Current through all regulations passed and filed through December 16, 2024
An owner or operator of each facility with a hazardous waste
disposal unit shall establish financial assurance for post-closure care of the
disposal units.
(A) Post-closure trust
fund.
(1) An owner or operator may satisfy the
requirements of this rule by establishing a post-closure trust fund which
conforms to the requirements of paragraph
(A) of this rule and
submitting an originally signed duplicate of the trust agreement to the
director . The trustee
shall 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.
(2) The wording of the trust agreement shall
be identical to the wording specified in paragraph (A)(1) of rule
3745-55-51 of the Administrative
Code, and the trust agreement shall be accompanied by a formal certification of
acknowledgement [for an example, see paragraph (A)(2) of rule
3745-55-51 of the Administrative
Code]. "Schedule A" of the trust agreement shall be updated within sixty days
after a change in the amount of the current post-closure cost estimate covered
by the agreement.
(3) Payments into
the trust fund shall be made annually by the owner or operator over the
remaining operating life of the facility as estimated in the closure plan
[paragraph (A) of rule
3745-66-12 of the Administrative
Code] or over the twenty years beginning with August 26, 1983, whichever period
is shorter. This period is hereafter referred to as the "pay-in period." The
payments to the postclosure trust fund shall be made as follows:
(a) The first payment shall be made by August
26, 1983, except as provided in paragraph (A)(5) of this rule. The first
payment shall be at least equal to the post-closure cost estimate (see rule
3745-66-44 of the Administrative
Code) except as provided in paragraph (F) of this rule, divided by the number
of years in the pay-in period.
(b)
Subsequent payments shall be made no later than thirty days after each
anniversary date of the first payment. The amount of each subsequent payment
shall be determined by this formula:
Next payment = (CE - CV) / Y
Where CE is the current post-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.
(4)
The owner or operator may accelerate payments into the trust fund or the owner
or operator may deposit the full amount of the current post-closure cost
estimate at the time the trust fund is
established. However, the owner or operator shall maintain the value of the
trust fund at no less than the value the
trust fund would have if annual payments were
made as specified in paragraph (A)(3) of this rule.
(5) If the owner or operator establishes a
post-closure trust fund after having used one or more alternate mechanisms
specified in this rule, the owner's or operator's first payment shall be in at
least the amount that the trust fund would
contain if the trust fund were established initially and annual payments made
as specified in paragraph (A)(3) of this rule.
(6) After pay-in period is completed,
whenever the current post-closure cost estimate changes during the operating
life of the facility, the owner or operator shall compare the new estimate with
the trustee's most recent annual valuation of the trust fund (described in
section 10 of the trust agreement). If the value of the trust fund is less than the amount of the new
estimate, the owner or operator, within sixty days after the change in the cost
estimate, either shall deposit an amount into the
trust fund so that the value
of the trust fund after this deposit at least
equals the amount of the current post-closure cost estimate, or shall obtain
other financial assurance as specified in this rule to cover the
difference.
(7) During the
operating life of the facility, if the value of the trust fund is greater than
the total amount of the current post-closure cost estimate, the owner or
operator may submit a written request to the director for release of the amount
in excess of the current post-closure cost estimate.
(8) If an owner or operator substitutes other
financial assurance as specified in this rule for all or part of the trust
fund, the owner or operator may submit a written request to the director for
release of the amount in excess of the current postclosure cost estimate
covered by the trust fund.
(9)
Within sixty days after receiving a request from the owner or operator for
release of funds as specified in paragraph (A)(7) or (A)(8) of this rule, the
director will instruct the trustee to release to the owner or operator such
funds as the director specifies in writing.
(10) During the period of post-closure care,
the director may approve a release of funds if the owner or operator
demonstrates to the director that the value of the trust fund exceeds the
remaining cost of post-closure care.
(11) An owner or operator or any other person
authorized to conduct post-closure may request reimbursement for post-closure
expenditures by submitting itemized bills to the director. Within sixty days
after receiving bills for post-closure care activities, the director will
instruct the trustee to make reimbursement in those amounts as the director
specifies in writing, if the director determines that the post-closure
expenditures are in accordance with the approved postclosure plan or otherwise
justified. If the director does not instruct the trustee to make such
reimbursement, the director will provide the owner or operator with a detailed
written statement of reasons.
(12)
The director will agree to termination of the trust when
:
(a) The owner or operator substitutes
alternate financial assurance as specified in this rule; or
(b) The director releases the owner or
operator from the requirements in this rule, in accordance with paragraph (H)
of this rule.
(B) Surety bond guaranteeing payment into a
post-closure trust fund.
(1) An owner or
operator may satisfy the requirements of this rule by obtaining a surety bond
which conforms to the requirements of paragraph
(B) of this rule and submitting
the bond to the director .
The surety company issuing the bond, at a minimum, shall be among those listed
as acceptable sureties on federal bonds in "Circular 570" of the U.S.
department of treasury.
[Comment: "Circular 570" is published in the Federal Register
annually on July first. Interim changes in the circular are also published in
the Federal Register.]
(2)
The wording of the surety bond shall be identical to the wording specified in
paragraph (B) of rule
3745-55-51 of the Administrative
Code.
(3) The owner or operator who
uses a surety bond to satisfy the requirements of this rule
also shall establish a standby trust fund by the time the
bond is obtained. Under the terms of the surety bond, all payments made
thereunder shall be deposited by the surety directly into the standby trust
fund in accordance with instructions from the director. This standby trust fund
shall meet the requirements specified in paragraph (A) of this rule, except
that:
(a) An originally signed duplicate of
the trust agreement shall be submitted to the director with the surety
bond;
and
(b) Until the standby
trust fund is funded pursuant to this rule, the following are not required:
(i) Payments into the trust fund as specified
in paragraph (A) of this rule.
(ii)
Updating of "Schedule A" of the trust agreement [see paragraph (A) of rule
3745-55-51 of the Administrative
Code] to show current postclosure cost estimates.
(iii) Annual valuations as required by the
trust agreement.
(iv) Notices of
nonpayment as required by the trust agreement.
(4) The bond shall guarantee that the owner
or operator will do any of the following:
(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.
(b) Fund the standby trust fund in an amount
equal to the penal sum within fifteen days after an order to begin final
closure is issued by the director, or an Ohio
court, or by a U. S. district court, or other
court of competent jurisdiction, or within fifteen days after issuance of a
notice of revocation of the permit by the director.
(c) Provide alternate financial assurance as
specified in this rule, and obtain the director's written approval of the
assurance provided, within ninety days after receipt by both the owner or
operator and the director 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 shall be in an
amount at least equal to the current postclosure cost estimate (see rule
3745-66-44 of the Administrative
Code), except as provided in paragraph (F) of this rule.
(7) Whenever the current post-closure cost
estimate increases to an amount greater than the penal sum, the owner or
operator, within sixty days after the increase, either shall cause the penal sum to be increased to an
amount at least equal to the current post-closure cost estimate and submit
evidence of such increase to the director, or shall obtain other financial
assurance as specified in this rule to cover the increase. Whenever the current
post-closure cost estimate decreases, the penal sum may be reduced to the
amount of the current post-closure cost estimate after
written approval by the director. Notice of an increase or decrease in the
penal sum shall be sent to the director within sixty days after the change.
(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 director. Cancellation may not occur, however,
during the one hundred twenty days beginning on the date of receipt of the
notice of cancellation by both the owner or operator and the director, as
evidenced by the return receipts.
(9) The owner or operator may cancel the bond
if the director has given prior written consent based on the director's receipt
of evidence of alternate financial assurance as specified in this
rule.
(C) Post-closure
letter of credit.
(1) An owner or operator may
satisfy the requirements of this rule by obtaining an irrevocable standby
letter of credit which conforms to the requirements of
paragraph (C) of this rule and submitting the letter to the director
. The issuing institution
shall 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.
(2) The wording of the
letter of credit shall be identical to the wording specified in paragraph (D)
of rule 3745-55-51 of the Administrative
Code.
(3) An owner or operator who
uses a letter of credit to satisfy the requirements of this rule
also shall establish a standby trust fund. Under the
terms of the letter of credit, all amounts paid pursuant to a draft by the
director will be deposited by the issuing institution directly into the standby
trust fund in accordance with instructions from the director. The standby trust
fund shall meet the requirements of the trust fund specified in paragraph (A)
of this rule, except that:
(a) An originally
signed duplicate of the trust agreement shall be submitted to the director with
the letter of credit; and
(b)
Unless the standby trust fund is funded pursuant to this rule, the following
are not required:
(i) Payment into the trust
fund as specified in paragraph (A) of this rule.
(ii) Updating of "Schedule A" of the trust
agreement [see paragraph (A) of rule
3745-55-51 of the Administrative
Code] to show current postclosure cost estimates.
(iii) Annual valuations as required by the
trust agreement.
(iv) Notices of a
nonpayment as required by the trust agreement.
(4) The letter of credit shall 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 U.S. EPA
identification number, name, and address of the facility, and the amount of
funds assured for post-closure care of the facility by the letter of
credit.
(5) The letter of credit
shall be irrevocable and issued for a period of at least one year. The letter
of credit shall provide that the expiration date will be automatically extended
for a period of at least one year unless, at least one hundred twenty days
before the current expiration date, the issuing institution notifies both the
owner or operator and the director by certified mail of a decision not to
extend the expiration date. Under the terms of the letter of credit, the one
hundred twenty days begin on the date
when both the owner or operator and the director have received the notice, as
evidenced by the return receipts.
(6) The letter of credit shall be issued in
an amount at least equal to the current postclosure cost estimate, except as
provided in paragraph (F) of this rule.
(7) Whenever the current post-closure cost
estimate increases to an amount greater than the amount of the credit during
the operating life of the facility, the owner or operator, within sixty days
after the increase, either shall cause the amount of the credit to be increased
so that the
amount at least equals the current post-closure cost estimate and submit
such evidence to the director, or shall obtain other financial assurance as
specified in this rule to cover the increase. Whenever the current post-closure
cost estimate decreases during the operating life of the facility, the amount
of the credit may be reduced to the amount of the current post-closure cost
estimate after written approval by the director.
(8) During the period of post-closure care,
the director may approve a decrease in the amount of the letter of credit if
the owner or operator demonstrates to the director that the amount exceeds the
remaining cost of post-closure care.
(9)
after a
determination pursuant to Chapter 3734. of the Revised Code or Section 3008 of
RCRA by the director that the owner or operator has failed to perform
post-closure care in accordance with the approved post-closure plan and other
permit requirements, the director may draw on the letter of credit.
(10) If the owner or operator does not
establish alternate financial assurance as specified in this rule and obtain
written approval of such alternate assurance from the director within ninety
days after receipt by both the owner or operator and the director of a notice
from the issuing institution that the issuing institution has decided not to extend the
letter of credit beyond the current expiration date, the director will draw on
the letter of credit. The director may delay the drawing if the issuing
institution grants an extension of the term of the credit. During the last
thirty days of any such extension, the director will draw on the letter of
credit if the owner or operator has failed to provide alternate financial
assurance as specified in this rule and obtain written approval of such
assurance from the director.
(11)
The director will return the letter of credit to the issuing institution for
termination when :
(a) The owner or operator substitutes
alternate financial assurance as specified in this rule; or
(b) The director releases the owner or
operator from the requirements of this rule in accordance with paragraph (H) of
this rule.
(D)
Post-closure insurance.
(1) An owner or
operator may satisfy the requirements of this rule by obtaining postclosure
insurance which conforms to the requirements of paragraph
(D) of this rule and
submitting a certificate of such insurance to the director. By August 26, 1983,
the owner or operator shall submit to the director a letter from an insurer
stating that the insurer is considering issuance of post-closure insurance
conforming to the requirements of paragraph
(D) of this rule to the owner
or operator. Within ninety days after August 26, 1983, the owner or operator
shall submit the certificate of insurance to the director or establish other
financial assurance as specified in this rule. At a minimum, the insurer shall
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.
(2) The wording of the
certificate of insurance shall be identical to the wording specified in
paragraph (E) of rule
3745-55-51 of the Administrative
Code.
(3) The post-closure
insurance policy shall be issued for a face amount at least equal to the
current post-closure cost estimate, except as provided in paragraph (F) of this
rule. 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
post-closure insurance policy shall guarantee that funds will be available to
provide post-closure care of the facility whenever the post-closure period
begins. The policy also shall
guarantee that once post-closure care
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 director, to
such party or parties as the director specifies.
(5) An owner or operator or any other person
authorized to perform post-closure care may request reimbursement for
post-closure care expenditures by submitting itemized bills to the director.
Within sixty days after receiving bills for post-closure care activities, the
director will determine whether the postclosure expenditures are in accordance
with the approved post-closure plan or otherwise justified, and if so, the
director will instruct the insurer to make reimbursement in such amounts as the
director specifies in writing. If the director does not instruct the insurer to
make such reimbursements, the director will provide a detailed written
statement of reasons.
(6) The owner
or operator shall maintain the policy in full force and effect until the
director consents to termination of the policy by the owner or operator as
specified in paragraph (D)(11) of this rule. Failure to pay the premiumwithout substitution of alternate financial
assurance as specified in this rulewill
constitute a significant violation, warranting such remedy as the director
deems necessary. Such violation will be deemed to begin upon receipt by the
director 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 shall 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 is not unreasonably refused.
(8) The policy shall 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, at a minimum, shall
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 director. Cancellation,
termination, or failure to renew may not occur, however, during the one hundred
twenty days beginning with the date of receipt of the notice by both the
director 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, any of the following occurs:
(a)
The director deems the facility abandoned.
(b) The "Part A" permit is withdrawn,
terminated, or revoked.
(c) Closure
is ordered by the director or a U.S. district court or other court of competent
jurisdiction.
(d) The owner or
operator is named as debtor in a voluntary or involuntary proceeding under
Title 11 (bankruptcy), U.S. Code.
(e) The premium due is paid.
(9) Whenever the current
post-closure cost estimate increases to an amount greater than the face amount
of the policy during the operating life of the facility, the owner or operator,
within sixty days after the increase, either
shall cause the face amount to be
increased to an amount at least equal to the current post-closure cost estimate
and submit evidence of such increase to the director, or shall obtain other
financial assurance as specified in this rule to cover the increase. Whenever
the current post-closure cost estimate decreases during the operating life of
the facility, the face amount may be reduced to the amount of the current
post-closure cost estimate after written approval by the director.
(10) Commencing on the date that liability to
make payments pursuant to the policy accrues, the insurer will thereafter
annually increase the face amount of the policy. Such increase shall be
equivalent to the face amounts of the policy, less any payments made,
multiplied by an amount equivalent to eighty-five per cent of the most recent
investment rate or of the equivalent coupon-issue yield announced by the U.S.
treasury for twenty-six-week treasury securities.
(11) The director will give written consent
to the owner or operator that the owner or operator may terminate the insurance
policy when :
(a) An owner or operator substitutes
alternate financial assurance as specified in this rule; or
(b) The director releases the owner or
operator from the requirements of this rule in accordance with paragraph (H) of
this rule.
(E)
Financial test and corporate guarantee for post-closure care.
(1) An owner or operator may satisfy the
requirements of this rule by demonstrating that the owner or operator passes a
financial test as specified in paragraph
(E) of this rule. To pass
this test the owner or operator shall meet the criteria of either paragraph
(E)(1)(a) or (E)(1)(b) of this rule.
(a) The owner or
operator shall have the following:
(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 0.1; and a ratio of current
assets to current liabilities greater than 1.5.
(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.
(iii) Tangible net worth
of at least ten million dollars.
(iv) Assets located in the United States
amounting to at least ninety per cent of the owner's or operator's 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 shall have the following:
(i) A
current rating for the owner's or operator's 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."
(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.
(iii) Tangible net worth
of at least ten million dollars.
(iv) Assets located in the United States
amounting to at least ninety per cent of the owner's or operator's 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 rule 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 paragraph (F) of rule
3745-55-51 of the Administrative
Code]. The phrase "current plugging and abandonment cost estimates" as used in
paragraph (E)(1) of this rule 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 paragraph (F) of rule
3745-55-51 of the Administrative
Code].
(3) To demonstrate that the
owner or operator meets this test, the owner or operator shall submit the
following items to the director:
(a) A letter
signed by the owner's or operator's chief financial officer and worded as
specified in paragraph (F) of rule
3745-55-51 of the Administrative
Code.
(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.
(c) A special report from the owner's or
operator's independent certified public accountant to the owner or operator
stating that:
(i) The accountant 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 the accountant's attention which caused the accountant to
believe that the specified data should be adjusted.
(4) The owner or operator may
obtain an extension of the time allowed for submittal of the documents
specified in paragraph (E)(3) of this rule if the fiscal year of the owner or
operator ends during the ninety days prior to August 26, 1983 and if the
year-end financial statements from that fiscal year will be audited by an
independent certified public accountant. The extension will end no later than
ninety 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
August 26, 1983, a letter to the director. This letter from the chief financial
officer shall do the following:
(a) Request
the extension.
(b) Certify that the
chief financial officer 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 U.S. EPA identification number, name, address, and the current
closure and post-closure cost estimates to be covered by the test.
(d) Specify the date ending the owner's or
operator's latest complete fiscal year before August 26, 1983.
(e) Specify the date, no later than ninety
days after the end of such fiscal year, when the owner or operator will submit
the documents specified in paragraph (E)(3) of this rule.
(f) Certify that the year-end financial
statements of the owner or operator for such fiscal year will be audited by an
independent certified public accountant.
(5) After the initial submittal of items
specified in paragraph (E)(3) of this rule, the owner or operator shall send
updated information to the director within ninety days after the close of each
succeeding fiscal year. This information shall consist of all three items
specified in paragraph (E)(3) of this rule.
(6) If the owner or operator no longer meets
the requirements of paragraph (E)(1) of this rule, the owner or operator shall
send notice to the director of intent to establish alternate financial
assurance as specified in this rule. The notice shall be sent by certified mail
within ninety 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 one hundred twenty days after the end of such fiscal
year.
(7) The director, based on a
reasonable belief that the owner or operator may no longer meet the
requirements of paragraph (E)(1) of this rule, may require reports of financial
condition at any time from the owner or operator in addition to those specified
in paragraph (E)(3) of this rule. If the director finds, on the basis of such
reports or other information, that the owner or operator no longer meets the
requirements of paragraph (E)(1) of this rule, the owner or operator shall
provide alternate financial assurance as specified in this rule within thirty
days after notification of such a finding.
(8) The director may disallow use of this
test on the basis of qualifications in the opinion expressed by the independent
certified public accountant in the accountant's report on examination of the
owner's or operator's financial statements [see paragraph (E)(3)(b) of this
rule]. An adverse opinion or a disclaimer of opinion will be cause for
disallowance. The director will evaluate other qualifications on an individual
basis. The owner or operator shall provide alternate financial assurance as
specified in this rule within thirty days after notification of the
disallowance.
(9) During the period
of post-closure care, the director may approve a decrease in the current
post-closure cost estimate for which this test demonstrates financial assurance
if the owner or operator demonstrates to the director that the amount of the
cost estimate exceeds the remaining cost of post-closure care.
(10) The owner or operator is no longer
required to submit the items specified in paragraph (E)(3) of this rule when
:
(a) An owner or operator substitutes
alternate financial assurance as specified in this rule; or
(b) The director releases the owner or
operator from the requirements of this rule in accordance with paragraph (H) of
this rule.
(11) An owner
or operator may meet the requirements of this rule by obtaining a written
guarantee. The guarantor shall 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 shall meet the
requirements for owners or operators in paragraphs (E)(1) to (E)(9) of this
rule and shall comply with the terms of the guarantee. The wording of the
guarantee shall be identical to the wording specified in paragraph (H) of rule
3745-55-51 of the Administrative
Code. A certified copy of the guarantee shall accompany the items sent to the
director as specified in paragraph (E)(3) of this rule. One of these items
shall 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 shall 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 shall describe this
"substantial business relationship" and the value received in consideration of
the guarantee. The terms of the guarantee shall provide that:
(a) If the owner or operator fails to perform
post-closure care of a facility covered by the corporate guarantee in
accordance with the post-closure plan and other requirements in Chapters
3745-65 to 3745-69 and 3745-256 of the Administrative Code whenever required to
do so, the guarantor will do so or establish a trust fund as specified in
paragraph (A) of this rule in the name of the owner or operator.
(b) 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 director. Cancellation may not occur, however,
during the one hundred twenty days beginning on the date of receipt of the
notice of cancellation by both the owner or operator and the director, as
evidenced by the return receipts.
(c) If the owner or operator fails to provide
alternate financial assurance as specified in this rule and obtain the written
approval of such alternate assurance from the director within ninety days after
receipt by both the owner or operator and the director of a notice of
cancellation of the corporate guarantee from the guarantor, the guarantor will
provide such alternate 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 rule 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 shall be as specified in paragraphs (A)
, (B), (C),
and (D), respectively, of this rule, except that the combination of
mechanisms, rather than the single mechanism, shall provide financial assurance
for an amount at least equal to the current post-closure cost estimate. If an
owner or operator uses a trust fund in combination with a surety bond or a
letter of credit, the owner or operator 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 director may use any or all of the
mechanisms to provide for post-closure care 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 rule to meet the requirements
of this rule for more than one facility of which he is the owner or operator.
Evidence of financial assurance submitted to the director shall include a list
showing, for each facility in Ohio and all other appropriate states, the U.S.
EPA identification number, name, address, and the amount of funds for
post-closure care assured by the mechanism. If the list is changed by addition
or subtraction of a facility or by an increase or decrease in the amount of
funds assured for post-closure care of one or more facilities, a corrected list
shall be sent to the director within sixty days after such change. The amount
of funds available through the mechanism shall 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 post-closure care of any of the facilities covered by the
mechanism, the director 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.
(H)
Release of the owner or operator from the requirements of this rule. Within
sixty days after receiving certifications from the owner or operator and a
qualified professional engineer that post-closure care period has been
completed for a hazardous waste disposal unit in accordance with the approved
plan, the director will notify the owner or operator in writing that the owner
or operator is no longer required to maintain financial assurance for
post-closure care of that unit, unless the director has reason to believe that
post-closure care has not been in accordance with the approved postclosure
plan. The director shall provide the owner or operator a detailed written
statement of any such reason to believe that post-closure care has not been in
accordance with the approved post-closure plan.
[Comment: For dates of non-regulatory government publications,
publications of recognized organizations and associations, federal rules, and
federal statutory provisions referenced in this rule, see rule
3745-50-11 of the Administrative
Code titled "Incorporated by reference."]