reglab/statecodes huggingface dataset:
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter A - GENERAL FINANCIAL ASSURANCE REQUIREMENTS › Section 37.61 - Termination of Mechanisms

Current through Reg. 49, No. 28; July 12, 2024
Upon written request by the owner or operator, the
					 executive director shall provide written consent to termination of a financial
					 assurance mechanism when:
(1) an owner
				  or operator substitutes and receives approval from the executive director for
				  alternate financial assurance as specified in this chapter; or
(2) the executive director releases the owner
				  or operator from the requirements of this chapter.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter A - GENERAL FINANCIAL ASSURANCE REQUIREMENTS › Section 37.71 - Incapacity of Owners or Operators, Guarantors, or Financial Institutions

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or operator must notify the
				  executive director by certified mail of the commencement of a voluntary or
				  involuntary proceeding under Title 11 (Bankruptcy), United States Code, naming
				  the owner or operator as debtor, within ten business days after the
				  commencement of the proceeding. As required under the terms of the guarantee, a
				  guarantor of a corporate guarantee as specified in §
										37.261 of
				  this title (relating to Corporate Guarantee) and a corporate guarantee as
				  specified in §
										37.551
				  of this title (relating to Corporate Guarantee for Liability) shall make such a
				  notification if named as a debtor.
(b) An owner or operator who fulfills the
				  requirements of this chapter shall be deemed to be without the required
				  financial assurance coverage in the event of bankruptcy of the trustee or
				  issuing institution, or a suspension or revocation of the authority of the
				  trustee institution to act as trustee or of the institution issuing the surety
				  bond, irrevocable standby letter of credit, or insurance policy to issue such
				  mechanisms. The owner or operator must establish other acceptable financial
				  assurance within 60 days after such an event.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter A - GENERAL FINANCIAL ASSURANCE REQUIREMENTS › Section 37.81 - Transfer of Ownership or Operational Control

Current through Reg. 49, No. 28; July 12, 2024
When a transfer of ownership or operational control occurs,
					 the old owner or operator shall comply with the requirements of this chapter,
					 until the executive director determines that the new owner or operator has
					 demonstrated compliance with the requirements of this chapter. Upon
					 determination by the executive director that the new owner or operator is in
					 compliance with this chapter, the executive director shall provide written
					 consent to termination of the financial assurance mechanism to the old owner or
					 operator in accordance with §
										37.61
					 of this title (relating to Termination of Mechanisms).
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.100 - Applicability

Current through Reg. 49, No. 28; July 12, 2024
This subchapter applies to an owner or operator required to
					 provide financial assurance for closure, post closure, or corrective
					 action.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.101 - Drawing on the Financial Assurance Mechanisms

Current through Reg. 49, No. 28; July 12, 2024
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
				  closure, post closure, or corrective action when required;
(2) failed to provide an alternate financial
				  assurance mechanism, when required; or
(3) failed to provide continuous financial
				  assurance coverage.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.111 - Continuous Financial Assurance Required

Current through Reg. 49, No. 28; July 12, 2024
The owner or operator of a facility required by this
					 chapter to provide financial assurance for closure, post closure, or corrective
					 action, shall provide continuous financial assurance until the executive
					 director provides written consent to termination in accordance with §
										37.61
					 of this title (relating to Termination of Mechanisms).
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.121 - Current Cost Estimate

Current through Reg. 49, No. 28; July 12, 2024
The owner or operator of each facility required by this
					 chapter to provide financial assurance for closure, post closure, or corrective
					 action must establish financial assurance in an amount no less than the current
					 cost estimate.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.131 - Annual Inflation Adjustments to Closure Cost Estimates

Current through Reg. 49, No. 28; July 12, 2024
During the active life of the facility, the owner or
					 operator must adjust the current cost estimate for inflation within 60 days
					 prior to the anniversary date of the first establishment of the financial
					 assurance mechanism. For owners or operators using the financial test or
					 corporate guarantee, the current cost estimate must be adjusted for inflation
					 within 30 days after the close of the firm's fiscal year and before submission
					 of updated information to the executive director as specified in this chapter.
					 The adjustment must be made 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, as
					 specified in paragraphs (1) and (2) of this section. The inflation factor is
					 the result of dividing the latest published annual Deflator by the Deflator for
					 the previous year.
(1) The first
				  adjustment is made by multiplying the current cost estimate by the inflation
				  factor. The result is the adjusted current cost estimate.
(2) Subsequent adjustments are made by
				  multiplying the latest adjusted cost estimate by the latest inflation
				  factor.
(3) If there is a revised
				  current cost estimate in current dollars approved by the executive director
				  prior to the anniversary date described in this section, then the owner or
				  operator is not required to make an inflation adjustment. However, a revised
				  current cost estimate in current dollars shall be adjusted for inflation for
				  subsequent years as required by this section.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.141 - Increase in Current Cost Estimate

Current through Reg. 49, No. 28; July 12, 2024
Whenever the current cost estimate increases to an amount
					 greater than the amount being provided in the financial assurance mechanism(s),
					 the owner or operator must either cause the amount of the financial assurance
					 to be increased and submit evidence of such increase to the executive director,
					 or obtain additional financial assurance in accordance with this chapter to
					 cover the increase. This adjustment must be made within 60 days after the owner
					 or operator becomes aware, or is notified by the executive director, of the
					 increase.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.151 - Decrease in Current Cost Estimate

Current through Reg. 49, No. 28; July 12, 2024
An owner or operator may request that the executive
					 director approve a decrease in the current cost estimate. The revised current
					 cost estimate must be approved by the executive director. Whenever the revised
					 current cost estimate decreases to an amount less than the amount being
					 provided in the financial assurance mechanism(s), the owner or operator may
					 submit a written request for a reduction in the amount of the financial
					 assurance to the executive director. Following written approval by the
					 executive director, the amount of the financial assurance may be reduced to the
					 amount of the revised current cost estimate. An owner or operator may
					 simultaneously request the executive director's approval of both a revised
					 current cost estimate and a reduction in the amount of the financial
					 assurance.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter B - FINANCIAL ASSURANCE REQUIREMENTS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.161 - Establishment of a Standby Trust

Current through Reg. 49, No. 28; July 12, 2024
An owner or operator who uses a surety bond or an
					 irrevocable standby letter of credit to satisfy the requirements of this
					 chapter must establish a standby trust fund. Under the terms of the bond or
					 letter of credit, all payments made under the bond or all amounts paid pursuant
					 to a draft by the executive director shall be deposited by the surety or
					 issuing institution directly into the standby trust fund or in accordance with
					 instructions from the executive director. This standby trust fund must meet the
					 requirements of the trust fund specified in §
										37.201 of
					 this title (relating to Trust Fund), except that:
(1) an originally signed duplicate of the
				  trust agreement must be submitted to the executive director with the surety
				  bond or irrevocable standby letter of credit; and
(2) unless the standby trust fund is funded
				  pursuant to the requirements of this chapter, the following are not required by
				  this section:
(A) payments into the trust
				  fund as specified in §
											37.201 of
				  this title;
(B) updating of
				  Schedule A of the trust agreement to show current cost estimates for closure,
				  post closure, or corrective action;
(C) annual valuations as required by the
				  trust agreement; and
(D) notices of
				  nonpayment as required by the trust agreement.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.200 - Applicability

Current through Reg. 49, No. 28; July 12, 2024
This subchapter applies to an owner or operator required to
					 provide financial assurance for closure, post closure, or corrective action.
					 For additional requirements relating to specific mechanisms and exceptions
					 allowed under a program area, refer to the applicable subchapter(s) of this
					 chapter.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.211 - Surety Bond Guaranteeing Payment

Current through Reg. 49, No. 28; July 12, 2024
(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.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.221 - Surety Bond Guaranteeing Performance

Current through Reg. 49, No. 28; July 12, 2024
(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 bond
				  must, at a minimum, be among those listed as acceptable sureties on federal
				  bonds in Circular 570 of the United States Department of Treasury.
(c) The wording of the surety bond must be
				  identical to the wording specified in §
										37.321 of this
				  title (relating to Performance Bond).
(d) A surety bond guaranteeing performance of
				  closure, post closure, or corrective action must guarantee that the owner or
				  operator shall:
(1) perform closure or post
				  closure in accordance with the closure plan, post closure plan, and other
				  applicable requirements of the permit, or perform corrective action in
				  accordance with the permit or other applicable requirements; and
(2) 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.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.251 - Financial Test

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or
				  operator may satisfy the requirements of financial assurance by establishing a
				  financial test 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).
(b) To pass this test, the owner or operator
				  must meet the criteria of either paragraph (1) or (2) of this subsection:
(1) the owner or operator must have:
(A) two of the following three ratios: a
				  ratio of total liabilities to net worth less than 2.0; a ratio of the sum of
				  net income plus depreciation, depletion, and amortization to total liabilities
				  greater than 0.1; and a ratio of current assets to current liabilities greater
				  than 1.5; and
(B) net working
				  capital and tangible net worth each at least six times the sum of the current
				  cost estimates, liability coverage requirements, and any other financial
				  assurance obligations under the Texas Commission on Environmental Quality
				  (TCEQ) or other federal or state environmental regulations assured by a
				  financial test; and
(C) tangible
				  net worth of at least $10 million; and
(D) assets located in the United States
				  amounting to at least 90% of the owner's or operator's total assets or at least
				  six times the sum of the current cost estimates, liability coverage
				  requirements, and any other financial assurance obligations under the TCEQ or
				  other federal or state environmental regulations assured by a financial
				  test;
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.271 - Local Government Financial Test

Current through Reg. 49, No. 28; July 12, 2024
An owner or operator may satisfy the requirements of
					 financial assurance for closure, post closure, or corrective action by
					 establishing a local government financial test or a local government financial
					 test and local government guarantee, 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). An owner or operator who satisfies the requirements of paragraphs (1)
					 - (3) of this section may demonstrate financial assurance up to the amount
					 specified in paragraph (4) of this section.
(1) In order to satisfy the financial
				  component of the test, the owner or operator must meet the criteria of either
				  subparagraph (A) or (B) of this paragraph and in addition must meet certain
				  general conditions outlined in subparagraph (C) of this paragraph.
(A) The owner or operator must satisfy each
				  of the following financial ratios based on its most recent audited annual
				  financial statement:
(i) a ratio of cash plus
				  marketable securities to total expenditures greater than or equal to 0.05;
				  and
(ii) a ratio of annual debt
				  service to total expenditures less than or equal to 0.20.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter C - FINANCIAL ASSURANCE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.281 - Local Government Guarantee

Current through Reg. 49, No. 28; July 12, 2024
An owner or operator may satisfy the requirements of
					 financial assurance for closure, post closure, or corrective action by
					 obtaining a local government guarantee provided by a local government. The
					 local government guarantee must meet the requirements of this section, in
					 addition to the requirements 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). The local
					 government guarantor must meet the requirements of the local government
					 financial test in §
										37.271
					 of this title (relating to Local Government Financial Test) and must comply
					 with the following terms of the local government guarantee.
(1) If the owner or operator fails to perform
				  closure, post closure, or corrective action of a facility covered by the
				  guarantee, the guarantor will:
(A) perform,
				  or pay a third party to perform, closure, post closure, or corrective action as
				  required; or
(B) establish a fully
				  funded trust fund as specified in §
											37.201 of
				  this title (relating to Trust Fund) in the name of the owner or
				  operator.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.301 - Trust Agreement

Current through Reg. 49, No. 28; July 12, 2024
(a) A trust
				  agreement for closure, post closure, or corrective action, as specified in
				  §
										37.201 of
				  this title (relating to Trust Fund), must be worded as specified in the Trust
				  Agreement in this subsection, except that the instructions in parenthesis are
				  to be replaced with the relevant information and the parenthesis deleted.
Attached
					 Graphic
(b) The
				  Certification of Acknowledgment in this subsection is the certification of
				  acknowledgment which must accompany the trust agreement for a trust fund as
				  specified in §
										37.201 of
				  this title.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.311 - Payment Bond

Current through Reg. 49, No. 28; July 12, 2024
A surety bond guaranteeing payment for closure, post
					 closure, or corrective action, as specified in §
										37.211
					 of this title (relating to Surety Bond Guaranteeing Payment), must be worded as
					 specified in the Payment Bond in this section, except that the instructions in
					 parenthesis are to be replaced with the relevant information and the
					 parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.321 - Performance Bond

Current through Reg. 49, No. 28; July 12, 2024
A surety bond guaranteeing performance for closure, post
					 closure, or corrective action, as specified in §
										37.221
					 of this title (relating to Surety Bond Guaranteeing Performance), must be
					 worded as specified in the Performance Bond in this section, except that the
					 instructions in parenthesis are to be replaced with the relevant information
					 and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.331 - Irrevocable Standby Letter of Credit

Current through Reg. 49, No. 28; July 12, 2024
An irrevocable standby letter of credit for closure, post
					 closure, or corrective action, as specified in §
										37.231
					 of this title (relating to Irrevocable Standby Letter of Credit), must be
					 worded as specified in the Irrevocable Standby Letter of Credit in this
					 section, except that the instructions in parenthesis are to be replaced with
					 the relevant information and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.341 - Certificate of Insurance

Current through Reg. 49, No. 28; July 12, 2024
A certificate of insurance for closure, post closure, or
					 corrective action, as specified in §
										37.241 of
					 this title (relating to Insurance), must be worded as specified in the
					 Certificate of Insurance in this section, except that the instructions in
					 parenthesis are to be replaced with the relevant information and the
					 parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.351 - Financial Test

Current through Reg. 49, No. 28; July 12, 2024
A letter from the chief financial officer for closure, post
					 closure, or corrective action, as specified in §
										37.251
					 of this title (relating to Financial Test), must be worded as specified in the
					 Financial Test in this section, except that the instructions in parenthesis are
					 to be replaced with the relevant information and the parenthesis
					 deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.361 - Corporate Guarantee

Current through Reg. 49, No. 28; July 12, 2024
A corporate guarantee for closure, post closure, or
					 corrective action, as specified in §
										37.261 of
					 this title (relating to Corporate Guarantee), must be worded as specified in
					 the Corporate Guarantee in this section, except that the instructions in
					 parenthesis are to be replaced with the relevant information and the
					 parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.371 - Local Government Financial Test

Current through Reg. 49, No. 28; July 12, 2024
A letter signed by the local government's chief financial
					 officer, as specified in §
										37.271
					 of this title (relating to Local Government Financial Test) must be worded as
					 specified in the Local Government Financial Test in this section, except that
					 the instructions in parenthesis are to be replaced with the relevant
					 information and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter D - WORDING OF THE MECHANISMS FOR CLOSURE, POST CLOSURE, AND CORRECTIVE ACTION › Section 37.381 - Local Government Guarantee

Current through Reg. 49, No. 28; July 12, 2024
The local government guarantee, as specified in §
										37.281
					 of this title (relating to Local Government Guarantee), must be worded as
					 specified in the Local Government Guarantee in this section, except that the
					 instructions in parenthesis are to be replaced with the relevant information
					 and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter E - FINANCIAL ASSURANCE REQUIREMENTS FOR LIABILITY COVERAGE › Section 37.400 - Applicability

Current through Reg. 49, No. 28; July 12, 2024
This subchapter applies to an owner or operator required to
					 provide financial assurance for sudden or nonsudden liability
					 coverage.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter E - FINANCIAL ASSURANCE REQUIREMENTS FOR LIABILITY COVERAGE › Section 37.402 - Definitions

Current through Reg. 49, No. 28; July 12, 2024
In the liability insurance requirements, the terms "bodily
					 injury" and "property damage" shall have the meanings given these terms by
					 applicable state law. However, these terms do not include those liabilities
					 which, consistent with standard industry practices, are excluded from coverage
					 in liability policies for bodily injury and property damage. The agency intends
					 the meanings of other terms used in the liability insurance requirements to be
					 consistent with their common meanings within the insurance industry. The
					 following definitions given of several of the terms are intended to assist in
					 the understanding of these regulations and are not intended to limit their
					 meanings in a way that conflicts with general insurance industry usage.
(1) Accidental occurrence - An accident,
				  including continuous or repeated exposure to conditions, which results in
				  bodily injury or property damage neither expected nor intended from the
				  standpoint of the insured.
(2)
				  Legal defense costs - Any expenses that an insurer incurs in defending against
				  claims of third parties brought under the terms and conditions of an insurance
				  policy.
(3) Nonsudden accidental
				  occurrence - An occurrence which takes place over time and involves continuous
				  or repeated exposure.
(4) Sudden
				  accidental occurrence - An occurrence which is not continuous or repeated in
				  nature.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter E - FINANCIAL ASSURANCE REQUIREMENTS FOR LIABILITY COVERAGE › Section 37.404 - Liability Requirements for Sudden and Nonsudden Accidental Occurrences

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or operator shall establish
				  liability coverage for bodily injury and property damage to third parties
				  caused by sudden or nonsudden accidental occurrences arising from operations of
				  the facility or group of facilities. The owner or operator shall have and
				  maintain liability coverage for sudden or nonsudden accidental occurrences,
				  exclusive of legal defense costs. The owner or operator shall choose from one
				  or more mechanisms as specified in Subchapter F of this chapter (relating to
				  Financial Assurance Mechanisms for Liability) to meet the liability
				  requirements for sudden or nonsudden accidental occurrences.
(b) An owner or operator shall notify the
				  executive director in writing within 30 days whenever:
(1) a claim results in a reduction in the
				  amount of financial assurance for liability coverage provided by a financial
				  assurance mechanism authorized in Subchapter F of this chapter; or
(2) a Certification of Valid Claim for bodily
				  injury or property damage caused by a sudden or nonsudden accidental occurrence
				  arising from the operation of a facility is entered between the owner or
				  operator and third-party claimant for liability coverage under Subchapter F of
				  this chapter; or
(3) a final court
				  order establishing a judgment for bodily injury or property damage caused by a
				  sudden or nonsudden accidental occurrence arising from the operation of a
				  facility is issued against the owner or operator, or a financial assurance
				  mechanism that is providing financial assurance for liability coverage under
				  Subchapter F of this chapter.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter E - FINANCIAL ASSURANCE REQUIREMENTS FOR LIABILITY COVERAGE › Section 37.411 - Adjustments to the Level of Liability Coverage

Current through Reg. 49, No. 28; July 12, 2024
If the executive director determines that the levels of
					 financial responsibility required are not consistent with the degree and
					 duration of risk associated with the facility or group of facilities, the
					 executive director may adjust the levels of financial responsibility required
					 for liability coverage as may be necessary to protect human health and the
					 environment. An owner or operator must furnish to the executive director,
					 within 30 days, any information which the executive director requests to
					 determine whether cause exists for such adjustments of level of coverage. Any
					 adjustment to the amount of financial assurance due to a change in the degree
					 and duration of risk associated with the permitted facility will be treated as
					 a permit modification.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter F - FINANCIAL ASSURANCE MECHANISMS FOR LIABILITY › Section 37.511 - Surety Bond Guaranteeing Payment for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or operator may satisfy the
				  requirements of financial assurance for liability as specified in Subchapter E
				  of this chapter (relating to Financial Assurance Requirements for Liability
				  Coverage) by obtaining a surety bond which conforms to the requirements of this
				  section, in addition to the requirements specified in Subchapter A of this
				  chapter (relating to General Financial Assurance Requirements), and submitting
				  a signed duplicate original of the bond to the executive director.
(b) The surety company issuing the bond shall
				  be among those listed as acceptable sureties on Federal bonds in the most
				  recent 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 §
										37.611
				  of this title (relating to Payment Bond for Liability).
(d) A surety bond may be used to satisfy the
				  requirements of Subchapter E of this chapter only if the Attorneys General or
				  Insurance Commissioners of the state in which the surety is incorporated, and
				  the State of Texas have submitted a written statement to the executive director
				  that a surety bond executed as described in this subchapter and §
										37.611
				  of this title is a legally valid and enforceable obligation in that
				  state.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter F - FINANCIAL ASSURANCE MECHANISMS FOR LIABILITY › Section 37.521 - Irrevocable Standby Letter of Credit for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or operator may satisfy the
				  requirements of financial assurance for liability as specified in Subchapter E
				  of this chapter (relating to Financial Assurance Requirements for Liability
				  Coverage) by obtaining an irrevocable standby letter of credit which conforms
				  to the requirements of this section, in addition to the requirements specified
				  in Subchapter A of this chapter (relating to General Financial Assurance
				  Requirements), and submitting an originally signed irrevocable standby letter
				  of credit to the executive director.
(b) The financial institution issuing the
				  irrevocable standby letter of credit shall be an entity that has the authority
				  to issue irrevocable standby letters of credit and whose letter of credit
				  operations are regulated and examined by a federal or state agency.
(c) The wording of the irrevocable standby
				  letter of credit must be identical to the wording specified in §
										37.621
				  of this title (relating to Irrevocable Standby Letter of Credit for
				  Liability).
(d) An owner or
				  operator who uses an irrevocable standby letter of credit to satisfy the
				  requirements of this section may also establish a standby trust fund. Under the
				  terms of such a letter of credit, all amounts paid pursuant to a draft by the
				  trustee of the standby trust will be deposited by the issuing institution into
				  the standby trust in accordance with instructions from the trustee. The trustee
				  of the standby trust fund must be an entity which has the authority to act as a
				  trustee and whose trust operations are regulated and examined by a federal or
				  state agency.
(e) The wording of
				  the standby trust fund must be identical to the wording specified in §
										37.671 of
				  this title (relating to Standby Trust Agreement).
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter F - FINANCIAL ASSURANCE MECHANISMS FOR LIABILITY › Section 37.531 - Insurance for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or
				  operator may satisfy the requirements of financial assurance for liability as
				  specified in Subchapter E of this chapter (relating to Financial Assurance
				  Requirements for Liability Coverage) by obtaining insurance which conforms to
				  the requirements of this section, in addition to the requirements specified in
				  Subchapter A of this chapter (relating to General Financial Assurance
				  Requirements), and submitting a signed duplicate original of the endorsement or
				  certificate of insurance to the executive director.
(b) At a minimum, the insurer must be
				  licensed to transact the business of insurance, or eligible to provide
				  insurance as an excess or surplus lines insurer, in one or more
				  states.
(c) The wording of the
				  certificate of insurance must be identical to the wording specified in §
										37.631
				  of this title (relating to Certificate of Insurance for Liability). The wording
				  of the endorsement must be identical to the wording specified in §
										37.641
				  of this title (relating to Endorsement for Liability).
(d) The insurance policy shall be amended by
				  attachment of the Endorsement for Liability or evidenced by a Certificate of
				  Insurance for Liability. If requested by the executive director, the owner or
				  operator shall provide a signed duplicate original of the insurance
				  policy.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter F - FINANCIAL ASSURANCE MECHANISMS FOR LIABILITY › Section 37.541 - Financial Test for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or
				  operator may satisfy the requirements of financial assurance for liability as
				  specified in Subchapter E of this chapter (relating to Financial Assurance
				  Requirements for Liability Coverage) by demonstrating that it passes a
				  financial test which conforms to the requirements of this section, in addition
				  to the requirements specified in Subchapter A of this chapter (relating to
				  General Financial Assurance Requirements).
(b) To pass this test, the owner or operator
				  must meet the criteria of either paragraph (1) or (2) of this subsection:
(1) the owner or operator must have:
(A) net working capital and tangible net
				  worth each at least six times the amount of liability coverage to be
				  demonstrated by this test; and
(B)
				  tangible net worth of at least $10 million; and
(C) assets in the United States amounting to
				  either:
(i) at least 90% of his total assets;
				  or
(ii) at least six times the
				  amount of liability coverage to be demonstrated by this test.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter F - FINANCIAL ASSURANCE MECHANISMS FOR LIABILITY › Section 37.551 - Corporate Guarantee for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) An owner or operator may meet the
				  requirements of financial assurance for liability as specified in Subchapter E
				  of this chapter (relating to Financial Assurance Requirements for Liability
				  Coverage) by obtaining a written guarantee for liability coverage, hereinafter
				  referred to as "corporate guarantee," which conforms to the requirements of
				  this section, in addition to the requirements as specified in Subchapter A of
				  this chapter (relating to General Financial Assurance Requirements).
(b) The guarantor must be the direct or
				  higher-tier parent corporation of the owner or operator or a corporation with a
				  substantial business relationship with the owner or operator. The guarantor
				  must meet the requirements for owners or operators as specified in §
										37.541
				  of this title (relating to Financial Test for Liability). The guarantor must
				  comply with the terms of the corporate guarantee.
(c) The wording of the corporate guarantee
				  must be identical to the wording specified in §
										37.661
				  of this title (relating to Corporate Guarantee for Liability). The corporate
				  guarantee shall accompany the items sent to the executive director as specified
				  in §
										37.541(d)
				  of this title.
(d) If the guarantor
				  has a substantial business relationship with the owner or operator, in addition
				  to the requirements specified in this chapter for the financial test and
				  corporate guarantee, the guarantor will submit the following:
(1) a description of the substantial business
				  relationship and the value received in consideration of the
				  guarantee;
(2) an original or
				  certified original copy of the Resolution by the Board of Directors or a
				  certified letter from the chief financial officer, authorizing the corporate
				  guarantee on behalf of the entity;
(3) an original or certified original copy of
				  the Resolution by the Board of Directors authorizing the formation or
				  acquisition of the guaranteed entity;
(4) an organizational chart which shows the
				  relationship between the two entities; and
(5) the partnership agreement or other
				  agreements, articles, or bylaws which set out the formation, structure, and
				  operation of the guaranteed entity.
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.601 - Trust Agreement for Liability

Current through Reg. 49, No. 28; July 12, 2024
(a) A trust
				  agreement for a liability trust fund, as specified in §
										37.501
				  of this title (relating to Trust Fund for Liability), must be worded as
				  specified in the Trust Agreement in this subsection, except that the
				  instructions in parenthesis are to be replaced with the relevant information
				  and the parenthesis deleted.
Attached
					 Graphic
(b) A
				  Certification of Acknowledgement must be worded as specified in the
				  Certification of Acknowledgement in this subsection and must accompany the
				  trust agreement for a trust fund as specified in §
										37.501
				  of this title.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.611 - Payment Bond for Liability

Current through Reg. 49, No. 28; July 12, 2024
A surety bond guaranteeing payment for liability, as
					 specified in §
										37.511
					 of this title (relating to Surety Bond Guaranteeing Payment for Liability),
					 must be worded as specified in the Payment Bond for Liability in this section,
					 except that the instructions in parenthesis are to be replaced with the
					 relevant information and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.621 - Irrevocable Standby Letter of Credit for Liability

Current through Reg. 49, No. 28; July 12, 2024
An irrevocable standby letter of credit for liability, as
					 specified in §
										37.521
					 of this title (relating to Irrevocable Standby Letter of Credit for Liability),
					 must be worded as specified in the Irrevocable Standby Letter of Credit for
					 Liability in this section, except that the instructions in parenthesis are to
					 be replaced with the relevant information and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.631 - Certificate of Insurance for Liability

Current through Reg. 49, No. 28; July 12, 2024
A certificate of liability insurance, as specified in
					 §
										37.531 of
					 this title (relating to Insurance for Liability), must be worded as specified
					 in the Certificate of Insurance for Liability in this section, except that
					 instructions in parenthesis are to be replaced with the relevant information
					 and the parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.641 - Endorsement for Liability

Current through Reg. 49, No. 28; July 12, 2024
A liability endorsement as specified in §
										37.531 of
					 this title (relating to Insurance for Liability), must be worded as specified
					 in the Endorsement for Liability in this section, except that instructions in
					 parenthesis are to be replaced with the relevant information and the
					 parenthesis deleted.
Attached
					 Graphic
Texas Administrative Code › Title 30 - ENVIRONMENTAL QUALITY › Part 1 - TEXAS COMMISSION ON ENVIRONMENTAL QUALITY › Chapter 37 - FINANCIAL ASSURANCE › Subchapter G - WORDING OF THE MECHANISMS FOR LIABILITY › Section 37.651 - Financial Test for Liability

Current through Reg. 49, No. 28; July 12, 2024
A letter from the chief financial officer for liability, as
					 specified in §
										37.541
					 of this title (relating to Financial Test for Liability) must be worded as
					 specified in the Financial Test for Liability in this section, except that
					 instructions in parenthesis are to be replaced with the relevant information
					 and the parenthesis deleted.
Attached
					 Graphic