Current through Register Vol. 48, No. 38, September 20, 2024
An owner or operator may demonstrate financial assurance for
closure, post-closure, and corrective action, as required by Section 21.1(a) of
the Act and 811.Subpart G, by obtaining a written guarantee provided by a unit
of local government. The guarantor shall meet the requirements of the local
government financial test in Section
811.716,
and shall comply with the terms of a written guarantee.
a) Terms of the written guarantee. The
guarantee must be effective before the initial receipt of waste or before
November 27, 1997, whichever is later, in the case of closure or post-closure
care, or no later than 120 days after the corrective action remedy has been
selected in accordance with the requirements of Sections
811.319(d)
and
811.325.
The guarantee must provide that:
1) If the
owner or operator fails to perform closure, post-closure care, or corrective
action of a facility covered by the guarantee, the guarantor must:
A) Perform, or pay a third party to perform,
closure, post-closure care, or corrective action as required; or
B) Establish a fully funded trust fund, as
specified in Section
811.710, in
the name of the owner or operator.
2) The guarantee must remain in force unless
the guarantor sends notice of cancellation by certified mail to the owner or
operator and to the Agency. Cancellation may not occur, however, during the 120
days beginning on the date of receipt of the notice of cancellation by both the
owner or operator and the Agency, as evidenced by the return
receipts.
3) If a guarantee is
cancelled, the owner or operator shall, within 90 days following receipt of the
cancellation notice by the owner or operator and the Agency, obtain alternative
financial assurance, place evidence of that alternative financial assurance in
the facility operating record, and notify the Agency. If the owner or operator
fails to provide alternative financial assurance within the 90-day period, the
guarantor must provide that alternative assurance within 120 days following the
guarantor's notice of cancellation, place evidence of the alternative assurance
in the facility operating record, and notify the Agency.
b) Recordkeeping and reporting.
1) The owner or operator shall place a
certified copy of the guarantee along with the items required under Section
811.716(c)
into the facility's operating record before the initial receipt of waste or
before November 27, 1997, whichever is later, in the case of closure or
post-closure care, or no later than 120 days after the corrective action remedy
has been selected in accordance with the requirements of Sections
811.319(d)
and 811.325.
2) The owner or
operator is no longer required to maintain the items specified in subsection
(b) when:
A) The owner or operator
substitutes alternative financial assurance, as specified in this
Subpart;
B) The owner or operator
is released from the requirements of this Section in accordance with Section
811.326(g),
811.702(b),
or
811.704(j)
or (k)(6).
3) If a unit of local government guarantor no
longer meets the requirements of Section 811.716, the owner or operator shall,
within 90 days, obtain alternative assurance, place evidence of the alternative
assurance in the facility operating record, and notify the Agency. If the owner
or operator fails to obtain alternative financial assurance within that 90-day
period, the guarantor shall provide that alternative assurance within the next
30 days.
BOARD NOTE: Derived from
40 CFR
258.74(h), added at 61 Fed.
Reg. 60327 (Nov. 27, 1996).
