[Code of Federal Regulations]
[Title 40, Volume 26]
[Revised as of July 1, 2007]
From the U.S. Government Printing Office via GPO Access
[CITE: 40CFR280.94]

[Page 525]
 
                   TITLE 40--PROTECTION OF ENVIRONMENT
 
         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)
 
PART 280_TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND 
 
                   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 
Sec. Sec. 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 Sec. Sec. 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]

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