Mich. Admin. Code R. 299.9713 - Financial assurance for corrective action
Rule 713.
(1) The
owner or operator shall establish financial assurance for the cost of
performing corrective action at the facility in accordance with the provisions
of R 299.9629.
(2) The owner or
operator shall maintain the financial assurance for corrective action until the
corrective action is completed and the owner or operator is released from this
requirement by the director.
(3)
During the period in which the corrective action program is implemented, the
director may approve a reduction in the amount of financial assurance that is
required for corrective action if the owner or operator demonstrates, to the
directors satisfaction, that the amount of the financial assurance exceeds the
remaining cost of corrective action.
(4) If the director issues a notice of
violation or other order to the owner or operator alleging a violation of the
corrective action program, the director may, after providing the owner or
operator 7 days notice and an opportunity for a hearing, access funds to
correct violations, complete corrective action, and maintain the facility in
accordance with the corrective action program.
(5) Within 60 days after receiving
certification from the owner or operator and an independent registered
professional engineer that corrective action has been completed in accordance
with the corrective action program, the director shall notify the owner or
operator, in writing, that the owner or operator is no longer required by this
rule to maintain financial assurance for corrective action at a particular
facility, unless the director has reason to believe that any aspect of
corrective action has not been completed in accordance with the corrective
action program. The director shall provide the owner or operator with a
detailed written statement of any reason to believe that corrective action has
not been completed in accordance with the corrective action program.
(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.
ยงยง1 to 1330, 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, or insurance policy shall be deemed to be without the required
financial assurance 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 a trustee, or a suspension or revocation of the authority
of the institution issuing the surety bond, letter of credit, or insurance
policy to issue such instruments. The owner or operator shall establish other
financial assurance within 60 days after any event specified in this
subrule.
Notes
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