Section 22242 - CalRecycle - Government Securities. (T14: section 18235, 18286)(a) The terms of issuance of government securities shall specify that proceeds from the sale of the securities shall be deposited into a financial assurance mechanism that meets the requirements of § (b).(b) The securities shall have been issued and the proceeds already deposited into the financial assurance mechanism that provides equivalent protection to a trust fund by meeting the following requirements:(1) Proceeds from the sale of securities shall be used exclusively and only as applicable, to: (A) Pay costs of closure activities identified in the most recently approved closure plan; and/or(B) Pay costs of postclosure maintenance identified in the most recently approved postclosure maintenance plan; and/or(C) Pay claims by third parties for bodily injury and property damage caused by accidental occurrences; and/or(D) Pay costs of corrective action activities in the most recently approved corrective action plan; and(E) All funds shall 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;(2) The financial operations of the provider of the financial assurance shall be regulated by a federal or state agency, or the provider shall be otherwise certain to maintain and disburse the assured funds properly;(3) 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(4) The mechanism meets other reasonable requirements that CalRecycle determines are necessary to ensure that the assured funds shall be available in a timely manner.Cal. Code Regs. Tit. 27, § 22242
1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25).
2. Change without regulatory effect amending section heading and subsection (b)(4) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50). Note: Authority cited: Sections 40502 and 43040, Public Resources Code. Reference: Section 43040, 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 subsection (b)(4) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).