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facility's operating life when the extent and manner <br /> of its operation would make closure the most expensive <br /> as indicated by its closure plan. <br /> b. The owner or operator shall prepare a new closure cost <br /> estimate whenever a change in the closure plan affects <br /> the cost of closure. <br /> c. By March 1 of each year, the owner or operator shall <br /> adjust the latest closure cost estimate using an <br /> inflation factor derived from the annual Implicit <br /> Price Deflator for Gross National Product as published <br /> by the U.S. Department of Commerce in its SURVEY OF <br /> CURRENT BUSINESS. The inflation factor shall be <br /> calculated by dividing the latest published annual <br /> deflator by the deflator for the previous year. The <br /> result is the inflation factor. <br /> The adjusted closure cost estimate shall equal the , <br /> latest closure cost estimate times the inflation <br /> factor. <br /> d. The adjusted closure cost estimate shall be submitted <br /> to the Department as part of the annual report <br /> required in item III.N.3.b. <br /> 2. Financial Assurance and Liability <br /> a. Financial Assurance <br /> The owner or operator shall demonstrate to the <br /> Department continuous compliance with applicable <br /> sections of Article 17, Title 22, CCR, by providing <br /> documentation of financial assurance in at least the <br /> amount :.'of'. ttSe':-.cost.; a .timat_e,s__. required by item <br /> III.P.l.a. �. <br /> b. t <br /> Liability ;;` .7, <br /> y �r _ <br /> MY 4 <br /> The owner or operator shall demonstrate to the <br /> Department continuous compliance with HsS Code, <br /> Section 25245 and applicable sections of Article 17, <br /> Title 22, CCR by providing documentation of liability <br /> coverage in the required amounts. <br /> An owner or operator who fulfills the requirements above <br /> W-411 be deemed to be without the required financial <br /> assurance and liability coverage in the event of a <br /> bankruptcy, insolvency, or a suspension or revocation of <br /> the license or charter of the issuing institution. The <br /> owner or operator must obtain other financial <br /> assurance/liability coverage within 60 days of such events. <br /> -26- <br />