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66265.144 BARCLAYS IFOIL�IIA CODE OF REGULATIONS J. Isle == I ntrolofafacilityoc- 66265.1.43 or section 67450.13.The submission shall include the follow - c ine information: (A) Name. address and telephone number of issuing institution: and o (B) Hazardous waste facility identification number. name. address and closure cost estimate for each facility. TiTJ or FTU intended to be o covered by the proposed mechanism: and a (C) The amount of funds for closure to be assured for each facility , a TTU or FTU by the proposed mechanism: and S (D) The terms of the proposed mechanism (period covered, renewal/ extension, cancellation). 1 (3) The Department shallnotify the owner or operator in wTiting of the 2 determination made regarding the proposed mechanism's acceptability in lieu of the financial mechanisms specified in subsections (a) through (e) of this section. (4) If a proposed mechanism is found acceptable. the owner or opera- tor shall submit a fully executed document to the Department. The docu- ment shall contain original signatures and shall be accompanied by a for- mal certification of acknowledgment. (5) If a proposed mechanism is found acceptable except for the amount of funds, the owner or operator shall either increase the amount of the Mechanism or obtain other financial assurance as specified in subsec- tions (a) through (e) of this section. The amount of funds available through the combination of mechanisms shall at least equal the current closure cost estimate. (g) Use of multiple financial mechanisms. An owner or operator may satisfy the requirements of this section by establishing more than one fi- nancial mechanism per facility. The mechanisms shalt be as specified in subsections (a) through (f) of this section. except that it is thecombination of mechanisms. rather than the single mechanism, which shall provide Financial assurance for an amount at least equal to the current closure cost estimate. If an owner or operator uses a trust fund in combination with a suretybondor a letter of credit. the trust fund maybe used as the standby trust fund for the other mechanisms. A single stanak+y trust [Find maybe established for two ar more mechanisms. If the owner or operator demon- strates the required coverage through the use of a combination of finan- cial assurances under this subsection. the owner or operator shall specify at least one such assurance as "primary" coverage and shall specify the other as "excess" coverage. The Department may use any or all of the mechanisms to provide for closure of the facility. (h) Use of a financial mechanism for multiple facilities. An owner or operator may use one or more of the financial assurance mechanisms spe- cified in subsections 66265.143(x) through (f) to meet the requirements of section 66265.143 formore than One facility. Evidence of financial as-. surance submitted to the Department shall include a list showing. for each facility, the Hazardous Waste Facility Identification Number. name. ad- dress and the amount of finds for closure assured by the mechanism. The amount of funis 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 closure of any of the facilities cov- ered by the mechanism. the Department 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. (i) Release of the owner or operator from the requirements of this sec- tion. (1) Within 60 days after receiving certifications from the owner or op- erauor and an independent professional engineer. registered in California that final closure has been completed in accordance with the approved closure plan. the Department sballnotifythe owner or operator mwriting that he or she is no longer requiredby this article to maintain financial as- surance for final closure of the facility. unless the Department has reason to believe that final closure has not been in accordance with the approved closure pian. Tne Department shall provide the owner or operator a de- tailed written statement of any such reason to believe that closure has not been in accordance with the approved closure plan. (2) When transfer of Ownership or operation" co urs. and the new owner or operator has demonstrated to the satisfacticm f the Department that he or she is complying with the financial require- ments of this article. the Department shall notify the previous owner or perator in writing that they are no longer required to maintain financial ssurance for closure of that particular facility. NOTE: Authority cited: Sections 205. 225245. 5o_ ?5159.25159.5 and 25245. Health nd Safety Code. Reference: Section __2 .a. Health and Safety Code. 40 CFR ection 264.14:. HISTORY New section filed 5-24-91: operative 7-1-91 (Resister 91. No. 22). Amendment of subsections (ft(l) and (f)(2) filed 10-2:-91: operative 1-1-92 (Register 93. No. 12). tin Editorial correction redesignag subsection (f)(9) to subsection (3) and amending subsection (i)(1) (Register 92. So. 29). 66265.144. Cost Estimate for post—Closure Care. (a) The owner or operator of a bazardcws waste disposal unit shall pre- pare and submit to the Department a detailed wTitten estimate. in current dollars. of the annual cost of postclosure monitoring and maintenance of the facility in accordance with the applicable postclosure regulations in sections 66265.117 through 66365.120. 66265.228. 66265.258. 66265.280 and 66265.310. (1) The postclosure cost estir—riate must be based on the costs to the owner or operator of hiving a third party to conduct postclosure care acti- vities. A third para• is a party w'ho isheither a pareatnor subsidiary of the owner or operator. (See definition of parent corporation in section 66260.10). (2) The postclosure cost estimate is calculated by multiplying the an- nual postclosure cost estimate the numberof years of postclosure care required under section 66265.11 (b) DurinS the active life of the facility. the owner or operator shall a e just the postclosure cost estimate for inflation within 60 days prior to the anniversary date of the establishment of the financial instrument(s) used to comply with section 66265.145. For owners or operators using the fi- nancial test or corporate guarantee. the postclosure care cost estimate F. ,. • ;' shall be updated for inflation no later than 30 days after the close of the firm's fiscal year and before submission of updated information to the Department as specified in section 66265.145(4)(5). The adjustment shall be made by recalculating the posiclosure cost estimate in current dollars or by using an inflation factor derived from the most recent Im- plicit Price Deflator for Gross National Product published by the U.S. De- partment of Commerce in its Survey of Current Business as specified in subsections (b)(1) and (b)(2) of this section. The inflation factor is the re- sult of dividing the latest published annual DetTator by the Deflator for the previous year. (1) The First adjustment is made by multiplying the postclosure cost estimatebytheinflation factor. Tneresultistheadjustedpostclosurecost estimate. (2) Subsequent adjustments are made by multiplying the latest ad- justed posiclosure cost estimate by the latest inflation factor. (c) During the active life of the facility. the owner or operator shall re- vise the postclosure cost estimate no later than 30 days after a revision to the postclosure plan which increases the costof postclosure care.If the owner or operator has an approved postclosure plan. the postclosure cost estimate shall be revised no later than =0 days after the Department has approved the request to modify the plan. if tine change in the postclosure plan increases the cost of postclosure care. The revised postclosuse cost estimate shall be adjusted for + aftaucn as specified in subsection (b) of this section. (d) Tine owner cr operator shall keep the following at the facilityduring the operating life of the facility- the latest posiclosure cost estimate pre- pared in accordance with subsections (a) and (c) of this section and -when this estimate has been adjusted inaccOrdaace with subsection (b) of this section. the latest adjusted postclosure cost estimate. "' ` '.VOr'- .iuthontycacd: Sections :0S. 21140-15159- 25159-5 and ___4 -Hesith and Safery Code. Reference: Section _----. Health and Safety Code: s0 CFR Section Page 758.72