Mich. Admin. Code R. 299.9712 - Cost estimate for corrective action
Rule 712.
(1) The
owner or operator of a facility who is required to perform corrective action
pursuant to the provisions of part 111 of the act or these rules shall have a
detailed written estimate, in current dollars, of the cost of performing
corrective action at the facility in accordance with the provisions of R
299.9629.
(2) The cost estimate
shall be based on the cost of hiring a third-party to complete the corrective
action measures required pursuant to the provisions of R 299.9629.
(3) The cost estimate shall not incorporate
any salvage value for the sale of hazardous wastes, facility structures or
equipment, land or other facility assets.
(4) When preparing the cost estimate, the
owner or operator shall not incorporate a zero cost for hazardous waste that
may have economic value.
(5) The
owner or operator shall adjust the cost estimate for inflation within the
60-day period before the anniversary date of the establishment of the financial
mechanisms used to comply with the provisions of R 299.9713. For owners and
operators who use the financial test or corporate guarantee, the cost estimate
for corrective action shall be updated within 30 days after the close of the
firms fiscal year and before the submission of updated information to the
director. The adjustment for inflation may be made by recalculating the costs
in current dollars or by using an inflation factor that is derived from the
most recent annual implicit price deflator for gross national product published
by the United States department of commerce in its survey of current
business.
(6) The owner or operator
shall adjust the cost estimate for corrective action not later than 30 days
after the director has approved a modification to the corrective action program
if the modification increases the cost of corrective action.
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.