Financial Assurance for Plugging and Abandonment

Section 704 Section 704.213  Financial Assurance for Plugging and Abandonment An owner or operator of each facility must establish financial assurance for the plugging and abandonment of each existing and new Class I hazardous waste injection well.  The owner or operator must choose one of the following financial assurance mechanisms: a)         A trust fund (Section 704.214); b)         A surety bond guaranteeing payment (Section 704.215); c)         A surety bond guaranteeing performance (Section 704.216); d)         A letter of credit (Section 704.217); e)         Insurance (Section 704.218); or f)         The financial test and corporate guarantee (Section 704.219); BOARD NOTE:  Derived from 40 CFR 144.63 preamble (2005).