34A-10-2.1. Activity which could result in pollution, contamination, or degradation--Financial assurance concerning corrective action--Form and amount.
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/sd/title-34/chapter-34-10/34a-10-2-1·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Any person making application to the Water Management Board or the Board of Minerals and Environment for a permit, a license, or an extension, amendment, or renewal of an existing permit or license, which authorizes activity that could result in a significant risk of pollution, contamination, or degradation of the environment and that is not covered by a performance or damage bond or other financial assurance instrument, may be required, as a condition of the permit, to provide financial assurance guaranteeing the performance of corrective actions to contain, mitigate, and remediate all pollution, contamination, or degradation which may be caused by the activity.
The financial assurance in a reasonable and proper amount shall be in a form and an amount approved by the board, and may include insurance, company net worth considerations, a surety bond, escrow account, letter of credit, trust, guarantee, or cash deposit.