If the executive director either assumes legal responsibility for an owner's or operator's compliance with the closure, post closure, or corrective action requirements of this chapter, or assures that the funds shall be available from state sources to cover the requirements, the owner or operator shall be in compliance with the requirements of this section. The language of the mechanisms for any state assumption of responsibility shall ensure:
  (1) the amount of funds assured is sufficient to cover the costs of closure, post closure, and corrective action for known releases when needed;
  (2) the funds shall be available immediately;
  (3) the financial assurance mechanisms shall be obtained by the owner or operator at least 60 days prior to the initial receipt of solid waste in the case of closure and post closure, and no later than 120 days after the corrective action remedy has been selected in accordance with the requirements of the corrective action plan, until the owner or operator is released from the financial assurance requirements under §§330.281, 330.282, 330.283, or 330.284 of this title (relating to Closure for Landfills; Closure for Process Facilities; Post Closure Care for Landfills; or Corrective Action for Landfills); and
  (4) the financial assurance mechanisms shall be legally valid, binding, and enforceable under state and federal law.

Source Note: The provisions of this §37.8041 adopted to be effective March 21, 2000, 25 TexReg 2347