Section 22237 - CIWMB - Depository Trust Fund. (T14:s18296) (California Code of Regulations)

§ 22237. CIWMB - Depository Trust Fund. (T14:s18296)

(a) The CIWMB may require an operator using a letter of credit, a surety bond, or, as applicable, a financial assurance mechanism used in conjunction with an enterprise fund or with government securities, to establish a depository trust fund meeting the requirements of ¶(c) if:

(1) The operator fails to demonstrate alternate financial assurance within 60 days after receiving notice of cancellation of the mechanism; or

(2) The operator fails to perform closure or postclosure maintenance or corrective action in accordance with the applicable approved closure or postclosure maintenance plan and permit requirements or corrective action requirements of Article 1, Subchapter 3, Chapter 3 (s20380 et seq.), when required to do so by the CIWMB or RWQCB and, in the case of a performance bond, the surety company fails to perform such activities on behalf of the operator.

(b) The CIWMB may require an institution issuing a letter of credit, a surety company, or, as applicable, a provider of a financial assurance mechanism used in conjunction with an enterprise fund or government securities to:

(1) Establish a depository trust fund meeting the requirements of ¶(c) if the operator fails to establish a depository trust fund as required by ¶(a); and

(2) Place into the depository trust fund an amount of funds, stipulated by the CIWMB, up to the limit of funds provided by the financial assurance mechanism.

(c) The depository trust fund shall meet the requirements of s22240.

(d) The CIWMB may draw on the depository trust fund as specified by the trust agreement.

(e) If, at any time, due to interest earned or over deposit, the value of the depository trust fund is greater than the required amount of coverage minus the amount of coverage demonstrated by other mechanisms, the provider of financial assurance that established the depository trust fund may request in writing that the CIWMB authorize the release of the excess funds. No later than 60 days after receiving such a request, the CIWMB will review the request and, if any excess funds are verified, will instruct the trustee to release the funds.

(1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25).)

Note: Authority Cited: Section 40502, Public Resources Code. Reference: Sections 43103 and 43500- 43610, Public Resources Code.

Disclaimer: Although Lawrina works hard to ensure the information on this page is accurate and timely, we take no responsibility for deviations from the official text. Section 22237 CIWMB - Depository Trust Fund. (T14:s18296) may have been updated since our last review. Please refer to official resources for the most accurate information.

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