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A BILL TO BE ENTITLED
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AN ACT
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relating to a voluntary financial assurance program for permit |
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holders under the National Pollutant Discharge Elimination System. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subchapter B, Chapter 26, Water Code, is amended |
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by adding Section 26.054 to read as follows: |
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Sec. 26.054. VOLUNTARY FINANCIAL ASSURANCE PROGRAM. (a) |
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In this section, "permit holder" means the holder of a permit to |
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discharge effluent into any body of water under the NPDES. |
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(b) The commission shall establish a program to allow a |
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permit holder to deposit with the commission an amount of money or |
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evidence of equivalent financial assurance to be held in escrow by |
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the commission to be used in the event the permit holder causes a |
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discharge that results in damage to the environment. |
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(c) The commission shall adopt rules necessary to implement |
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the program created under this section, including: |
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(1) establishing a standard escrow agreement |
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describing the terms of the escrow and withdrawals from the escrow |
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account; |
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(2) determining the amount and types of financial |
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assurance to be deposited under Subsection (b); and |
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(3) establishing the procedure for withdrawing money |
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or using financial instruments held in escrow to pay for the |
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remediation of damage caused by a discharge of effluent by the |
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permit holder. |
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(d) The terms of the standard escrow agreement must allow |
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for an agreement to be for the same term as the discharge permit |
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held by the permit holder. |
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(e) The commission shall hold a public meeting in a |
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municipality in which a permit holder chooses to participate in the |
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program described by this section to present information about the |
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program and the permit holder's participation. |
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SECTION 2. This Act takes effect September 1, 2019. |