Financial Assurance for Scrap Tire Sites
Owners or operators of scrap tire facilities should refer to Subchapter M of Chapter 37 which establishes requirements and mechanisms for demonstrating financial assurance for closure, post closure, and corrective action coverage.
An owner or operator that is subject to financial assurance must submit an originally signed financial assurance mechanism prior to issuance of a registration. The signed financial assurance mechanism must be in effect at the time it is submitted.
Questions? We Can Help
If you have questions about financial assurance for scrap tire sites, please contact us.
Types of Financial Assurance Mechanisms
The description of how various financial assurance mechanisms work and their specific criteria are set out in Subchapter C of Chapter 37. The required wording of the mechanisms can be reviewed and downloaded from Subchapter D of Chapter 37.
Annual Inflation Adjustments
Annual inflation adjustments are required during the active life of the facility.
Wording of Mechanisms
The financial assurance mechanism you submit to us must be worded exactly as set out in our Rules except that the instructions in parenthesis are to be replaced with the relevant information and the parenthesis deleted. One way to ensure that your mechanism is worded correctly is to download the document from our web site and inform your financial institution not to add or delete language. Please be advised that our agency cannot accept the financial assurance mechanism if it does not incorporate the exact language as set out in our Rules.