Minnesota Administrative Rules
Agency 167 - Pollution Control Agency
Chapter 7045 - HAZARDOUS WASTE
INTERIM STATUS STANDARDS
Part 7045.0612 - FINANCIAL ASSURANCE FOR FACILITY CLOSURE
Universal Citation: MN Rules 7045.0612
Current through Register Vol. 49, No. 13, September 23, 2024
Subpart 1. In general.
An owner or operator of a facility shall establish financial assurance for closure of the facility by choosing from the options specified in subparts 2 to 6.
Subp. 2. Closure trust fund.
Requirements for closure trust funds are as follows:
A. An owner or operator may satisfy the
requirements of this rule by establishing a closure trust fund which conforms
to the requirements of items A to M, and by submitting an originally signed
duplicate of the trust agreement to the commissioner. The trustee must be an
entity which has the authority to act as a trustee and whose trust operations
are regulated and examined by a federal or state agency.
B. The wording of the trust agreement must be
identical to the wording specified in part
7045.0524, subpart
1, item A, and the trust
agreement must be accompanied by a formal certification of acknowledgment as
shown in part
7045.0524, subpart
1, item B. 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.
C. Payments into the trust fund must be made
annually by the owner or operator of a facility required to establish financial
assurance for closure under Code of Federal Regulations, title 40, part 265,
subpart H (1983) over the 20 years beginning the effective date of Code of
Federal Regulations, title 40, section 265.143(1983), 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 described in subitems
(1) and (2):
(1) The first payment must be
made by the effective date of Code of Federal Regulations, title 40, section
265.143(1983), except as provided in item F. The first payment must be at least
equal to the current closure cost estimate, except as provided in subpart
7, divided by the number of
years in the pay-in period.
(2)
Subsequent payments must be made no later than 30 days after each anniversary
date of the first payment.
D. Payments into the trust fund must be made
annually by the owner or operator of a facility which was not required to
establish financial assurance for closure under Code of Federal Regulations,
title 40, part 265, subpart H (1983) but is required to establish financial
assurance for closure under these parts over the 20 years beginning with July
16, 1984, or over the remaining operating life of the facility as estimated in
the closure plan, whichever period is shorter. The first payment must be made
within 90 days of July 16, 1984. The first payment must be at least equal to
the current closure cost estimate, except as provided in subpart
7, divided by the number of
years in the pay-in period. Subsequent payments must be made as specified in
item C, subitem (2). The amount of each subsequent payment must be determined
by this formula:
| CE-CV | ||
| next payment = | _____ | |
| Y |
where CE is the current closure cost estimate, CV is the current value of the trust fund, and Y is the number of years remaining in the pay-in period.
E. The owner
or operator may accelerate payments into the trust fund or may deposit the full
amount of the current closure cost estimate at the time the fund is
established. However, he or she shall 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 item C or D.
F. If the
owner or operator establishes a closure trust fund after having used one or
more alternate mechanisms specified in this part, the 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 item C or
D.
G. After the pay-in period is
completed, whenever the current closure cost estimate changes, the owner or
operator shall 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, shall 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 and submit a receipt from the trustee for this payment to the
commissioner, or obtain other financial assurance as specified in this part to
cover the difference.
H. 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
commissioner for release of the amount in excess of the current closure cost
estimate.
I. If an owner or
operator substitutes other financial assurance as specified in this part for
all or part of the trust fund, he or she may submit a written request to the
commissioner for release of the amount in excess of the current closure cost
estimate covered by the trust fund.
J. The trustee shall notify the owner or
operator and the commissioner by certified mail within ten days following the
expiration of the 30-day period after the anniversary of the establishment of
the trust, if no payment is received from the owner or operator during that
period. Within 60 days after receipt by both the owner or operator and the
commissioner of a notice of nonpayment of any payment required by this part,
the owner or operator shall:
(1) make the
required payment;
(2) provide
alternative financial assurance as specified in this part and obtain the
commissioner's written approval of the assurance provided; or
(3) stop accepting waste and begin closure of
the facility.
K. Within
60 days after receiving a request from the owner or operator for release of
funds as specified in item H or I, the commissioner shall instruct the trustee
to release to the owner or operator funds as the commissioner specifies in
writing.
L. After beginning partial
or final closure, an owner or operator or any other person authorized to
perform partial or final closure may request reimbursement for partial or final
closure expenditures by submitting itemized bills to the commissioner. The
owner or operator may request reimbursements for partial closure only if
sufficient funds remain in the trust fund to cover the maximum costs of closing
the facility over its remaining operating life. Within 60 days after receiving
bills for partial or final closure activities, the commissioner shall determine
whether the partial or final closure expenditures comply with the closure plan
or are otherwise justified, and if so, the commissioner shall instruct the
trustee to make reimbursement in amounts as the commissioner specifies in
writing. If the commissioner has reason to believe that the maximum cost of
closure will be significantly greater than the value of the trust fund, the
commissioner may withhold reimbursement of the amounts as deemed prudent until
it is determined, under subpart
9, that the owner or operator
is no longer required to maintain financial assurance for final closure of the
facility. If the commissioner withholds reimbursement, the commissioner shall
provide the owner or operator with a detailed written statement of
reasons.
M. The commissioner shall
agree to termination of the trust if:
(1) an
owner or operator substitutes alternate financial assurance as specified in
this part; or
(2) the commissioner
releases the owner or operator from the requirements of this part in accordance
with subpart
9.
Subp. 3. Surety bond guaranteeing payment into a closure trust fund.
Requirements for surety bonds that guarantee payment into a closure trust fund are as follows:
A.
An owner or operator may satisfy the requirements of this part by obtaining a
surety bond which conforms to the requirements of items A to I, and by
submitting the bond to the commissioner. The surety company issuing the bond
must be among those listed as acceptable sureties on federal bonds in Circular
570, issued by the United States Department of the Treasury, as published
annually in the Federal Register on July 1.
B. The wording of the surety bond must be
identical to the wording specified in part
7045.0524, subpart
2.
C. The owner or operator who uses a surety
bond to satisfy the requirements of this part, shall 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 commissioner. This standby trust fund must meet the
requirements specified in subpart
2 except that: an originally
signed duplicate of the trust agreement must be submitted to the commissioner
with the surety bond; and until the standby trust fund is funded pursuant to
the requirements of subpart
3, the requirements specified
in subitems (1) to (4) are not required:
(1)
payments into the trust fund as specified in subpart
2;
(2) updating of Schedule A of the trust
agreement to show current closure cost estimates;
(3) annual valuations as required by the
trust agreement;
(4) notices of
nonpayment as required by the trust agreement.
D. The bond must guarantee that the owner or
operator will:
(1) 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;
(2)
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 commissioner, the
agency, or a court of competent jurisdiction; or
(3) provide alternate financial assurance as
specified in this rule and obtain the commissioner's written approval of the
assurance provided, within 90 days after receipt by both the owner or operator
and the commissioner of a notice of cancellation of the bond from the
surety.
E. Under the
terms of the bond, the surety becomes liable on the bond obligation when the
owner or operator fails to perform as guaranteed by the bond.
F. The penal sum of the bond must be in an
amount at least equal to the current closure cost estimate, except as provided
in subpart
7.
G. 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, shall 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 commissioner, or obtain other financial
assurance as specified in this rule 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
commissioner.
H. 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 commissioner. 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 commissioner,
as evidenced by the return receipts.
I. The owner or operator may cancel the bond
if the commissioner has given prior written consent based on receipt of
evidence of alternate financial assurance as specified in this part.
Subp. 4. Closure letter of credit.
Requirements for closure letters of credit are as follows:
A. An owner or operator may
satisfy the requirements of this part by obtaining an irrevocable standby
letter of credit which conforms to the requirements of items A to J, and by
submitting the letter to the commissioner. The issuing institution must be an
entity which has the authority to issue letters of credit and whose
letter-of-credit operations are regulated and examined by a federal or state
agency.
B. The wording of the
letter of credit must be identical to the wording specified in part
7045.0524, subpart
4.
C. An owner or operator who uses a letter of
credit to satisfy the requirements of this part shall also establish a standby
trust fund. Under the terms of the letter of credit, all amounts paid pursuant
to a draft by the commissioner, shall be deposited by the issuing institution
directly into the standby trust fund in accordance with instructions from the
commissioner. This standby trust fund must meet the requirements of the trust
fund specified in subpart
2 except that: an originally
signed duplicate of the trust agreement must be submitted to the commissioner
with the letter of credit; and unless the standby trust fund is funded
according to this subpart, the requirements specified in subitems (1) to (4)
are not required:
(1) payments into the trust
fund as specified in subpart
2;
(2) updating of Schedule A of the trust
agreement to show current closure cost estimates;
(3) annual valuations as required by the
trust agreement;
(4) notices of
nonpayment as required by the trust agreement.
D. 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 identification number, name, and address of the facility, and the amount of
funds assured for closure of the facility by the letter of credit.
E. 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
commissioner, by certified mail of a decision not to extend the expiration
date. Under the terms of the letter of credit, the 120 days begins on the date
when both the owner or operator and the commissioner have received the notice,
as evidenced by the return receipts.
F. The letter of credit must be issued in an
amount at least equal to the current closure cost estimate, except as provided
in subpart
7.
G. 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, shall 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 commissioner or obtain
other financial assurance as specified in this part 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 commissioner.
H. Following a determination by the
commissioner that the owner or operator has failed to perform final closure in
accordance with the closure plan and other interim status requirements when
required to do so, the commissioner may draw on the letter of credit.
I. If the owner or operator does not
establish alternate financial assurance as specified in this part and obtain
written approval of the alternate assurance from the commissioner within 90
days after receipt by both the owner or operator and the commissioner of a
notice from the issuing institution that it has decided not to extend the
letter of credit beyond the current expiration date, the commissioner shall
draw on the letter of credit. The commissioner may delay the drawing if the
issuing institution grants an extension of the term of the credit. During the
last 30 days of an extension the commissioner shall draw on the letter of
credit if the owner or operator has failed to provide alternate financial
assurance as specified in this part and obtain written approval of such
assurance from the commissioner.
J.
The commissioner shall return the letter of credit to the issuing institution
for termination if:
(1) an owner or operator
substitutes alternate financial assurance as specified in this part;
or
(2) the commissioner releases
the owner or operator from the requirements of this part in accordance with
subpart
9.
Subp. 5. Closure insurance.
Requirements for closure insurance are as follows:
A. An owner or operator may satisfy the
requirements of this rule by obtaining closure insurance which conforms to the
requirements of items A to J, and by submitting a certificate of the insurance
to the commissioner by July 16, 1984. By July 16, 1984, the owner or operator
of a facility which is not required to establish financial assurance for
closure under Code of Federal Regulations, title 40, part 265, subpart H (1983)
but is required to establish financial assurance for closure under these parts
shall submit to the commissioner a letter from an insurer stating that the
insurer is considering issuance of closure insurance conforming to the
requirements of items A to J to the owner or operator. Within 90 days after
July 16, 1984, the owner or operator of a facility which is not required to
establish financial assurance for closure under Code of Federal Regulations,
title 40, part 265, subpart H (1983) but is required to establish financial
assurance for closure under these parts shall submit the certificate of
insurance to the commissioner, or establish other financial assurance as
specified in this part. The insurer must be licensed to transact the business
of insurance, or eligible to provide insurance as an excess or surplus lines
insurer, in one or more states.
B.
The wording of the certificate of insurance must be identical to the wording
specified in part
7045.0524, subpart
5.
C. The closure insurance policy must be
issued for a face amount at least equal to the current closure cost estimate,
except as provided in subpart
7. The term "face amount"
means the total amount the insurer is obligated to pay under the policy. Actual
payments by the insurer do not change the face amount, although the insurer's
future liability will be lowered by the amount of the payments.
D. 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 commissioner, to such
party or parties as the commissioner specifies.
E. After beginning partial or final closure,
an owner or operator, or other person authorized to perform closure, may
request reimbursement for closure expenditures by submitting itemized bills to
the commissioner. 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 operating life. Within 60 days
after receiving bills for closure activities, the commissioner shall determine
whether the closure expenditures are in accordance with the closure plan or
otherwise justified, and if so, the commissioner shall instruct the insurer to
make reimbursement in the amounts the commissioner specifies in writing. If the
commissioner has reason to believe that the maximum cost of closure will be
significantly greater than the face amount of the policy, the commissioner may
withhold reimbursement of the amounts deemed prudent until it is determined in
accordance with subpart
9 that the owner or operator
is no longer required to maintain financial assurance for closure of the
facility. If the commissioner withholds reimbursement, the commissioner shall
provide the owner or operator with a detailed written statement of
reasons.
F. The owner or operator
shall maintain the policy in full force and effect until the commissioner
consents to termination of the policy by the owner or operator as specified in
item J.
G. Each policy must contain
a provision allowing assignment of the policy to a successor owner or operator.
The assignment may be conditional upon consent of the insurer, if the consent
is not unreasonably refused.
H. 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 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 commissioner.
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
commissioner 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 if on or before the date of expiration one
or more of the events specified in subitems (1) to (5) occurs:
(1) the agency deems the facility
abandoned;
(2) interim status is
terminated or revoked;
(3) closure
is ordered by the commissioner, the agency, or a court of competent
jurisdiction;
(4) the owner or
operator is named as debtor in a voluntary or involuntary proceeding under
United States Code, title 11, Bankruptcy;
(5) the premium due is paid.
I. 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, shall 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
commissioner, or obtain other financial assurance as specified in this part 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 commissioner.
J. The commissioner shall give written
consent to the owner or operator to terminate the insurance policy if:
(1) an owner or operator substitutes
alternate financial assurance as specified in this part; or
(2) the commissioner releases the owner or
operator from the requirements of this part in accordance with subpart
9.
Subp. 6. Financial test and corporate guarantee for closure.
The financial test and corporate guarantee for closure is as follows:
A. An owner or operator may
satisfy the requirements of this part by demonstrating passage of a financial
test as specified in items A to L. To pass this test the owner or operator
shall meet the criteria of either item B or C.
B. The owner or operator shall have:
(1) 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 0.1; and a ratio of current assets to current liabilities greater
than 1.5;
(2) net working capital
and tangible net worth each at least six times the sum of the current closure
and postclosure cost estimates and the current plugging and abandonment cost
estimate for class I underground injection control (UIC) facilities, if
applicable;
(3) tangible net worth
of at least $10,000,000; and
(4)
assets in the United States amounting to at least 90 percent of his or her
total assets or at least six times the sum of the current closure and
postclosure cost estimates and the current plugging and abandonment cost
estimate for class I underground injection control (UIC) facilities, if
applicable.
C. The owner
or operator shall have:
(1) a current rating
for his or her 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;
(2) tangible net worth at least six times the
sum of the current closure and postclosure cost estimates and the current
plugging and abandonment cost estimate for class I underground injection
control (UIC) facilities, if applicable;
(3) tangible net worth of at least
$10,000,000; and
(4) assets located
in the United States amounting to at least 90 percent of his or her total
assets or at least six times the sum of the current closure and postclosure
cost estimates and the current plugging and abandonment cost estimate for class
I underground injection control (UIC) facilities, if applicable.
D. The phrase "current closure and
postclosure cost estimates" as used in items A to C refers to the cost
estimates required to be shown in paragraphs 1 to 4 of the letter from the
owner's or operator's chief financial officer, as specified in part
7045.0524, subpart
6. The phrase "current
plugging and abandonment cost estimate" as used in items A to C means the cost
estimates required to be shown in paragraphs 1 to 4 of the letter from the
owner's or operator's chief financial officer as specified in Code of Federal
Regulations, title 40, section
144.70(f).
E. To demonstrate that he or she meets this
test, the owner or operator shall submit the following items to the
commissioner:
(1) a letter signed by the
owner's or operator's chief financial officer and worded as specified in part
7045.0524, subpart
6;
(2) 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
(3) a special report from the owner's or
operator's independent certified public accountant to the owner or operator
stating that: he or she 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 the financial statements; and in connection with that procedure, no
matters came to his or her attention which caused him or her to believe that
the specified data should be adjusted.
F. The owner or operator of a facility which
is not required to establish financial assurance for closure under Code of
Federal Regulations, title 40, part 265, subpart H (1983) but is required to
establish financial assurance for closure under these rules may obtain an
extension of the time allowed for submission of the documents specified in item
E if the fiscal year of the owner or operator ends during the 90 days prior to
July 16, 1984, and if the year-end financial statements for that fiscal year
will be audited by an independent certified public accountant. The extension
ends no later than 90 days after the end of the owner's or operator's fiscal
year. To obtain the extension, the owner's or operator's chief financial
officer shall send, by July 16, 1984, a letter to the commissioner. This letter
from the chief financial officer must:
(1)
request the extension;
(2) certify
that the financial officer has grounds to believe that the owner or operator
meets the criteria of the financial test;
(3) specify for each facility to be covered
by the test the identification number, name, address, and current closure and
postclosure cost estimates to be covered by the test;
(4) specify the date ending the owner's or
operator's last complete fiscal year before July 16, 1984;
(5) specify the date, no later than 90 days
after the end of such fiscal year, when the financial officer will submit the
documents specified in item E; and
(6) certify that the year-end financial
statements of the owner or operator for the fiscal year will be audited by an
independent certified public accountant.
G. After the initial submission of items
specified in item E, the owner or operator shall send updated information to
the commissioner within 90 days after the close of each succeeding fiscal year.
This information must consist of all three items specified in item E.
H. If the owner or operator no longer meets
the requirements of item A, he or she shall send notice to the commissioner of
intent to establish alternate financial assurance as specified in this part.
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 shall provide
the alternate financial assurance within 120 days after the end of the fiscal
year.
I. The commissioner may,
based on a reasonable belief that the owner or operator may no longer meet the
requirements of item A, require reports of financial condition at any time from
the owner or operator in addition to those specified in item E. If the
commissioner finds, on the basis of these reports or other information, that
the owner or operator no longer meets the requirements of item A, the owner or
operator shall provide alternate financial assurance as specified in this part
within 30 days after notification of the finding.
J. The commissioner may disallow use of this
test on the basis of qualifications in the opinion expressed by the independent
certified public accountant in his or her report on examination of the owner's
or operator's financial statements, required by item E, subitem (2). An adverse
opinion or disclaimer of opinion will be cause for disallowance. The
commissioner shall evaluate other qualifications on an individual basis. The
owner or operator shall provide alternate financial assurance as specified in
this part within 30 days after notification of the disallowance.
K. The owner or operator is no longer
required to submit the items specified in item E if:
(1) an owner or operator substitutes
alternate financial assurance as specified in this part; or
(2) the commissioner releases the owner or
operator from the requirements of this part in accordance with subpart
9.
L. An owner or operator may meet the
requirements of this part by obtaining a written guarantee, hereafter referred
to as "corporate guarantee." The guarantor must be the parent corporation of
the owner or operator. The guarantor must meet the requirements for owner or
operator in items A to J; and must comply with the terms of the corporate
guarantee. The wording of the corporate guarantee must be identical to the
wording specified in part
7045.0524, subpart
8. A certified copy of the
corporate guarantee must accompany the items sent to the commissioner as
specified in item E. The terms of the corporate guarantee must provide that:
(1) If the owner or operator fails to perform
final closure of a facility covered by the corporate 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
subpart
2 in the name of the owner or
operator.
(2) The corporate
guarantee will remain in force unless the guarantor sends notice of
cancellation by certified mail to the owner or operator and to the
commissioner. 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 commissioner, as evidenced by the return
receipts.
(3) If the owner or
operator fails to provide alternate financial assurance as specified in this
part and obtain the written approval of the alternate assurance from the
commissioner within 90 days after receipt by both the owner or operator and the
commissioner of a notice of cancellation of the corporate guarantee from the
guarantor, the guarantor will provide the alternate financial assurance in the
name of the owner or operator.
Subp. 7. Use of multiple financial mechanisms.
An owner or operator may satisfy the requirements of this part by establishing more than one financial mechanism per facility. These mechanisms are limited to trust funds, surety bonds, letters of credit, and insurance. The mechanisms must be as specified in subparts 2 to 5, 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 current closure cost estimate. If an owner or operator uses a trust fund in combination with a surety bond or a letter of credit, he or she 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 commissioner may use any or all of the mechanisms to provide for closure of the facility.
Subp. 8. Use of a financial mechanism for multiple facilities.
An owner or operator may use a financial assurance mechanism specified in this part to meet the requirements of this part for more than one facility. Evidence of financial assurance submitted to the commissioner must include a list showing, for each facility, the 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 funds available through the mechanism for closure of any of the facilities covered by the mechanism, the commissioner 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.
Subp. 9. Release of the owner or operator from requirements of this part.
Within 60 days after receiving certifications from the owner or operator and an independent registered professional engineer that final closure has been accomplished in accordance with the closure plan, the commissioner shall notify the owner or operator in writing that he or she is no longer required by this part to maintain financial assurance for final closure of the particular facility, unless the agency has reason to believe that closure has not been in accordance with the closure plan. The commissioner shall provide the owner or operator a detailed written statement of any reason to believe that closure has not been in accordance with the approved closure plan.
Statutory Authority: MS s 116.07
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