Haw. Code R. §§ 11-265.145 - Financial assurance for post-closure care
By the effective date of these regulations, an owner or operator of a facility with a hazardous waste disposal unit must establish financial assurance for post-closure care of the disposal unit(s).
(a) Post-closure trust fund.
(1) An owner or operator may satisfy the
requirements of this section by establishing a post-closure trust fund which
conforms to the requirements of this paragraph and submitting an originally
signed duplicate of the trust agreement to the director. The trustee must be an
entity which has the authority to act as a trustee and whose trust operations
are regulated and examined by a Federal or State agency.
(2) The wording of the trust agreement must
be identical to the wording specified in §264.151(a)(1), and the trust
agreement must be accompanied by a formal certification of acknowledgment (for
example, see §264.151(a)(2)). Schedule A of the trust agreement must be
updated within 60 days after a change in the amount of the current post-closure
cost estimate covered by the agreement.
(3) Payments into the trust fund must be made
annually by the owner or operator over the 20 years beginning with the
effective date of these regulations or over the remaining operating life of the
facility as estimated in the closure plan, whichever period is shorter; this
period is hereafter referred to as the "pay-in period." The payments into the
post-closure trust fund must be made as follows:
(i) The first payment must be made by the
effective date of these regulations, except as provided in paragraph (a)(5) of
this section. The first payment must be at least equal to the current
post-closure cost estimate, except as provided in §265.145(f), divided by
the number of years in the pay-in period.
(ii) Subsequent payments must be made no
later than 30 days after-each anniversary date of the first payment. The amount
of each subsequent payment must be determined by this formula:
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where CE is the current post-closure cost estimate, CV is the current value of the trust fund, and Y is the number of years remaining in the pay-in-period.
(4) The owner or operator may accelerate
payments into the trust fund or he may deposit the full amount of the current
post-closure cost estimate at the time the fund is established. However, he
must maintain the value of the fund at no less than the value that the fund
would have if annual payments were made as specified in paragraph (a)(3) of
this section.
(5) If the owner or
operator establishes a post-closure trust fund after having used one or more
alternate mechanisms specified in this section, his first payment must be in at
least the amount that the fund would contain if the trust fund were established
initially and annual payments made-as specified in paragraph (a)(3) of this
section.
(6) After the pay-in
period is completed, whenever the current post-closure cost estimate changes
during the operating life of the facility, the owner or operator must compare
the new estimate with the trustee's most recent annual valuation of the trust
fund. If the value of the fund is less than the amount of the new estimate, the
owner or operator, within 60 days after the change in the cost estimate, must
either deposit an amount into the fund so that its value after this deposit at
least equals the amount of the current post-closure cost estimate, or obtain
other financial assurance as specified in this section to cover the
difference.
(7) During the
operating life of the facility, if the value of the trust fund is greater than
the total amount of the current post-closure cost estimate, the owner or
operator may submit a written request to the director for release of the amount
in-excess of the current post-closure cost estimate.
(8) If an owner or operator substitutes other
financial assurance as specified in this section for all or part of the trust
fund, he may submit a written request to the director for release of the amount
in excess of the current post-closure cost estimate covered by the trust
fund.
(9) Within 60 days after
receiving a request from the owner or operator for release of funds as
specified in paragraph (a)(7) or (8) of this section, the director will
instruct the trustee to release to the owner or operator such funds as the
director specifies in writing.
(10)
During the period of post-closure care, the director may approve a release of
funds if the owner or operator demonstrates to the director that the value of
the trust fund exceeds the remaining cost of post-closure care.
(11) An owner or operator or any other person
authorized to conduct post-closure care may request reimbursements for
post-closure expenditures by submitting itemized bills to the director. Within
60 days after receiving bills for post-closure care activities, the director
will instruct the trustee to make reimbursements in those amounts as the
director specifies in writing, if the director determines that the post-closure
expenditures are in accordance with the approved post-closure plan or otherwise
justified. If the director does not instruct the trustee to make such
reimbursements, he will provide the owner or operator with a detailed written
statement of reasons.
(12) The
director will agree to termination of the trust when:
(i) An owner or operator substitutes
alternate financial assurance as specified in this section; or
(ii) The director releases the owner or
operator from the requirements of this section in accordance with §
265.145(h).
(b)
Surety bond guaranteeing payment into a post-closure trust fund.
(1) An owner or operator may satisfy the
requirements of this section by obtaining a surety bond which conforms to the
requirements of this paragraph and submitting the bond to the director. The
surety company issuing the bond must, at a minimum, be among those listed as
acceptable sureties on Federal bonds in Circular 570 of the U.S. Department of
the Treasury.
(2) The wording of
the surety bond must be identical to the wording specified in §
264.151(b).
(3) The owner or
operator who uses a surety bond to satisfy the requirements of this section
must also establish a standby trust fund. Under the terms of the bond, all
payments made thereunder will be deposited by the surety directly into the
standby trust fund in accordance with instructions from the director. This
standby trust fund must meet the requirements specified in § 265.145(a),
except that:
(i) An originally signed
duplicate of the trust agreement must be submitted to the director with the
surety bond; and
(ii) Until the
standby trust fund is funded pursuant to the requirements of this section, the
following are not required by these regulations:
(A) Payments into the trust fund as specified
in § 265.145(a);
(B) Updating
of Schedule A of the trust agreement (see § 264.151(a))-to show current
post-closure cost-estimates;
(C)
Annual valuations as required by the trust agreement; and
(D) Notices of nonpayment as required by the
trust agreement.
(4) The bond must guarantee that the owner or
operator will:
(i) Fund the standby trust fund
in an amount equal to the penal sum of the bond before the beginning of final
closure of the facility; or
(ii)
Fund the standby trust fund in an amount equal to the penal sum within 15 days
after an administrative order to begin final closure issued by the director
becomes final, or within 15 days after an order to begin final closure is
issued by a U.S. district court or other court of competent jurisdiction; or
(iii) Provide alternate financial
assurance as specified in this section, and obtain the director's written
approval of the assurance provided, within 90 days after receipt by both the
owner or operator and the director of a notice of cancellation-of the bond from
the surety.
(5) Under the
terms of the bond, the surety will become liable on the bond obligation when
the owner or operator fails to perform as guaranteed by the bond.
(6) The penal sum of the bond must be in an
amount at least equal to the current post-closure cost estimate, except as
provided in § 265.145(f).
(7)
Whenever the current post-closure cost estimate increases to an amount greater
than the penal sum, the owner or operator, within 60 days after the increase,
must either cause the penal sum to be increased to an amount at least equal to
the current post-closure cost estimate and submit evidence of such increase to
the director, or obtain other financial assurance as specified in this
section-to cover the increase. Whenever the-current post-closure cost estimate
decreases, the penal sum may be reduced to the amount of the current
post-closure cost estimate following written approval by the
director.
(8) Under the terms of
the bond, the surety may cancel the bond by sending notice of cancellation by
certified mail to the owner or operator and to the director. Cancellation may
not occur, however, during the 120 days beginning on the date of receipt of the
notice of cancellation by both the owner or operator and the director, as
evidenced by the return receipts.
(9) The owner or operator may cancel the bond
if the director has given prior written consent based on his receipt of
evidence of alternate financial assurance as specified in this
section.
(c) Post-closure
letter of credit.
(1) An owner or operator
may satisfy the requirements of this section by obtaining an irrevocable
standby letter of credit which conforms to the requirements of this paragraph
and submitting the letter to the director. The issuing institution must be an
entity which has the authority to issue letters of credit and whose
letter-of-credit operations are regulated and examined by a Federal or State
agency.
(2) The wording of the
letter of credit must be identical to the wording specified in §
264.151(d).
(3) An owner or
operator who uses a letter of credit to satisfy the requirements of this
section must also establish a standby trust fund. Under the terms of the letter
of credit, all amounts paid pursuant to a draft by the director will be
deposited by the issuing institution directly into the standby trust fund in
accordance with instructions from the director. This standby trust fund must
meet the requirements of the trust fund specified in § 265.145(a), except
that:
(i) An originally signed duplicate of
the trust agreement must be submitted to the director with the letter of
credit; and
(ii) Unless the standby
trust fund is funded pursuant to the requirements of this section, the
following are not required by these regulations:
(A) Payments into the trust fund as specified
in § 265.145(a);
(B) Updating
of Schedule A of the trust agreement (see § 264.151(a))-to show current
post-closure cost-estimates;
(C)
Annual valuations as required by the trust agreement; and
(D) Notices of nonpayment as required by the
trust agreement.
(4) The letter of credit must be accompanied
by a letter from the owner or operator referring to the letter of credit by
number, issuing institution, and date, and providing the following information:
The EPA Identification Number, name, and address of the facility, and the
amount of funds assured for post-closure care of the facility by the letter of
credit.
(5) The letter of credit
must be irrevocable and issued for a period of at least 1 year. The letter of
credit must provide that the expiration date will be automatically extended for
a period of at least 1 year unless, at least 120 days before the current
expiration date, the issuing institution notifies both the owner or operator
and the director by certified mail of a decision not to extend the expiration
date. Under the terms of the letter of credit, the 120 days will begin on the
date when both the owner or operator and the director have received the notice,
as evidenced by the return receipts.
(6) The letter of credit must be issued in an
amount at least equal to the current post-closure cost estimate, except as
provided in § 265.145(f).
(7)
Whenever the current post-closure cost estimate increases to an amount greater
than the amount of the credit during the operating life of the facility, the
owner or operator, within 60 days after the increase, must either cause the
amount of the credit to be increased so that it at least equals the current
post-closure cost estimate and submit evidence of such increase to the
director, or obtain other financial assurance as specified in this section to
cover the increase. Whenever the current post-closure cost estimate decreases
during the operating life of the facility, the amount of the credit may be
reduced to the amount of the current post-closure cost estimate following
written approval by the director.
(8) During the period of post-closure care,
the director may approve a decrease in the amount of the letter of credit if
the owner or operator demonstrates to the director that the amount exceeds the
remaining cost of post-closure care.
(9) Following a final administrative
determination pursuant to 42
U.S.C. section 6928 or section 342J-7, HRS
that the owner or operator has failed to perform post-closure care in
accordance with the approved post-closure plan and other permit requirements,
the director may draw on the letter of credit.
(10) If the owner or operator does not
establish alternate financial assurance as specified in this section and obtain
written approval of such alternate assurance from the director within 90 days
after receipt by both the owner or operator and the director of a notice from
the issuing institution that it has decided not to extend the letter of credit
beyond the current expiration date, the director will draw on the letter of
credit. The director may delay the drawing if the issuing institution grants an
extension of the term of the credit. During the last 30 days of any such
extension the director will draw on the letter of credit if the owner or
operator has failed to provide alternate financial assurance as specified in
this section and obtain written approval of such assurance from the
director.
(11) The director will
return the letter of credit to the issuing institution for termination when:
(i) An owner or operator substitutes
alternate financial assurance as specified in this section; or
(ii) The director releases the owner or
operator from the requirements of this section in accordance with §
265.145(h).
(d)
Post-closure insurance.
(1) An owner or
operator may satisfy the requirements of this section by obtaining post-closure
insurance which conforms to the requirements of this paragraph and submitting a
certificate of such insurance to the director. By the effective date of these
regulations the owner or operator must submit to the director a letter from an
insurer stating that the insurer is considering issuance of post-closure
insurance conforming to the requirements of this paragraph to the owner or
operator. Within 90 days after the effective date of these regulations, the
owner or operator must submit the certificate of insurance to the director or
establish other financial assurance as specified in this section. At a minimum,
the insurer must be licensed to transact the business of insurance, or eligible
to provide insurance as an excess or surplus lines insurer, in one or more
States.
(2) The wording of the
certificate of insurance must be identical to the wording specified in
§264.151(e).
(3) The
post-closure insurance policy must be issued for a face amount at least equal
to the current post-closure cost estimate, except as provided in
§265.145(f). The term "face amount" means the total amount the insurer is
obligated to pay under the policy. Actual payments by the insurer will not
change the face amount, although the insurer's future liability will be lowered
by the amount of the payments.
(4)
The post-closure insurance policy must guarantee that funds will be available
to provide post-closure care of the facility whenever the post-closure period
begins. The policy must also guarantee that once post-closure care begins the
insurer will be responsible for paying out funds, up to an amount equal to the
face amount of the policy, upon the direction of the director, to such party or
parties as the director specifies.
(5) An owner or operator or any other person
authorized to perform post-closure care may request reimbursement for
post-closure care expenditures by submitting itemized bills to the director.
Within 60 days after receiving bills for post-closure care activities, the
director will instruct the insurer to make reimbursements in those amounts as
the director specifies in writing, if the director determines that the
post-closure expenditures are in accordance with the approved post-closure plan
or otherwise justified. If the director does not instruct the insurer to make
such reimbursements, he will provide a detailed written statement of
reasons.
(6) The owner or operator
must maintain the policy in full force and effect until the director consents
to termination of the policy by the owner or operator as specified in paragraph
(d)(11) of this section. Failure to pay the premium, without substitution of
alternate financial assurance as specified in the section, will constitute a
significant violation of these regulations, warranting such remedy as the
director deems necessary. Such violation will be deemed to begin upon receipt
by the director of a notice of future cancellation, termination, or failure to
renew due to nonpayment of the premium, rather than upon the date of
expiration.
(7) Each policy most
contain a provision allowing assignment of the policy to a successor owner or
operator. Such assignment may be conditional upon consent of the insurer,
provided such consent is not unreasonably refused.
(8) The policy must provide that the insurer
may not cancel, terminate, or fail to renew the policy except for failure to
pay the premium. The automatic renewal of the policy must, at a minimum,
provide the insured with the option of renewal at the face amount of the
expiring policy. If there is a failure to pay the premium, the insurer may
elect to cancel, terminate, or fail to renew the policy by sending notice by
certified mail to the owner or operator and the director. Cancellation,
termination, or failure to renew may not occur, however, during the 120 days
beginning with the date of receipt of the notice by both the director and the
owner or operator, as evidenced by the return receipts. Cancellation,
termination, or failure to renew may not occur and the policy will remain in
full force and effect in the event that on or before the date of expiration:
(i) The director deems the facility
abandoned; or
(ii) Interim status
is terminated or revoked; or
(iii)
Closure is ordered by the director or a U.S. district court or other court of
competent jurisdiction; or
(iv) The
owner or operator is named as debtor in a voluntary or involuntary proceeding
under Title 11 (Bankruptcy), U.S. Code; or
(v) The premium due is paid.
(9) Whenever the current
post-closure cost estimate increases to an amount greater than the face amount
of the policy during the operating life of the facility, the owner or operator,
within 60 days after the increase, must either cause the face amount to be
increased to an amount at least equal to the current post-closure cost estimate
and submit evidence of such increase to the director, or obtain other financial
assurance as specified in this section to cover the increase. Whenever the
current post-closure cost estimate decreases during the operating life of the
facility, the face amount may be reduced to the amount of the current
post-closure cost estimate following written approval by the
director.
(10) Commencing on the
date that liability to make payments pursuant to the policy accrues, the
insurer will thereafter annually increase the face amount of the policy. Such
increase must be equivalent-to the face amounts of the policy, less any
payments made, multiplied by an amount equivalent to 85 percent of the most
recent investment rate or of the equivalent coupon-issue yield announced by the
U.S. Treasury for 26-week Treasury-securities.
(11) The director will give written consent
to the owner or operator that he may terminate the insurance policy when:
(i) An owner or operator substitutes
alternate financial assurance as specified in this section; or
(ii) The director releases the owner or
operator from the requirements of this section in accordance with §
265.145(h).
(e)
Financial test and corporate guarantee for post-closure care.
(1) An owner or operator may satisfy the
requirements of this section by demonstrating that he passes a financial test
as specified in this paragraph. To pass this test the owner or operator must
meet the criteria either of paragraph (e)(1)(i) or (ii) of this section:
(i) The owner or operator must have:
(A) Two of the following three ratios: a
ratio of total liabilities to net worth less than 2.0; a ratio of the sum of
net income plus depreciation, depletion, and amortization to total liabilities
greater than 0.1; and a ratio of current assets to current liabilities greater
than 1.5; and
(B) Net working
capital and tangible net worth each at least six times the sum of the current
closure and post-closure cost estimates and the current plugging and
abandonment cost estimates; and
(C)
Tangible net worth of at least $10 million; and
(D) Assets in the United States amounting to
at least 90 percent of his total assets or at least six times-the sum of the
current closure and post-closure cost estimates and the cur-rent plugging and
abandonment cost estimates.
(ii) The owner or operator must have:
(A) A current rating for his most recent bond
issuance of AAA, AA, A, or BBB as issued by Standard and Poor's or Aaa, Aa, A,
or Baa as issued by Moody's; and
(B) Tangible net worth at least six times the
sum of the current closure and post-closure cost estimates and the current
plugging and abandonment cost estimates; and
(C) Tangible net worth of at least $10
million; and
(D) Assets located in
the United States amounting to at least 90 percent of his total assets or at
least six times the sum of the current closure and post-closure cost estimates
and the current plugging and abandonment cost estimates.
(2) The phrase "current closure
and post-closure cost estimates" as used in paragraph (e)(1) of this section
refers to the cost estimates required to be shown in paragraphs 1-4 of the
letter from the owner's or operator's chief financial officer (§
264.151(f)). The phrase "current plugging and abandonment cost estimates" as
used in paragraph (e)(1) of this section refers to the cost estimates required
to be shown in paragraphs 1-4 of the letter from the owner's or operator's
chief financial officer (§ 144.70(f) of this title).
(3) To demonstrate that he meets this test,
the owner or operator must submit the following items to the director:
(i) A letter signed by the owner's or
operator's chief financial officer and worded as specified in §
264.151(f); and
(ii) A copy of the
independent certified public accountant's report on examination of the owner's
or operator's financial statements for the latest completed fiscal year; and
(iii) A special report from the
owner's or operator's independent certified public accountant to the owner or
operator stating that:
(A) He has compared
the data which the letter from the chief financial officer specifies as having
been derived from the independently audited, year-end financial statements for
the latest fiscal year with the amounts in such financial statements;
and
(B) In connection with that
procedure, no matters came to his attention which caused him to believe that
the specified data should be adjusted.
(4) The owner or operator may obtain an
extension of the time allowed for submission of the documents specified in
paragraph (e)(3) of this section if the fiscal year of the owner or operator
ends during the 90 days prior to the effective date of these regulations and if
the year-end financial statements for that fiscal year will be audited by an
independent certified public accountant. The extension will end no later than
90 days after the end of the owner's or operator's fiscal year. To obtain the
extension, the owner's or operator's chief financial officer must send, by the
effective date of these regulations, a letter to the director of each Region in
which the owner's or operator's facilities to be covered by the financial test
are located. This letter from the chief financial officer must:
(i) Request the extension;
(ii) Certify that he has grounds to believe
that the owner or operator meets the criteria of the financial test;
(iii) Specify for each facility to be covered
by the test the EPA Identification Number, name, address, and the current
closure and post-closure cost estimates to be covered by the test;
(iv) Specify the date ending the owner's or
operator's latest complete fiscal year before the effective date of these
regulations;
(v) Specify the date,
no later than 90 days after the end of such fiscal year, when he will submit
the documents specified in paragraph (e)(3) of this section; and
(vi) Certify that the year-end financial
statements of the owner or operator for such fiscal year will be audited by an
independent certified public accountant.
(5) After the initial submission of items
specified in paragraph (e)(3) of this section, the owner or operator must send
updated information to the director within 90 days after the close of each
succeeding fiscal year. This information must consist of all three items
specified in paragraph (e)(3) of this section.
(6) If the owner or operator no longer meets
the requirements of paragraph (e)(1) of this section, he must send notice to
the director of intent to establish alternate financial assurance as specified
in this section. The notice must be sent by certified mail within 90 days after
the end of the fiscal year for which the year-end financial data show that the
owner or operator no longer meets the requirements. The owner or operator must
provide the alternate financial assurance within 120 days after the end of such
fiscal year.
(7) The director may,
based on a reasonable belief that the owner or operator may no longer meet the
requirements of paragraph (e)(1) of this section, require reports of financial
condition at any time from the owner or operator in addition to those specified
in paragraph (e)(3) of this section. If the director finds, on the basis of
such reports or other information, that the owner or operator no longer meets
the requirements of paragraph (e)(1) of this section, the owner or operator
must provide alternate financial assurance as specified in this section within
30 days after notification of such a finding.
(8) The director may disallow use of this
test on the basis of qualifications in the opinion expressed by the independent
certified public accountant in his report on examination of the owner's or
operator's financial statements (see paragraph (e)(3)(ii) of this section). An
adverse opinion or a disclaimer of opinion will be cause for disallowance. The
director will evaluate other qualifications on an individual basis. The owner
or operator must provide alternate financial assurance as specified in this
section within 30 days after notification of the disallowance.
(9) During the period of post-closure care,
the director may approve a decrease in the current post-closure cost estimate
for which this test demonstrates financial assurance if the owner or operator
demonstrates to the director that the amount of the cost estimate exceeds the
remaining cost of post-closure care.
(10) The owner or operator is no longer
required to submit the items specified in paragraph (e)(3) of this section
when:
(i) An owner or operator substitutes
alternate financial assurance as specified in this section; or
(ii) The director releases the owner or
operator from the requirements of this section in accordance with
§265.145(h).
(11) An
owner or operator may meet the requirements of this section by obtaining a
written guarantee. The guarantor must be the direct or higher-tier parent
corporation of the owner or operator, a firm whose parent corporation is also
the parent corporation of the owner or operator, or a firm with a "substantial
business relationship" with the owner or operator. The guarantor must meet the
requirements for owners or operators in paragraphs (e)(1) through (9) of this
section and must comply with the terms of the guarantee. The wording of the
guarantee must be identical to the wording specified in §264.151(h). A
certified copy of the guarantee must accompany the items sent to the director
as specified in paragraph (e)(3) of this section. One of these items must be
the letter from the guarantor's chief financial officer. If the guarantor's
parent corporation is also the parent corporation of the owner or operator, the
letter must describe the value received in consideration of the guarantee. If
the guarantor is a firm with a "substantial business relationship" with the
owner or operator, this letter must describe this "substantial business
relationship" and the value received in consideration of the guarantee. The
terms of the guarantee must provide that:
(i)
If the owner or operator fails to perform post-closure care of a facility
covered by the corporate guarantee in accordance with the post-closure plan and
other interim status requirements whenever required to do so, the guarantor
will do so or establish a trust fund as specified in § 265.145(a) in the
name of the owner or operator.
(ii)
The corporate guarantee will remain in force unless the guarantor sends notice
of cancellation by certified mail to the owner or operator and to the director.
Cancellation may not occur, however, during the 120 days beginning on the date
of receipt of the notice of cancellation by both the owner or operator and the
director, as evidenced by the return receipts.
(iii) If the owner or operator fails to
provide alternate financial assurance as specified in this section and obtain
the written approval of such alternate assurance from the director within 90
days after receipt by both the owner or operator and the director of a notice
of cancellation of the corporate guarantee from the guarantor, the guarantor
will provide such alternate financial assurance in the name of the owner or
operator.
(f)
Use of multiple financial mechanisms. An owner or operator may satisfy the
requirements of this section by establishing more than one financial mechanism
per facility. These mechanisms are limited to trust funds, surety bonds,
letters of credit, and insurance. The mechanisms must be as specified in
paragraphs (a) through (d), respectively, of this section, except that it is
the combination of mechanisms, rather than the single mechanism, which must
provide financial assurance for an amount at least equal to the current
post-closure cost estimate. If an owner or operator uses a trust fund in
combination with a surety bond or a letter of credit, he may use the trust fund
as the standby trust fund for the other mechanisms. A single standby trust fund
may be established for two or more mechanisms. The director may use any or all
of the mechanisms to provide for post-closure care of the facility.
(g) Use of a financial mechanism for multiple
facilities. An owner or operator may use a financial assurance mechanism
specified in this section to meet the requirements of this section for more
than one facility. Evidence of financial assurance submitted to the director
must include a list showing, for each facility, the EPA Identification Number,
name, address, and the amount of funds for post-closure care assured by the
mechanism. If the facilities covered by the mechanism are in more than one
state, identical evidence of financial assurance must be submitted to and
maintained with the state agency regulating hazardous waste in all such states
or with the appropriate Regional Administrator if the facility is located in an
unauthorized state. The amount of funds available through the mechanism must be
no less than the sum of funds that would be available if a separate mechanism
had been established and maintained for each facility. In directing funds
available through the mechanism for post-closure care of any of the facilities
covered by the mechanism, the director may direct only the amount of funds
designated for that facility, unless the owner or operator agrees to the use of
additional funds available under the mechanism.
(h) Release of the owner or operator from the
requirements of this section. Within 60 days after receiving certifications
from the owner or operator and a qualified Professional Engineer that the
post-closure care period has been completed for a hazardous waste disposal unit
in accordance with the approved plan, the director will notify the owner or
operator in writing that he is no longer required to maintain financial
assurance for post-closure care of that unit, unless the director has reason to
believe that post-closure care has not been in accordance with the approved
post-closure plan. The director shall provide the owner or operator a detailed
written statement of any such reason to believe that post-closure care has not
been in accordance with the approved post-closure plan.
Notes
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