30 Tex. Admin. Code § 37.9170 - Financial Assurance Requirements for Reclamation and Restoration
(a) In addition to the requirements of this
subchapter, owners and operators required to demonstrate financial assurance
for reclamation or restoration must comply with §§
37.141,
37.151, and
37.161 of this title (relating to
Increase in Current Cost Estimate, Decrease in Current Cost Estimate, and
Establishment of a Standby Trust) and Subchapter A of this chapter (relating to
General Financial Assurance Requirements), except:
(1)
§
37.21 of this title (relating to
Wording and Approval of Mechanisms);
(2)
§
37.31 of this title (relating to
Submission of Documents);
(3)
§
37.52 of this title (relating to
Use of a Universal Financial Assurance Mechanism for Multiple Facilities and
Program Areas); and
(4)
§
37.161 of this title.
(b) The owner or operator of each
facility required by this chapter to provide financial assurance for
reclamation or restoration must establish financial assurance in an amount no
less than the current cost estimate.
(c) The mechanisms submitted for compliance
with this subchapter must be worded as they appear in this subchapter. The
executive director shall determine the acceptability of the mechanisms
submitted.
(d) An owner or operator
required by this subchapter to provide financial assurance must submit an
originally signed financial assurance mechanism with the application for a
general or individual permit required under Chapter 311 of this title (relating
to Watershed Protection). The signed financial assurance mechanism must be
effective at the time it is submitted.
(e) Owners or operators may use a single
financial assurance mechanism as specified in this subchapter for both
reclamation and restoration. The amount of the funds available through the
mechanism must be no less than the sum of funds that would be available if a
separate mechanism had been established and maintained for each individual
purpose.
(f) The owner or operator
of a facility required by this subchapter to provide financial assurance for
reclamation or restoration shall provide continuous financial assurance until
the executive director provides written consent to terminate in accordance with
§
37.61 of this title (relating to
Termination of Mechanisms).
(g) The
executive director may call on the financial assurance mechanism(s) when an
owner or operator who is required to comply with this chapter has:
(1) failed to perform reclamation or
restoration when required;
(2)
failed to provide an alternate financial assurance mechanism, when required;
or
(3) failed to provide continuous
financial assurance coverage.
(h) An owner or operator who uses a surety
bond or an irrevocable letter of credit to satisfy the requirements of this
subchapter shall establish a standby trust. The standby trust must meet the
requirements of §
37.161 of this title except that
the wording of a standby trust agreement must follow §
37.9190 of this title (relating to
Trust Fund Wording) and the requirements indicated in §
37.9185 of this title (relating to
Trust Fund Requirements) rather than the citations reflected in §
37.161 of this title.
Notes
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