(a) If the State of Texas either assumes legal responsibility
for an owner's or operator's compliance with the closure, post closure, corrective
action, or liability requirements of this chapter, or assures that funds will
be available from state sources to cover those requirements, the owner or
operator will be in compliance with the requirements of this chapter if the
executive director determines that the state's assumption of responsibility
is at least equivalent to the financial mechanisms specified in this chapter.
The executive director will evaluate the equivalency of state guarantees principally
in terms of certainty of the availability of funds for the required closure,
post closure, or corrective action activities, or liability coverage; and
the amount of funds that will be made available. The executive director may
also consider other factors as the executive director deems appropriate. The
owner or operator must submit to the executive director a letter from the
State of Texas describing the nature of the state's assumption of responsibility
together with a letter from the owner or operator requesting that the state's
assumption of responsibility be considered acceptable for meeting the requirements
of this chapter. The letter from the state must include, or have attached
to it, the following information: the facility's permit number, name, physical
and mailing addresses, and the amount of funds for closure, post closure,
or corrective action or liability coverage that are guaranteed by the state.
The executive director will notify the owner or operator of the determination
regarding the acceptability of the state's guarantee in lieu of financial
mechanisms specified in this chapter. The executive director may require the
owner or operator to submit additional information as is deemed necessary
to make this determination. Upon approval by the executive director, the owner
or operator will be deemed to be in compliance with the requirements of this
chapter.
(b) If the State of Texas' assumption of responsibility is
found acceptable as specified in subsection (a) of this section except for
the amount of funds available, the owner or operator may satisfy the requirements
of this chapter by use of both the state's assurance and additional financial
mechanisms as specified in this chapter. The amount of funds available through
the state and the owner or operator's mechanisms must at least equal the required
amount.
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