Section 22241 - CalRecycle - Enterprise Fund. (T14: section 18285)(a) The enterprise fund shall dedicate its revenue exclusively or with exclusive first priority to financing closure and/or postclosure maintenance and/or corrective action.(b) Revenue generated by an enterprise fund shall be deposited into a financial assurance mechanism that the operator demonstrates, to the satisfaction of CalRecycle, meets the following requirements: (1) The mechanism will provide equivalent protection to a trust fund in ensuring that the assured amount of funds shall be available in a timely manner for closure and/or postclosure maintenance and/or corrective action;(2) The revenue deposited into the mechanism will be used exclusively to finance closure and/or postclosure maintenance and/or corrective action, as applicable, and will remain inviolate against all other claims, including any claims by the operator, the operator's governing body, and the creditors of the operator and its governing body;(3) The mechanism authorizes CalRecycle to direct the provider of financial assurance to pay closure or postclosure maintenance or corrective action costs if CalRecycle determines that the operator has failed or is failing to perform closure or postclosure maintenance or corrective action activities, as applicable, as covered by the mechanism;(4) The financial operations of the provider of the financial assurance are regulated by a federal or state agency, or the provider is otherwise certain to maintain and disburse the assured funds properly;(5) If the provider of financial assurance has authority to invest revenue deposited into the mechanism, the provider shall exercise investment discretion similar to a trustee; and(6) The mechanism meets other requirements that CalRecycle determines are needed to ensure that the assured amount of funds shall be available in a timely manner for closure and/or postclosure maintenance and/or corrective action.Cal. Code Regs. Tit. 27, § 22241
1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25).
2. Change without regulatory effect amending section heading and subsections (b), (b)(3) and (b)(6) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50). Note: Authority cited: Section 40502, Public Resources Code. Reference: Sections 43103 and 43500- 43610, Public Resources Code.
1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25).
2. Change without regulatory effect amending section heading and subsections (b), (b)(3) and (b)(6) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).