to provide financial assurance for post closure may use any
of the mechanisms specified in Subchapter C of this chapter to demonstrate
financial assurance for post closure, except the Local Government Financial
Test and Local Government Guarantee.
(c) Owners or operators shall comply with
§
37.31 of this title (relating to
Submission of Documents), except that evidence of financial assurance for post
closure shall be submitted at least 60 days prior to commencement of drilling
operations for new wells and for salt cavern disposal wells. All financial
assurance mechanisms shall be in effect before commencement of drilling
operations. For converted wells and other previously constructed wells,
financial assurance for post closure shall be provided at least 30 days prior
to permit issuance and shall be in effect upon permit issuance.
(d) Owners or operators shall comply with
§
37.131 of this title (relating to
Annual Inflation Adjustments to Current Cost Estimates), except that
adjustments must be made by using an inflation factor derived from the most
recent annual Implicit Price Deflator for Gross National Product published by
the United States Department of Commerce in its Survey of Current
Business.
(e) Owners or operators
using a financial test or corporate guarantee must comply with §
37.141 of this title (relating to
Increase in Current Cost Estimate) except that mechanism increases must be made
within 90 days after the close of each succeeding fiscal year.
Notes
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