[Code of Federal Regulations]
[Title 40, Volume 24]
[Revised as of July 1, 2003]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR280.94]

[Page 477]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
                           AGENCY (CONTINUED)
 
PART 280--TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST)--Table of Contents
 
                   Subpart H--Financial Responsibility
 
Sec. 280.94  Allowable mechanisms and combinations of mechanisms.

    (a) Subject to the limitations of paragraphs (b) and (c) of this 
section,
    (1) An owner or operator, including a local government owner or 
operator, may use any one or combination of the mechanisms listed in 
Secs. 280.95 through 280.103 to demonstrate financial responsibility 
under this subpart for one or more underground storage tanks, and
    (2) A local government owner or operator may use any one or 
combination of the mechanisms listed in Secs. 280.104 through 280.107 to 
demonstrate financial responsibility under this subpart for one or more 
underground storage tanks.
    (b) An owner or operator may use a guarantee under Sec. 280.96 or 
surety bond under Sec. 280.98 to establish financial responsibility only 
if the Attorney(s) General of the state(s) in which the underground 
storage tanks are located has (have) submitted a written statement to 
the implementing agency that a guarantee or surety bond executed as 
described in this section is a legally valid and enforceable obligation 
in that state.
    (c) An owner or operator may use self-insurance in combination with 
a guarantee only if, for the purpose of meeting the requirements of the 
financial test under this rule, the financial statements of the owner or 
operator are not consolidated with the financial statements of the 
guarantor.

[53 FR 43370, Oct. 26, 1988, as amended at 58 FR 9051, Feb. 18, 1993]