Iowa Admin. Code r. 567-117.7 - Financial assurance for waste tire sites
Permitted
(1)
No
permit without financial assurance. A permit shall not be issued to
the owner and operator of a waste tire processing or storage site until a
financial assurance instrument has been submitted to and approved by the
department as necessary.
(2)
Financial assurance amounts required.
a. Waste tire stockpile sites shall have
financial assurance coverage equal to $2.50 per waste tire collected and
stored.
b. Waste tire processing
sites shall have financial assurance coverage equal to $2.50 per waste tire
stored above the permitted three-day processing capacity, in accordance with
117.6(3)"b."
(3)
Acceptable financial assurance
instruments. Financial assurance may be provided by cash, surety bond,
letter of credit, secured trust fund, or corporate guarantee, as follows:
a. Cash payments shall be provided by a
certified check, made payable to the Department of Natural Resources.
b. A surety bond must be written by a company
authorized by the commissioner of insurance to do business in the state, and
the surety bond shall comply with the following:
(1) The bond shall be in a form approved by
the commissioner of insurance and shall be payable to the department of natural
resources.
(2) The bond must be
continuous until canceled by the surety. Written notice of intent to cancel the
bond must be provided to the owner and operator and to the department at least
90 days before the effective date of cancellation.
c. A secured trust fund shall name the
department of natural resources as the entity authorized to draw funds from the
trust, subject to proper notification to the trust officer of failure by the
permittee to comply with proper removal and disposal of waste tires covered by
the financial assurance provided by the trust.
d. The department may require, at the expense
of the permitte, a financial audit of an individual or firm requesting the use
of a letter of credit or corporate guarantee.
(4)
Financial assurance cancellation
and permit suspension.
a. Within 30
days of receipt of a written notice of cancellation of financial assurance by
the surety, the owner or operator must provide the department an alternative
financial assurance instrument. If a means of continued financial assurance is
not provided within that 30 days, the department shall suspend the
permit .
b. The owner or operator
shall perform proper closure within 30 days of the permit suspension. For the
purpose of this rule, proper closure means removal of all tires and related
products from the site or facility through acceptable disposal or processing
options.
c. If the owner or
operator does not properly close the site within the 30-day period allowed, the
department shall file a claim with the surety company, trust, or other
financial assurance instrument provider to collect the amount of funds
necessary to properly close the site .
d. Any financial assurance instrument
provided to the department in compliance with this rule must be payable to the
department and must remain in continuous effect until the director of the
department gives written notification to the owner , operator , and surety
provider that the covered site has been properly closed. An owner or operator
who elects to terminate a permitted activity, or whose renewal application has
been denied, or whose permit has been suspended or revoked for cause, must
submit within 30 days of the termination of the permit a schedule for
completing proper closure of the terminated activity. Closure completion cannot
exceed 60 days from the date of termination of the permit .
e. The director may request payment from any
surety to provide for the purpose of completing closure when one of the
following circumstances exists:
(1) The owner
or operator is more than 15 days late in providing a schedule for closure or
for meeting any date in the schedule for closure.
(2) The owner or operator declares an
economic inability to comply with this rule, either by sending written
notification to the director or through an action such as, but not limited to,
filing for bankruptcy.
Notes
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