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Title 22 Lnrl ,C 11 L:11 r1 C.i ILli .i LU I HISTORY 1. New section filed 5-24-91: operative 7-1-91 (Register 91, No. 22). - 1 § 66265,145. Financial Assurance for Postclosure Care. An owner or operator of a facility with a hazardous waste disposal unit shall establish and demonstrate to the Department financial assurance for postclosure care of the disposal unit(s). The owner or operator shall choose from the options as specified in subsections (a) through (h) of this section. (a) postclosure trust fund. (1) An owner or operator may satisfy the requirements of this section by establishing a postclosure trust fund which conforms to the require- ments of this subsection and submitting an originally signed duplicate of the trust agreement to the Department. 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 state agency. (2) The trust agreement shall be completed by utilizing only DHS Form 8100 (revised 119 1) which shall be provided by the Department. The trust agreement shall contain original signatures and shall be accom- panied by a formal certification of acknowledgment. Schedule A of the trust agreement shall be updated within 60 days after a change in the amount of the current postclosure cost estimate covered by the agree- ment. (3) Payments into the trust fund shall be made annually by the owner or operator over the ten (10) years beginning with the establishment of the trust fund or over the remaining operating life of the facility as esti- mated in the closure plan, whichever period is shorter, this period is here- after referred to as the "pay—in period:' The payments into the postclo- sure trust fund shall be made as follows. (A) The first payment shall be at least equal to the current postclosure- cost ostclosurecost estimate, except as provided in subsection (f) of this section, divided by the number of years in the pay—in period. (B) Subsequent payments shall be made no later than 30 days after each anniversary dace of the first payment. The amount of each subse- quent payment shall be determined by this formula: CE—CV Next payment — Y where CE is the current postclosure cost estimate, CV is the currentvalue 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 deposit the full amount of the current postclosure cost estimate at the time the fund is established. However, the value of the fund shall be main- tained at no less than the value that the fund would have if annual pay menus were made as specified in subsection (a)(3) of this section. (5) If the owner or operator establishes a postclosure trust fund aft having used one or more alternate mechanisms specified in this article the first payment shall be in at least the amount that the fund would con taint if the trust fund were established initially and annual payments mad as specified in subsection (a)(3) of this section. (6) After the pay—in period is compiemd., whenever the current post closure cost estimate changes during the operating life of the facility, th owner or oocrator shall compare the new estimate with the trustee's mo recent annual valuation of the trust fund. If the value of the fund is les than the amount of the new estimate, the owner or operator, within days after the change in the cost estimate, shall either deposit an amou into the fund so that its value after this deposit at least equals the amour of the current postclosure cost estimate, or obtain other financial assul ante as specified in this article to cove: the difference. (7) During the operating life of the facility, if the value of the trust fun is greater than the total amount of the current postclosure cost estimat the owneroropcmcor may submit a wriaen request to the Department f( release of the amount in excess of the current postclosure cost estimat (8) If an owneror operator substitutes other financial assurance as so c fled in this article for ail or part of the trust fund, the owner or operao may submit a written reques a Department for release of the amount in excess of the current postclosure 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 subsection (a)(7) or (8) of this section, the Department will instruct the trustee to release to the owner or ope ator such funds as the Department specifies in writing. (10) Before final postclosure occurs, the value of the trust fund shall equal the amount of the current postclosure cost estimate. If the value of the fund is less than the amount of the current estimate, the owner oroper- ator shall either deposit an amount into the fund so that its value after this deposit at least equals the amount of the current postclosure cost estimate, or obtain other financial assurance, as specified in this article, to cover the difference. (11) During the period of postclosure care, the Department shall ap- provearelease of funds if the owner oroperatordemonstrates to the satis faction of the Department that the value of the trust fund exceeds the re- maining cost of postclosure care. (12) An owner or operator or any other person authorized to conduct postclosure care may request reimbursements for postclosure expendi- tures by submitcingitemized bills to the Department. Within 60 days after receiving bills for postclosure care activities, the Department will in- struct the trustee to make reimbursements in those amounts as the Depart- ment specifies in writing, if the. Department determines that the postclo- sure expenditures are in accordance with the approved postclosure plan or otherwise justified. If the Department does not instruct the trustee to make such reimbursements, the owner or operator shall be provided a de- . tailed written statement of reasons., (13) The Department will agree to termination of the trust when: (A) an owner or operator substitutes alternate financial assurance as specified in this article; or (B) the Department releases the owner or operator from the require- ments in accordance with subsection (i) of this section. (b) Surety bald guaranteeing payment into a postclosure 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 subsection and submitting the bond to the Department. The surety com- pany issuing the bond shall, at a minimum, be among those listed as ac- ceptable sureties on Federal bonds in Circular570 of the U.S. Department of the Treasury. (2) The surety bond shall be completed by utilizing only DHS Form 8101 (revised 1191) which shall be provided by the Department. The surety bond shall contain original signatures and shall be accompanied by the documents specified in this subsection. (3) The owner or operator who uses a sure ty bond to saris fy the require- ments ments of this article shall also establish a standby trust fund. Under the terms of the bond, all payments made thereunder shall be deposited bytr the surety directlyrtm into the standby trust fund in accordance with insuc- e tions from the De paent.This standbytrust fund must meet the require- ments specified in subsection (a) of this section, except that:ee - (A) an originally signed duplicate of the trust agrment (DHS Form e 8100 revised 1191) shall be submitted to the Department with the surety st bond; and s (B) until the standby trust fund is funded ours uant to the requiremens 60 of this section, the following are not reauired by these regulations: fit 1. payments into the trust fund as specified in subsection (a) of this see - tion: 2. updating of Schedule A of the trust agreement to show current post - closure cost estimates as required by subsection (a)(2) of this section: 3. annual valuations as required by the trust agreement: and 4. notices of nonpayment as required by the trust agreement. (4) The bond shall guarantee that the owner or operator shall: (A) fund the standby mist fund in an amount aqual to the penal sum of the bond before the beginning of final ciosure of the facility: or Page 7-48.73--