(2) A financial responsibility statement required by this section must:
(a) Demonstrate the railroad’s ability, in the form of insurance, reserve accounts, letters of credit or other financial instruments or resources on which the railroad can rely, to pay the costs to clean up a worst case spill as calculated under subsection (3) of this section; and
(b) Identify the capacity, measured in barrels, of the total lading of oil transported within the average-sized train and the largest single train that was operated on each high hazard train route owned or operated by the railroad during the previous calendar year.
(3) For the purposes of this section, a railroad that owns or operates a high hazard train route shall calculate the total costs to clean up a worst case spill based on a minimum cost of $16,800 per barrel of oil multiplied by the number of barrels of oil that would constitute a worst case spill on the high hazard train route.
(4) A statement prepared for an agency of the federal government or an adjacent state that satisfies the requirements of this section may be accepted as a financial responsibility statement under this section. [2019 c.581 §13]