(a) The licensee shall pay into the perpetual care account an amount determined by the executive director to be adequate to provide surveillance, monitoring, any required maintenance, and other care of the disposal site on a continuing basis during the institutional control period. Unless otherwise specified, the amount of funding provided shall be an amount necessary to provide perpetual surveillance, monitoring, any required maintenance, and other care of the disposal site and the administration of the fund by the state. The amount of funds necessary to provide perpetual care during the institutional control period shall be based upon a real annual rate of interest, above inflation, of 2% (i.e., the amount required is calculated by expressing all costs at an annual rate and multiplying the total annual cost by 50 to calculate an amount that will be self-perpetuating at a real annual interest rate of 2%).
(b) Sixty days prior to the initial receipt of waste, the licensee shall provide the total amount of required funding by means approved by the executive director, such as a combination of periodic payments into the fund and financial assurance covering the remainder of the total amount. Any changes to institutional control proposed by the licensee shall be submitted to the commission in the form of an application for a license amendment. Financial assurance mechanisms shall meet the requirements of Chapter 37, Subchapter T of this title (relating to Financial Assurance for Near-Surface Land Disposal of Low-Level Radioactive Waste).
(c) The commission at an open meeting shall review annually the amount paid into the fund and shall adjust the amount, if necessary, to ensure the payment schedule is adequate to cover the costs of surveillance, monitoring, any required maintenance, and other care of the disposal site during the institutional control period. The amount may be adjusted to reflect inflation, changes in activities performed, and any other conditions affecting costs.

Source Note: The provisions of this §336.737 adopted to be effective June 5, 1997, 22 TexReg 4588; amended to be effective March 21, 2000, 25 TexReg 2397; amended to be effective January 8, 2004, 29 TexReg 150