Utah Admin. Code R315-265-145 - Financial Requirements - Financial Assurance for Post-Closure Care
By the effective date of these regulations, an owner or
operator of a
(a) Post-closure trust fund.
(1) An owner or operator may satisfy the
requirements of Section R315-265-145 by establishing a post-closure trust fund
which conforms to the requirements of Subsection R315-265-145(a) and submitting
an originally signed duplicate of the trust agreement to the Director . The
trustee shall be an entity which has the authority to act as a trustee and
whose trust operations are regulated and examined by a Federal or Utah
agency.
(2) The wording of the
trust agreement shall be identical to the wording specified in Subsection
R315-264-151(a)(1),
and the trust agreement shall be accompanied by a formal certification of
acknowledgment, for example see Subsection
R315-264-151(a)(2).
Schedule A of the trust agreement shall 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 shall 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 shall be made as follows:
(i) The first payment shall be made by the
effective date of these regulations, except as provided in Subsection
R315-265-145(a) (5). The first payment shall be at least equal to the current
post-closure cost estimate , except as provided in Subsection R315-265-145(f),
divided by the number of years in the pay-in period.
(ii) Subsequent payments shall 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: Next payment =
(CE-CV)/Y, 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 shall 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 Subsection R315-265-145(a)(3).
(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 shall 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 Subsection R315-265-145(a) (3).
(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 shall 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, shall 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 Section R315-265-145 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 Subsections R315-265-145(a) (7) or (8), 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 Section R315-265-145 in accordance with
Subsection R315-265-145(h).
(b) Surety bond guaranteeing payment into a
post-closure trust fund.
(1) An owner or
operator may satisfy the requirements of Section R315-265-145 by obtaining a
surety bond which conforms to the requirements of Subsection R315-265-145(b)
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 Subsection
R315-264-151(b).
(3) The owner or operator who uses a surety
bond to satisfy the requirements of this section shall 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 shall meet the
requirements specified in Subsection R315-265-145(a), except that:
(i) An originally signed duplicate of the
trust agreement shall be submitted to the Director with the surety bond;
and
(ii) Until the standby trust
fund is funded pursuant to the requirements of Section R315-265-145, the
following are not required by these regulations:
(A) Payments into the trust fund as specified
in Subsection R315-265-145(a);
(B)
Updating of Schedule A of the trust agreement, see Subsection
R315-264-151(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 shall 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 Section R315-265-145, 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 shall be in an
amount at least equal to the current post-closure cost estimate , except as
provided in Subsection R315-265-145(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, shall 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 Section R315-265-145 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 Section R315-265-145.
(c) Post-closure letter of credit.
(1) An owner or operator may satisfy the
requirements of Section R315-265-145 by obtaining an irrevocable standby letter
of credit which conforms to the requirements of Subsection R315-265-145(c) and
submitting the letter to the Director . The issuing institution shall 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 Utah
agency.
(2) The wording of the
letter of credit shall be identical to the wording specified in Subsection
R315-264-151(d).
(3) An owner or operator who uses a letter of
credit to satisfy the requirements of this section shall 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 Subsection R315-265-145(a), except
that:
(i) An originally signed duplicate of
the trust agreement shall be submitted to the Director with the letter of
credit; and
(ii) Unless the standby
trust fund is funded pursuant to the requirements of Section R315-265-145, the
following are not required by these regulations:
(A) Payments into the trust fund as specified
in Subsection R315-265-145(a);
(B)
Updating of Schedule A of the trust agreement, see Subsection
R315-264-151(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 shall 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
shall be irrevocable and issued for a period of at least one year . The letter
of credit shall provide that the expiration date will be automatically extended
for a period of at least one 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 shall be issued in
an amount at least equal to the current post-closure cost estimate , except as
provided in Subsection R315-265-145(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, shall 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 Section R315-265-145 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 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 Section R315-265-145
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 Section R315-265-145 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 Section R315-265-145;
or
(ii) The Director releases the
owner or operator from the requirements of Section R315-265-145 in accordance
with Subsection R315-265-145(h).
(d) Post-closure insurance.
(1) An owner or operator may satisfy the
requirements of Section R315-265-145 by obtaining post-closure insurance which
conforms to the requirements of Subsection R315-265-145(d) and submitting a
certificate of such insurance to the Director . By the effective date of these
regulations the owner or operator shall 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 Subsection R315-265-145(d) to the
owner or operator. Within 90 days after the effective date of these
regulations, the owner or operator shall submit the certificate of insurance to
the Director or establish other financial assurance as specified in Section
R315-265-145. At a minimum, the insurer shall 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 shall be identical to the wording specified in Subsection
R315-264-151(e).
(3) The post-closure insurance policy shall
be issued for a face amount at least equal to the current post-closure cost
estimate , except as provided in Subsection R315-265-145(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 shall guarantee that funds will be available to provide
post-closure care of the facility whenever the post-closure period begins. The
policy shall 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 shall 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 Subsection R315-265-145(d) (11). 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 shall 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 shall 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, shall 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 Section R315-265-145 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 shall 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 Section R315-265-145;
or
(ii) The Director releases the
owner or operator from the requirements of Section R315-265-145 in accordance
with Subsection R315-265-145(h).
(e) Financial test and corporate guarantee
for post-closure care.
(1) An owner or
operator may satisfy the requirements of Section R315-265-145 by demonstrating
that he passes a financial test as specified in Subsection R315-265-145(e). To
pass this test the owner or operator shall meet the criteria either of
Subsections R315-265-145(e)(1)(i) or (ii):
(i)
The owner or operator shall 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 current plugging and abandonment cost estimates.
(ii) The owner or operator shall 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 Subsection R315-265-145(e)(1)
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, for example see
Subsection
R315-264-151(f).
The phrase "current plugging and abandonment cost estimates" as used in
Subsection R315-265-145(e) (1) 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, for example see
40 CFR
144.70(f).
(3) To demonstrate that he meets this test ,
the owner or operator shall 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 Subsection
R315-264-151(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
Subsection R315-265-145(e)(3) 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 shall send, by the
effective date of these regulations, a letter to the Director . This letter from
the chief financial officer shall:
(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 Subsection R315-265-145(e)(3); 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 Subsection R315-265-145(e)(3), the owner or operator shall 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 Subsection R315-265-145(e)(3).
(6) If the owner or operator no longer meets
the requirements of Subsection R315-265-145(e)(1), he shall send notice to the
Director of intent to establish alternate financial assurance as specified in
Section R315-265-145. The notice shall 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 shall 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 Subsection R315-265-145(e)(1), require
reports of financial condition at any time from the owner or operator in
addition to those specified in Subsection R315-265-145(e)(3). If the Director
finds, on the basis of such reports or other information, that the owner or
operator no longer meets the requirements of Subsection R315-265-145(e)(1), the
owner or operator shall provide alternate financial assurance as specified in
Section R315-265-145 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 Subsection
R315-265-145(e)(3)(ii). 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 shall provide alternate financial
assurance as specified in Section R315-265-145 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 Subsection R315-265-145(e)(3) when:
(i) An owner or operator substitutes
alternate financial assurance as specified in Section R315-265-145;
or
(ii) The Director releases the
owner or operator from the requirements of Section R315-265-145 in accordance
with Subsection R315-265-145(h).
(11) An owner or operator may meet the
requirements of Section R315-265-145 by obtaining a written guarantee. The
guarantor shall 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 shall meet the requirements for owners or
operators in Subsections R315-265-145(e)(1) through (9) and shall comply with
the terms of the guarantee. The wording of the guarantee shall be identical to
the wording specified in Subsection
R315-264-151(h).
A certified copy of the guarantee shall accompany the items sent to the
Director as specified in Subsection R315-265-145(e)(3). One of these items
shall 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 shall 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 shall 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 Subsection R315-265-145(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 Section R315-265-145 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 Section R315-265-145 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 Subsections R315-265-145(a) through (d),
respectively, of this section, except that it is the combination of mechanisms,
rather than the single mechanism, which shall 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 Section R315-265-145 to meet the requirements of Section
R315-265-145 for more than one facility . Evidence of financial assurance
submitted to the Director shall 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. The amount of funds available
through the mechanism shall 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 Section R315-265-145. 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
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.