Current through Bulletin 2024-06, March 15, 2024
(1) The owner or
operator of a solid waste facility may establish a trust fund and appoint a
trustee as a financial assurance mechanism. The trust fund and trustee must be
with an entity that has the authority to establish trust funds and act as a
trustee and whose operations are regulated and examined by a Federal or state
agency.
(2) The owner or operator
shall submit a signed original of the trust agreement to the Director for
approval and shall place a signed original of the trust agreement in the
operating record of the solid waste disposal facility.
(3) Payments into the trust fund must be made
annually by the owner or operator according to the following schedule:
(a) for a trust fund for closure and
post-closure care, annual payments that will ensure the availability of
sufficient funds within the permit term or the remaining life of the facility,
whichever is shorter for the cost estimates required in Subsection
R315-309-2(3).
The initial payment into the trust fund must be made, for a new facility or a
lateral expansion of an existing facility, before the initial receipt of waste
and for an existing facility, in accordance with the effective dates specified
in Subsection
R315-309-1(3)(a);
or
(b) for a trust fund for
corrective action, annual payments that will ensure the availability of
sufficient funds within one-half of the estimated length in years of the
corrective action program for the cost estimate required by Subsection
R315-309-2(5).
Payments shall be determined as follows:
(i)
The first payment shall be at least equal to one-half of the current cost
estimate for the corrective action divided by one-half the estimated length of
the corrective action program. The initial payment into the trust fund shall be
made in accordance with the schedule specified in Subsection
R315-309-1(3)(b).
(ii) The amount of subsequent payments must
be determined by the following formula: Next Payment = (RB-CV)/Y where RB is
the most recent estimate of the required trust fund balance for corrective
action (i.e., the total cost that will be incurred during the second half of
the corrective action period), 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, or
other person authorized to conduct closure, post-closure, or corrective action
may request reimbursement from the trustee for closure, post-closure, or
corrective action costs.
(a) Prior to the
release of funds by the trustee, the request for reimbursement must be approved
by the Director. The Director shall act upon the reimbursement request within
30 days of receiving the request.
(b) After receiving approval from the
Director, the request for reimbursement may be granted by the trustee only if
sufficient funds are remaining to cover the remaining costs and if
justification and documentation of the costs is placed in the operating
record.
(c) The owner or operator
shall notify the Director that documentation for the reimbursement has been
placed in the operating record and that the reimbursement has been
received.
