Mich. Admin. Code R. 299.9703 - Financial assurance for closure and postclosure care
Rule 703.
(1) The
owner or operator of each facility shall establish financial assurance for
closure of the facility by utilizing the options specified in R 299.9704 to R
299.9709. The owner or operator of each disposal facility shall establish
financial assurance for postclosure care of the facility utilizing the options
specified in R 299.9704 to R 299.9709. An owner or operator of a new facility
shall submit these documents to the director or his or her designee not less
than 60 days before the date on which hazardous waste is first received for
treatment, storage, or disposal. An owner or operator shall submit all
revisions and renewals of the documents to the director within 60 days of the
revision or renewal.
(2) An owner
or operator may satisfy the requirements of this rule by establishing more than
1 financial mechanism per facility. These mechanisms are limited to trust
funds, surety bonds, letters of credit, certificates of deposit and time
deposit accounts, and insurance. The mechanisms shall be as specified in this
part, 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 closure and postclosure cost estimate. The director may use any
or all of the mechanisms to provide for closure and postclosure care of the
facility.
(3) An owner or operator
may use a financial assurance mechanism specified in this part to meet the
requirements of this rule for more than 1 facility. Evidence of financial
assurance submitted to the director shall include a list showing, for each
facility, the site identification number, name, address, and the amount of
funds for closure and postclosure assured by the mechanism. If the facilities
covered by the mechanism are in more than 1 EPA region, identical evidence of
financial assurance shall be submitted to, and maintained with, the regional
administrators of all such EPA regions. The amount of funds available through
the mechanism shall be not 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 and postclosure
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.
(4) An owner or operator
may satisfy the requirements for financial assurance for both closure and
postclosure care for one or more facilities by using a trust fund, surety bond,
letter of credit, certificate of deposit and time deposit account, or insurance
that meets the requirements of this part for both closure and postclosure care.
The amount of funds available through the mechanism shall not be less than the
sum of funds that would be available if a separate mechanism had been
established and maintained for financial assurance of closure and of
postclosure care.
(5) Within 60
days after receiving certifications from the owner or operator and an
independent registered professional engineer that closure has been accomplished
in accordance with the closure plan, or that the postclosure care period has
been completed for a hazardous waste disposal unit in accordance with the
approved postclosure plan, the director shall notify the owner or operator, in
writing, that he or she is no longer required by this section to maintain
financial assurance for closure of the particular facility or postclosure care
of the particular unit, unless the director has reason to believe that closure
or postclosure care has not been in accordance with the approved plan. The
director shall provide the owner or operator with a detailed written statement
of any such reason to believe that closure or postclosure care has not been in
accordance with the approved plan.
(6) An owner or operator shall notify the
director, by certified mail, of the commencement of a voluntary or involuntary
proceeding under the bankruptcy provisions of Public Law 95-598, 11 U.S.C.
§§1 to 151302, naming the owner or operator as debtor, within 10 days
after commencement of the proceeding.
(7) An owner or operator who fulfills the
requirements of this rule by obtaining a trust fund, surety bond, letter of
credit, certificate of deposit or time deposit account, or insurance policy
shall be deemed to be without the required financial assurance or liability
coverage in the event of bankruptcy of the trustee or issuing institution, a
suspension or revocation of the authority of the trustee institution to act as
trustee, or a suspension or revocation of the authority of the institution
issuing the surety bond, letter of credit, certificate of deposit or time
deposit account, or insurance policy to issue such instruments. The owner or
operator shall establish other financial assurance or liability coverage within
60 days after such an event.
(8)
The director may replace all or part of the requirements of this rule with
alternative requirements for financial assurance if the director does all of
the following:
(a) Prescribes alternative
requirements for the hazardous waste management unit under 40 C.F.R.
§§264.90(f) or 264.110(c), or both, or 265.90(f) or 265.110(d), or
both.
(b) Determines that it is not
necessary to apply the requirements of this rule because the alternative
financial assurance requirements will protect human health and the
environment.
(c) Specifies the
alternative financial assurance requirements in an operating license or
enforceable document.
(9) The provisions of 40 C.F.R.
§§264.90(f), 264.110(c), 265.90(f), and 265.110(d) are adopted by
reference in R 299.11003.
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.