N.M. Admin. Code § 20.9.10.23

Current through Register Vol. 35, No. 23, December 10, 2024

Section 20.9.10.23 - MULTIPLE FINANCIAL MECHANISMS

An owner or operator may satisfy financial assurance requirements by establishing more than one financial mechanism per facility. The mechanisms shall be as specified in Subsection A of 20.9.10.13 NMAC, except that it is the combination of mechanisms, rather than the single mechanism, which must provide financial assurance for an amount at least equal to the current cost estimate approved by the secretary for closure, post-closure care, the phase I and phase II assessments, or corrective action, as applicable. The language of the mechanism listed in 20.9.10.13 NMAC through 20.9.10.23 NMAC must ensure that the instruments satisfy the following criteria:

A. the financial assurance mechanisms must ensure that amount of funds assured is sufficient to cover the cost of closure, post-closure care, phase I and phase II assessments, or corrective action for known releases when needed, as applicable;

B. the financial assurance mechanisms must ensure that funds will be available in a timely fashion when needed;

C. the financial assurance mechanisms must be obtained by the owner or operator by the effective date of these requirements or prior to the initial receipt of solid waste, whichever is later, in the case of closer and post-closure care, and no later than 120 days after the corrective action remedy has been selected in accordance with the requirements of 20.9.9.17 NMAC, until the owner of operation is released from the financial assurance requirements under 20.9.10.9.9 - 20.9.10.12 NMAC;

D. the financial assurance mechanisms must be legally valid, binding, and enforceable under state and federal law.

N.M. Admin. Code § 20.9.10.23

20.9.10.23 NMAC - Rp, 20 NMAC 9.1.IX.906, 8/2/2007