Current through Register Vol. 41, No. 3, September 23, 2024
A. An
owner or operator may meet the requirements of this article by obtaining a
written guarantee, hereafter referred to as "corporate 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.
B. Financial
component. The guarantor shall meet the requirements for owners or operators in
9VAC20-70-200 and shall comply with
the terms of the corporate guarantee.
C. Reporting requirements.
1. The wording of the corporate guarantee
shall be identical to the wording specified in
9VAC20-70-290 J. The corporate
guarantee shall accompany the items sent to the director as specified in
subdivision 2 of
9VAC20-70-200. A copy of the
guarantee and other items listed in subdivision 2 of
9VAC20-70-200 shall be placed in
the facility's operating record.
2.
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.
3.
The guarantee shall be effective and the guarantor shall submit the items
specified in subdivision 2 of
9VAC20-70-200 before the initial
receipt of the waste or before the effective date of this amendment, whichever
is later in the case of closure or post-closure care, or no later than 120 days
after the corrective action remedy has been selected. If the owner or operator
changes the financial assurance mechanism to corporate guarantee from any other
mechanism, the guarantor shall submit the required items 60 days before the
former mechanism expires.
D. The terms of the corporate guarantee shall
provide that:
1. If the owner or operator
fails to perform final closure or post-closure care, or corrective action of a
facility covered by the corporate guarantee in accordance with the closure,
post-closure care or corrective action plan and other permit or order
requirements whenever required to do so, the guarantor shall:
a. Perform, or pay a third party to perform,
closure, post-closure care, and/or corrective action as required (performance
guarantee); or
b. Establish a fully
funded trust fund as specified in
9VAC20-70-150 in the name of the
owner or operator (payment guarantee).
2. The corporate guarantee will remain in
force unless the guarantor sends a prior notice of cancellation by certified
mail to the owner or operator and to the director. 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 director, as evidenced by
the return receipts.
3. If a
guarantee is canceled, the owner or operator must, within 90 days following
receipt of the cancellation notice by the owner or operator, obtain alternate
financial assurance, and submit the required documentation to the
director.
4. If the owner or
operator fails to provide alternate financial assurance as specified in this
article and to obtain the written approval of such alternate assurance from the
director within 90 days after the 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.
E. If a corporate guarantor no longer meets
the requirements of subdivision 1 of
9VAC20-70-200, the owner or
operator must, within 90 days following the close of the guarantor's fiscal
year, obtain alternative assurance and submit the required documentation to the
director. If the owner or operator fails to provide alternate financial
assurance within the 90-day period, the guarantor must provide that alternate
assurance within 120 days following the close of the guarantor's fiscal year,
obtain alternative assurance, and submit the necessary documentation to the
director.
F. The owner or operator
is no longer required to submit the items specified in this section when:
1. The owner or operator substitutes
alternate financial assurance; or
2. The owner or operator is released from the
requirements by the director.
Statutory Authority
§§ 10.1-1402 and 10.1-1410 of the Code of
Virginia.
