Louisiana Administrative Code
Title 33 - ENVIRONMENTAL QUALITY
Part V - Hazardous Wastes and Hazardous Materials
Subpart 1 - Department of Environmental Quality-Hazardous Waste
Chapter 43 - Interim Status
Subchapter G - Financial Requirements
Section V-4403 - Financial Assurance for Closure
Universal Citation: LA Admin Code V-4403
Current through Register Vol. 50, No. 9, September 20, 2024
By the effective date of these regulations an owner or operator of each facility must establish financial assurance for closure of the facility. He must choose from the options as specified in Subsections A-E of this Section.
A. Closure Trust Fund
1. An owner or operator may satisfy the
requirements of this Section by establishing a closure trust fund that conforms
to the requirements of this Paragraph, and submitting an originally signed
duplicate of the trust agreement to the Office of Environmental Services . The
trustee must be an entity that has the authority to act as a trustee and whose
trust operations are regulated and examined by a federal or state
agency.
2. The wording of the trust
agreement must be identical to the wording specified in LAC 33:V.3719.A, and
the trust agreement must be accompanied by a formal certification of
acknowledgement (for example, see LAC 33:V.3719.A.2). Schedule A of the trust
agreement must be updated within 60 days after a change in the amount of the
current closure cost estimate covered by the agreement.
3. Payments into the trust fund must be made
annually by the owner or operator over the 20-years beginning with the
effective date of these regulations or over the remaining operating life of the
facility as estimated in the closure plan, whichever period is shorter; this
period is hereafter referred to as the pay-in period. The
payments into the closure trust fund must be made as follows.
a. The first payment must be made by the
effective date of these regulations except as provided in LAC 33:V.4403.A.5.
The first payment must be at least equal to the current closure cost estimate,
except as provided in LAC 33:V.4403.F, divided by the number of years in the
pay-in period.
b. Subsequent
payments must be made no later than 30 days after each anniversary date of the
first payment. The amount of each subsequent payment must be determined by this
formula.
where:
CE = current closure cost estimate
CV = current value of the trust fund
Y = number of years remaining in the pay-in period
4. The
owner or operator may accelerate payments into the trust fund or he may deposit
the full amount of the current closure cost estimate at the time the fund is
established. However, he must maintain the value of the fund at no less than
the value that the fund would have if annual payments were made as specified in
LAC 33:V.4403.A.3.
5. If the owner
or operator establishes a closure trust fund after having used one or more
alternate mechanisms specified in LAC 33:V.4403, his first payment must be in
at least the amount that the fund would contain if the trust fund were
established initially and annual payments made as specified in LAC
33:V.4403.A.3.
6. After the pay-in
period is completed, whenever the current closure cost estimate changes, the
owner or operator must compare the new estimate with the trustee's most recent
annual valuation of the trust fund. If the value of the fund is less than the
amount of the new estimate, the owner or operator, within 60 days after the
change in the cost estimate, must either deposit an amount into the fund so
that its value after this deposit at least equals the amount of the current
closure cost estimate, or obtain other financial assurance as specified in this
Section to cover the difference.
7.
If the value of the trust fund is greater than the total amount of the current
closure cost estimate, the owner or operator may submit a written request to
the Office of Environmental Services for release of the amount in excess of the
current closure cost estimate.
8.
If an owner or operator substitutes other financial assurance as specified in
this Section for all or part of the trust fund, he may submit a written request
to the Office of Environmental Services for release of the amount in excess of
the current closure 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 LAC
33:V.4403.A.7 or 8 the administrative authority will instruct the trustee to
release to the owner or operator such funds as the administrative authority
specifies in writing.
10. After
beginning partial or final closure, an owner or operator or another person
authorized to conduct partial or final closure may request reimbursements for
partial or final closure expenditures by submitting itemized bills to the
Office of Environmental Services . The owner or operator may request
reimbursement for partial closure only if sufficient funds are remaining in the
trust fund to cover the maximum costs of closing the facility over its
remaining operating life. No later than 60 days after receiving bills for
partial or final closure activities, the administrative authority will instruct
the trustees to make reimbursements in those amounts as the administrative
authority specifies in writing, if the administrative authority determines that
the partial or final closure expenditures are in accordance with the approved
closure plan, or otherwise justified. If the administrative authority has
reason to believe that the maximum cost of closure over the remaining life of
the facility will be significantly greater than the value of the trust fund, he
may withhold reimbursements of such amounts as he deems prudent until he
determines, in accordance with LAC 33:V.4407.H that the owner or operator is no
longer required to maintain financial assurance for final closure of the
facility. If the administrative authority does not instruct the trustee to make
such reimbursements, he will provide to the owner or operator a detailed
written statement of reasons.
11.
The administrative authority will agree to termination of the trust when:
a. an owner or operator substitutes alternate
financial assurance as specified in LAC 33:V.4403; or
b. the administrative authority releases the
owner or operator from the requirements of LAC 33:V.4403 in accordance with LAC
33:V.4403.H.
B. Surety Bond Guaranteeing Payment into a Closure Trust Fund
1. An owner or operator
may satisfy the requirements of this Section by obtaining a surety bond that
conforms to the requirements of this Paragraph and submitting the bond to the
Office of Environmental Services . The surety company issuing the bond must, at
a minimum, be among those listed as acceptable sureties on Federal bonds in
Circular 570 of the U.S. Department of the Treasury.
2. The wording of the surety bond must be
identical to the wording specified in LAC 33:V.3719.B.
3. The owner or operator who uses a surety
bond to satisfy the requirements of LAC 33:V.4403 must also establish a standby
trust fund. Under the terms of the bond, all payments made thereunder will be
deposited by the surety directly into the standby trust fund in accordance with
instructions from the administrative authority. This standby trust fund must
meet the requirements specified in LAC 33:V.4403.A except that:
a. an originally signed duplicate of the
trust agreement must be submitted to the administrative authority with the
surety bond; and
b. until the
standby trust fund is funded pursuant to the requirements of LAC 33:V.4403, the
following are not required by these regulations:
i. payments into the trust fund as specified
in LAC 33:V.4403.A;
ii. updating of
Schedule A of the trust agreement to show current closure cost
estimates;
iii. annual valuations
as required by the trust agreement; and
iv. notices of nonpayment as required by the
trust agreement.
4. The bond must guarantee that the owner or
operator will:
a. fund the standby trust fund
in an amount equal to the penal sum of the bond before the beginning of final
closure of the facility; or
b. fund
the standby trust fund in an amount equal to the penal sum within 15 days after
an order to begin final closure is issued by the administrative authority or a
U.S. district court or other court of competent jurisdiction; or
c. provide alternate financial assurance as
specified in LAC 33:V.4403 and obtain the administrative authority's written
approval of the assurance provided, within 90 days after receipt by both the
owner or operator and the administrative authority of a notice of cancellation
of the bond from the surety.
5. Under the terms of the bond, the surety
will become liable on the bond obligation when the owner or operator fails to
perform as guaranteed by the bond.
6. The penal sum of the bond must be in an
amount at least equal to the current closure cost estimate, except as provided
in LAC 33:V.4403.F.
7. Whenever the
current closure cost estimate increases to an amount greater than the penal
sum, the owner or operator, within 60 days after the increase, must either
cause the penal sum to be increased to an amount at least equal to the current
closure cost estimate and submit evidence of such increase to the Office of
Environmental Services or obtain other financial assurance as specified in this
Section to cover the increase. Whenever the current closure cost estimate
decreases, the penal sum may be reduced to the amount of the current closure
cost estimate following written approval by the administrative
authority.
8. Under the terms of
the bond, the surety may cancel the bond by sending notice of cancellation by
certified mail to the owner or operator and to the Office of Environmental
Services . 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 administrative authority, as evidenced by the return
receipts.
9. The owner or operator
may cancel the bond if the administrative authority has given prior written
consent based on his receipt of evidence of alternate financial assurance as
specified in LAC 33:V.4403.
C. Closure Letter of Credit
1. An owner or operator may satisfy the
requirements of this Section by obtaining an irrevocable standby letter of
credit that conforms to the requirements of this Paragraph and submitting the
letter to the Office of Environmental Services . The issuing institution must
be an entity that has the authority to issue letters of credit and whose letter
of credit operations are regulated and examined by a federal or state
agency.
2. The wording of the
letter of credit must be identical to the wording specified in LAC
33:V.3719.D.
3. An owner or
operator who uses a letter of credit to satisfy the requirements of LAC
33:V.4403 must also establish a standby trust fund. Under the terms of the
letter of credit, all amounts paid pursuant to a draft by the administrative
authority will be deposited by the issuing institution directly into the
standby trust fund in accordance with instructions from the administrative
authority. This standby trust fund must meet the requirements of the trust fund
specified in LAC 33:V.4403.A, except that:
a.
an originally signed duplicate of the trust agreement must be submitted to the
administrative authority with the letter of credit; and
b. unless the standby trust fund is funded
pursuant to the requirements of LAC 33:V.4403, the following are not required
by these regulations:
i. payments into the
trust fund as specified in LAC 33:V.4403.A;
ii. updating of Schedule A of the trust
agreement (see LAC 33:V.3719.A) to show current closure cost
estimates;
iii. annual valuation as
required by the trust agreement; and
iv. notices of nonpayment as required by the
trust agreement.
4. The letter of credit must be accompanied
by a letter from the owner or operator referring to the letter of credit by
number, issuing institution, and date, and providing the following information:
the hazardous waste facility identification number, name and address of the
facility, and the amount of funds assured for closure of the facility by the
letter of credit.
5. The letter of
credit must be irrevocable and issued for a period of at least one year. The
letter of credit must provide that the expiration date will be automatically
extended for a period of at least one year unless, at least 120 days before the
current expiration date, the issuing institution notifies both the owner or
operator and the administrative authority by certified mail of a decision not
to extend the expiration date. Under the terms of the letter of credit, the 120
days will begin on the date when both the owner or operator and the
administrative authority have received the notice, as evidenced by the return
receipts.
6. The letter of credit
must be issued in an amount at least equal to the current closure cost
estimate, except as provided in LAC 33:V.4403.F.
7. Whenever the current closure cost estimate
increases to an amount greater than the amount of the credit, the owner or
operator, within 60 days after the increase, must either cause the amount of
the credit to be increased so that it at least equals the current closure cost
estimate and submit evidence of such increase to the Office of Environmental
Services or obtain other financial assurance as specified in this Section to
cover the increase. Whenever the current closure cost estimate decreases, the
amount of the credit may be reduced to the amount of the current closure cost
estimate following written approval by the administrative authority.
8. Following a determination that the owner
or operator has failed to perform final closure in accordance with the approved
closure plan and other interim status requirements when required to do so, the
administrative authority may draw on the letter of credit.
9. If the owner or operator does not
establish alternate financial assurance as specified in this Section and obtain
written approval of such alternate assurance from the administrative authority
within 90 days after receipt by both the owner or operator and the Office of
Environmental Services of a notice from the issuing institution that it has
decided not to extend the letter of credit beyond the current expiration date,
the administrative authority may delay the drawing if the issuing institution
grants an extension of the term of the credit. During the last 30 days of any
such extension the administrative authority will draw on the letter of credit
if the owner or operator has failed to provide alternate financial assurance as
specified in this Section and obtain written approval of such assurance from
the administrative authority.
10.
The administrative authority will return the letter of credit to the issuing
institution for termination when:
a. an owner
or operator substitutes alternate financial assurance as specified in LAC
33:V.4403; or
b. the administrative
authority releases the owner or operator from the requirements of LAC 33:V.4403
in accordance with LAC 33:V.4403.H.
D. Closure Insurance
1. An owner or operator may satisfy the
requirements of this Section by obtaining closure insurance that conforms to
the requirements of this Paragraph and submitting a certificate of such
insurance to the administrative authority. By the effective date of these
regulations the owner or operator must submit to the Office of Environmental
Services a letter from an insurer stating that the insurer is considering
issuance of closure insurance conforming to the requirements of this Paragraph
to the owner or operator. Within 90 days after the effective date of these
regulations, the owner or operator must submit the certificate of insurance to
the Office of Environmental Services or establish other financial assurance as
specified in this Section. At a minimum, the insurer must be licensed to
transact the business of insurance, or be eligible to provide insurance as an
excess or surplus lines insurer, in one or more states, and authorized to
transact business in Louisiana.
2.
The wording of the certificate of insurance must be identical to the wording
specified in LAC 33:V.3719.E.
3.
The closure insurance policy must be issued for a face amount at least equal to
the current closure cost estimate, except as provided in LAC 33:V.4403.F. The
term face amount means the total amount the insurer is
obligated to pay under the policy. Actual payments by the insurer will not
change the face amount, although the insurer's future liability will be lowered
by the amount of the payments.
4.
The closure insurance policy must guarantee that funds will be available to
close the facility whenever final closure occurs. The policy must also
guarantee that once final closure begins, the insurer will be responsible for
paying out funds, up to an amount equal to the face amount of the policy, upon
the direction of the administrative authority to such party or parties as the
administrative authority specifies.
5. After beginning final closure, an owner or
operator, or any other person authorized to perform closure may request
reimbursement for closure expenditures by submitting itemized bills to the
administrative authority. The owner or operator may request reimbursements for
partial closure only if the remaining value of the policy is sufficient to
cover the maximum costs of closing the facility over its remaining operating
life. Within 60 days after receiving bills for closure activities, the
administrative authority will determine whether the closure expenditures are in
accordance with the closure plan or otherwise justified, and if so, he will
instruct the insurer to make reimbursement in such amounts as the
administrative authority specifies in writing. If the administrative authority
has reason to believe that the cost of closure will be significantly greater
than the face amount of the policy, he may withhold reimbursement of such
amounts as he deems prudent until he determines, in accordance with LAC
33:V.4403.H, that the owner or operator is no longer required to maintain
financial assurance for closure of the facility. If the administrative
authority does not instruct the insurer to make such reimbursements, he will
provide to the owner or operator a detailed written statement of
reasons.
6. The owner or operator
must maintain the policy in full force and effect until the administrative
authority consents to termination of the policy by the owner or operator as
specified in Paragraph D.10 of this Section. Failure to pay the premium,
without substitution of alternate financial assurance as specified in this
Section, will constitute a significant violation of these regulations,
warranting such remedy as the administrative authority deems necessary. Such
violation will be deemed to begin upon receipt by the Office of Environmental
Services of a notice of future cancellation, termination, or failure to renew,
due to nonpayment of the premium, rather than upon the date of
expiration.
7. Each policy must
contain a provision allowing assignment of the policy to a successor owner or
operator. Such assignment may be conditional upon consent of the insurer,
provided such consent in not unreasonably refused.
8. The policy must provide that the insurer
may not cancel, terminate, or fail to renew the policy except for failure to
pay the premium. The automatic renewal of the policy must, at a minimum,
provide the insured with the option of renewal at the face amount of the
expiring policy. If there is a failure to pay the premium, the insurer may
elect to cancel, terminate, or fail to renew the policy by sending notice by
certified mail to the owner or operator and the Office of Environmental
Services . Cancellation, termination, or failure to renew may not occur,
however, during the 120 days beginning with the date of receipt of the notice
by both the administrative authority and the owner or operator, as evidenced by
the return receipts. Cancellation, termination, or failure to renew may not
occur and the policy will remain in full force and effect in the event that on
or before the date of expiration:
a. the
administrative authority deems the facility abandoned; or
b. interim status is terminated or
revoked;
c. closure is ordered by
the administrative authority or a U.S. district court or other courts of
competent jurisdiction; or
d. the
owner or operator is named as debtor in a voluntary or involuntary proceeding
under Title 11 (Bankruptcy), U.S. Code; or
e. the premium due is paid.
9. Whenever the current closure
cost estimate increases to an amount greater than the face amount of the
policy, the owner or operator, within 60 days after the increase, must either
cause the face amount to be increased to an amount at least equal to the
current closure cost estimate and submit evidence of such increase to the
Office of Environmental Services or obtain other financial assurance as
specified in this Section to cover the increase. Whenever the current closure
cost estimate decreases, the face amount may be reduced to the amount of the
current closure cost estimate following written approval by the administrative
authority.
10. The administrative
authority will give written consent to the owner or operator that he may
terminate the insurance policy when:
a. an
owner or operator substitutes alternate financial assurance as specified in LAC
33:V.4403; or
b. the administrative
authority releases the owner or operator from the requirements of LAC 33:V.4403
in accordance with LAC 33:V.4403.H.
E. Financial Test and Corporate Guarantee for Closure
1. An owner or operator may satisfy
the requirements of LAC 33:V.4403 by demonstrating that he passes a financial
test as specified in this Paragraph. To pass this test the owner or operator
must meet the criteria of LAC 33:V.4403.E.1.a or b.
a. The owner or operator must have:
i. two of the following three ratios: a ratio
of total liabilities to net worth less than 2.0; a ratio of the sum of net
income plus depreciation, depletion, and amortization to total liabilities
greater than 0.10; and a ratio of current assets to current liabilities greater
than 1.5; and
ii. net working
capital and tangible net worth each at least six times the sum of the current
closure and post-closure cost estimates and the current plugging and
abandonment cost estimates; and
iii. tangible net worth of at least $10
million; and
iv. assets located in
the United States amounting to at least 90 percent of total assets or at least
six times the sum of the current closure and post-closure cost estimates and
the current plugging and abandonment cost estimates.
b. The owner or operator must have:
i. a current rating for his most recent bond
issuance of AAA, AA, A, or BBB as issued by Standard and Poor's or Aaa, Aa, A,
or Baa as issued by Moody's; and
ii. tangible net worth at least six times the
sum of the current closure and post-closure cost estimates and the current
plugging and abandonment cost estimates; and
iii. tangible net worth of at least $10
million; and
iv. assets located in
the United States amounting to at least 90 percent of total assets or at least
six times the sum of the current closure and post-closure cost estimates and
the current plugging and abandonment cost estimates.
2. The phrase current
closure and post-closure cost estimates as used in Paragraph E.1 of
this Section refers to the cost estimates required to be shown in Paragraphs
1-4 of the letter from the owner's or operator's chief financial officer (see
LAC 33:V.3719.F). The phrase current plugging and abandonment cost
estimates as used in Paragraph E.1 of this Section refers to the cost
estimates required to be shown in Paragraphs 1-4 of the letter from the owner's
or operator's chief financial officer [
40 CFR
144.70(f)].
3. To demonstrate that he meets this test,
the owner or operator must submit the following items to the Office of
Environmental Services :
a. a letter signed
by the owner's or operator's chief financial officer and worded as specified in
LAC 33:V.3719.F; and
b. a copy of
the independent certified public accountant's report on examination of the
owner's or operator's financial statements for the latest completed fiscal
year; and
c. a special report from
the owner's or operator's independent certified public accountant to the owner
or operator stating that:
i. he has compared
the data which the letter from the chief financial officer specifies as having
been derived from the independently audited, year-end financial statements for
the latest fiscal year with the amounts in such financial statements;
and
ii. in connection with that
procedure, no matters came to his attention which caused him to believe that
the specified data should be adjusted.
4. The owner or operator may obtain an
extension of the time allowed for submission of the items specified in LAC
33:V.4403.E.3 if the fiscal year of the owner or operator ends during the 90
days prior to the effective date of these regulations and if the year-end
financial statements for that fiscal year will be audited by an independent
certified public accountant. The extension will end no later than 90 days after
the end of the owner's or operator's fiscal year. To obtain the extension, the
chief financial officer of the owner or operator must send, by the effective
date of these regulations, a letter to the administrative authority. This
letter from the chief financial officer must:
a. request the extension;
b. certify that he has grounds to believe
that the owner or operator meets the criteria of the financial test;
c. specify for each facility to be covered by
the test the Hazardous Waste Facility Identification Number, name, address, and
current closure and post-closure cost estimates to be covered by the
test;
d. specify the date ending
the owner's or operator's last complete fiscal year before the effective date
of these regulations;
e. specify
the date, no later than 90 days after the end of such fiscal year, when he will
submit the documents specified in LAC 33:V.4403.E.3; and
f. certify that the year-end financial
statement of the owner or operator for such fiscal year will be audited by an
independent certified public accountant.
5. After the initial submission of items
specified in Paragraph E.3 of this Section, the owner or operator must send
updated information to the Office of Environmental Services within 90 days
after the close of each succeeding fiscal year. This information must consist
of all three items specified in Paragraph E.3 of this Section.
6. If the owner or operator no longer meets
the requirements of Paragraph E.1 of this Section, he must send notice to the
Office of Environmental Services of intent to establish alternate financial
assurance as specified in this Section. The notice must be sent by certified
mail within 90 days after the end of the fiscal year for which the year-end
financial data show that the owner or operator no longer meets the
requirements. The owner or operator must provide the alternate financial
assurance within 120 days after the end of such fiscal year.
7. The administrative authority may, based on
a reasonable belief that the owner or operator may no longer meet the
requirements of LAC 33:V.4403.E.1, require reports of financial condition at
any time from the owner or operator in addition to those specified in LAC
33:V.4403.E.3. If the administrative authority finds, on the basis of such
reports or other information, that the owner or operator no longer meets the
requirements of LAC 33:V.4403.E.1, the owner or operator must provide alternate
financial assurance as specified in LAC 33:V.4403 within 30 days after
notification of such a finding.
8.
The administrative authority may disallow use of this test on the basis of
qualifications in the opinion expressed by the independent certified public
accountant in his report on examination of the owner's or operator's financial
statements (see LAC 33:V.4403.E.3). An adverse opinion or a disclaimer of
opinion will be cause for disallowance. The administrative authority will
evaluate other qualifications on an individual basis. The owner or operator
must provide alternate financial assurance as specified in LAC 33:V.4403 within
30 days after notification of the disallowance.
9. The owner or operator is no longer
required to submit the items specified in LAC 33:V.4403.E.3 when:
a. an owner or operator substitutes alternate
financial assurance as specified in LAC 33:V.4403; or
b. the administrative authority releases the
owner or operator from the requirements of LAC 33:V.4403 in accordance with LAC
33:V.4403.H.
10. An
owner or operator may meet the requirements of LAC 33:V.4403 by obtaining a
written guarantee.
a. The guarantor must be
the direct or higher-tier parent corporation of the owner or operator, a firm
whose parent corporation is also the parent corporation of the owner or
operator, or a firm with a substantial business relationship with the owner or
operator. The guarantor must meet the requirements for owners or operators in
LAC 33:V.4403.E.1-8 and must comply with the terms of the guarantee. The
wording of the guarantee must be identical to the wording specified in LAC
33:V.3719.H. A certified copy of the guarantee must accompany the items sent to
the administrative authority as specified in LAC 33:V.4403.E.3. One of these
items must be the letter from the guarantor's chief financial officer. If the
guarantor's parent corporation is also the parent corporation of the owner or
operator, the letter must describe the value received in consideration of the
guarantee. If the guarantor is a firm with a substantial business relationship
with the owner or operator, this letter must describe this substantial business
relationship and the value received in consideration of the guarantee. The
terms of the guarantee must provide that:
i.
if the owner or operator fails to perform final closure of a facility covered
by the guarantee in accordance with the closure plan and other interim status
requirements whenever required to do so, the guarantor will do so or establish
a trust fund as specified in LAC 33:V.4403.A in the name of the owner or
operator;
ii. the guarantee will
remain in force unless the guarantor sends notice of cancellation by certified
mail to the owner or operator and to the administrative authority. 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 administrative
authority, as evidenced by the return receipts;
iii. if the owner or operator fails to
provide alternate financial assurance as specified in LAC 33:V.4403 and obtain
the written approval of such alternate assurance from the administrative
authority within 90 days after receipt by administrative authority of a notice
of cancellation of the corporate guarantee from the guarantor, the guarantor
will provide such alternative financial assurance in the name of the owner or
operator.
F. Use of Multiple Financial Mechanisms. An owner or operator may satisfy the requirements of this Section by establishing more than one financial mechanism per facility. These mechanisms are limited to trust funds, surety bonds guaranteeing payment into a trust fund, letters of credit, and insurance. The mechanisms must be as specified in Subsections A-F of this Section, respectively, except that it is the combination of mechanisms, rather than the single mechanism, which must provide financial assurance for an amount at least equal to the cost estimate. If an owner or operator uses a trust fund in combination with a surety bond or a letter of credit, he may use the trust fund as the standby trust fund for the other mechanisms. A single standby trust fund may be established for two or more mechanisms. The administrative authority may use any or all of the mechanisms to provide for closure of the facility.
G. Use of a Financial Mechanism for Multiple Facilities. An owner or operator may use a financial assurance mechanism specified in this Section to meet the requirements of this Section for more than one facility. Evidence of financial assurance submitted to the Office of Environmental Services must include a list showing, for each facility, the EPA identification number, name, address, and the amount of funds for closure assured by the mechanism. The amount of funds available through the mechanism must be no less than the sum of funds that would be available if a separate mechanism had been established and maintained for each facility. In directing the funds available through the mechanism for closure of any of the facilities covered by the mechanism, the administrative authority may direct only the amount of funds designated for that particular facility, unless the owner or operator agrees to the use of additional funds available under the mechanism.
H. Release of the Owner or Operator from the Requirements of this Section. Within 60 days after receiving certifications from the owner or operator and an independent, qualified professional engineer that closure has been completed in accordance with the approved closure plan and after receiving the certification required under LAC 33:V.4393.B.2 for facilities subject to LAC 33:V.4393, the administrative authority will notify the owner or operator in writing that he is no longer required by this Section to maintain financial assurance for final closure of the particular facility, unless the administrative authority has reason to believe that the final closure has not been in accordance with the approved closure plan or that the owner or operator has failed to comply with the applicable requirements of LAC 33:V.4393. The administrative authority shall provide the owner or operator a detailed written statement of any such reason to believe that closure has not been in accordance with the approved closure plan or that the owner or operator has failed to comply with the applicable requirements of LAC 33:V.4393.
AUTHORITY NOTE: Promulgated in accordance with R.S. 30:2180 et seq.
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