6 Colo. Code Regs. § 1007-2-4.0

Current through Register Vol. 47, No. 11, June 10, 2024

Section 6 CCR 1007-2-4.0 - FINANCIAL ASSURANCE REQUIREMENTS

4.1General Provisions

4.1.1Purpose: Colorado law prohibits the operation of solid waste disposal sites and facilities without adequate financial assurance. The purpose of financial assurance is to ensure, at any point in the operating life of a solid waste disposal site and facility, the availability of adequate funds such that the State of Colorado may use those funds to pay the costs of closing the facility, the costs of needed post-closure care of the site and facility, and the costs associated with corrective action of any releases from the site and facility, in the case of bankruptcy or financial insolvency of the owner or operator.

4.1.2Scope and Applicability: This Section 4 applies to any person owning or operating a solid waste disposal site and facility. This includes all locations and facilities at which the deposit and final treatment of solid wastes occur, and includes the following facility types:

(A) Landfills (Sections 2 and 3 of these regulations)

(B) Asbestos Waste Disposal Areas (Section 5 of these regulations)

(C) Incinerator Ash Disposal Sites (Section 6 of these regulations)

(D) Solid Waste Surface Impoundments (Section 9 of these regulations)

(E) Waste Tire Monofills, Waste Tire Processors, and Waste Tire Collection Facilities (Section 10 of these regulations)

(F) Solid Waste Incineration Facilities (Section 11 of these regulations)

(G) Water Treatment Plant Sludge Disposal Facilities (Section 12 of these regulations

(H) Medical Waste Facilities (Section 13 of these regulations)

(I) Composting Facilities (Section 14 of these regulations), and

(J) Commercial Exploration and Production Waste Impoundments (Section 17 of these regulations)

(K) Reserved

4.1.3Exemptions: This Section 4 does not apply to the following facility types:

(A) Transfer Stations (Section 7 of these regulations)

(B) Recycling Facilities (Section 8 of these regulations)

4.1.4Duration of Financial Assurance Coverage: Financial assurance coverage must be provided before the solid waste disposal site and facility commences operation or any waste is accepted and must continue until a release is granted by the department.

4.1.5Definition of terms as used in this Section:

(A) Captive Insurance Company - a closely-held company owned by one or more organizations or parents, whose original purpose was, and may continue to be, to insure some or all of the risks of shareholders or affiliated organizations.

(B) Corrective Action - cleanup or remediation of contamination required by or performed under these Regulations and/or Subpart E of the federal regulations promulgated pursuant to the provisions of subtitle D of the federal "Resources Conservation and Recovery Act of 1976," as amended.

(C) Parent Company or Parent - a company that controls other businesses by owning an influential amount of voting stock or control.

(D) Subsidiary - a company that is partly or completely owned by the parent company, which holds a controlling interest in the subsidiary company.

(E) Consultation - the department will inform the local governing authority of their opportunity to consult on certain financial assurance activities per the requirements of this Section 4 and reasonable deadlines by which a response must be received. The department will consider the advice and input received from, and will consult with, the local governing authority as reasonable and appropriate under the circumstances.

Consultation between the department and the local governing authority may consist of telephone conversations, written communications, or meetings, dependent upon the particular circumstances. In the case where a solid waste disposal site and facility is owned or operated by the local governing authority, the department shall consult the local governing authority on matters concerning financial assurance but shall retain approval authority.

(F) Notification - the department or solid wastes disposal site and facility will provide written notice to the local governing authority of certain financial assurance activities per the requirements of this Section 4. If, after notification, a local governing authority requests Consultation, the department shall engage in Consultation with the local governing authority.

4.2Closure Cost Estimates

4.2.1 Prior to operating, the owner or operator of a solid waste disposal site and facility must have a detailed written estimate, in current dollars, approved by the department after Consultation, of the cost of closing the facility.

(A) The estimate must equal the cost of final closure at the point in the facility's active life when the extent and manner of its operation would make closure the most expensive, as indicated by its closure plan and is limited to the used area (current and previous) of the solid waste disposal site and facility.

(B) The closure cost estimate must be based on the costs of hiring a third party to close the facility. A third party is a party who is neither a parent nor a subsidiary of the owner or operator. The owner or operator may use costs for on-site disposal if the owner or operator can demonstrate that on-site disposal can be accomplished in conformance with other applicable sections of these regulations and disposal capacity will exist at all times over the life of the facility.

(C) The closure cost estimate may not incorporate any salvage value that may be realized with the sale of solid wastes, facility structures or equipment, land, or other assets associated with the facility at the time of partial or final closure.

(D) The owner or operator may not incorporate a zero cost for solid wastes that might have an economic value.

4.3Post-Closure Cost Estimates

4.3.1: Prior to operating, the owner or operator of a landfill, surface impoundment, land treatment unit, or any other unit where wastes will remain in the unit after closure must have a detailed written estimate, in current dollars, approved by the department after Consultation, of the cost of post-closure care of the site and facility.

(A) The post-closure cost estimate must be based on the costs to the owner or operator of hiring a third party to conduct post-closure care at such a site and facility. A third party is a party who is neither a parent nor a subsidiary of the owner or operator.

(B) The post-closure cost estimate must be calculated by multiplying the annual post-closure costs by the number of years that post-closure care will be required. All solid waste disposal sites and facilities needing to implement post-closure care must initially provide enough financial assurance to provide for thirty (30) years of post-closure care, maintenance, and monitoring unless a shorter period has been approved by the department.

4.4Corrective Action Cost Estimates

4.4.1: Once a corrective action plan has been approved, and when required by the department, the owner or operator of any facility with a release of solid waste(s) into the environment that requires corrective action must have a detailed written estimate, in current dollars, approved by the department after Consultation, of the cost of corrective action.

(A) The corrective action cost estimate must be based on the costs to the owner or operator of hiring a third party to conduct corrective action activities. A third party is a party who is neither a parent nor a subsidiary of the owner or operator.

(B) The corrective action cost estimate must be calculated by determining the initial remediation costs and adding a multiple of the annual corrective action costs for the number of years corrective action activities will be required.

4.5Revising Closure, Post-Closure, and Corrective Action Cost Estimates

4.5.1Annual Inflation Revision: During the active life of the solid waste disposal site and facility, the owner or operator must annually revise the financial assurance instrument to account for inflation and must submit the revised estimate to the Financial Assurance Manager for approval. This revised financial assurance instrument must be submitted to the department annually by April 30th. For owners and operators using the financial test or guarantee, the revised cost estimate must be updated for inflation within thirty (30) days after the close of the entity's fiscal year and submitted for department approval. The annual adjustment may be made by recalculating the maximum costs of closure, post-closure, and/or corrective action in current dollars, or by using an inflation factor derived from the most recent Implicit Price Deflator for Gross National Product as published by the U.S. Department of Commerce in its Survey of Current Business. The inflation factor is the result of dividing the latest published annual Deflator by the Deflator for the previous year.

(A) The first adjustment is made by multiplying the original cost estimate by the inflation factor. The result is the revised cost estimate.

(B) Subsequent adjustments are made by multiplying the latest revised cost estimate by the latest inflation factor.

4.5.2Adjustments and Reimbursements of Financial Assurance Mechanisms

(A) Whenever the current closure, post-closure, and corrective action cost estimates increase to an amount greater than the current amount of the financial assurance mechanism, the owner or operator, within sixty (60) days after the increase, must either increase the value of the mechanism and submit evidence of such increase to the department and local governing authority or obtain other financial assurance to cover the increase.

(B) Whenever the closure, post-closure, and corrective action cost estimates decrease, the financial assurance mechanism may be reduced to the amount of the current closure, post-closure, or corrective action cost estimate following the submittal of sufficient justification to the department and local governing authority and written approval by the department, with notification to the local governing authority. Justification for a decrease can include partial closure of a facility or any other occurrence that legitimately decreases the ultimate costs of closure, post-closure, or corrective action. Such justification shall be made a permanent part of the operating record of the site and facility.

(C) After beginning partial or final closure, an owner or operator or another person authorized to conduct partial or final closure may request releases for the amount of financial assurance covering the partial or final closure expenditures by submitting itemized receipts to the department. If the department concurs with the accuracy of the justification, the department shall notify the local governing authority, and the amount in excess of the current closure or post closure cost estimates shall be released. Additional procedures for partial expenditure releases may appear for each mechanism within Subsection 4.6.1(D).

(D) If an alternate mechanism is approved by the department, or if the facility is released from the financial assurance requirement, the original mechanism will be returned to the facility.

4.5.3Five-Year Revised Cost Estimate: After department approval of the initial cost estimate, and during the active life of the facility, the owner or operator must replace original cost estimates with new cost estimates every five (5) years unless otherwise required by the department. This five-year revised cost estimate is intended to capture changes in, or additions to, facility operations and must be a complete re-evaluation of the closure, post-closure, and corrective action costs.

4.5.4 The owner or operator must submit the closure, post-closure, and any corrective action cost estimates, and all annual, five-year revised cost estimates, or other revisions, to the department and the local governing authority.

4.6Financial Assurance Requirements

4.6.1:General Requirements

(A) All owners and operators must establish financial assurance for closure and post-closure of, and if necessary corrective action at, the solid waste disposal site and facility in the amounts determined by the cost estimates required in Sections 4.2 through 4.5 of these regulations.

(B) The department shall Consult with the local governing authority as required by these regulations in the following circumstances:

(1) Prior to accepting a solid waste disposal site and facility's initial financial assurance via an application for a Certificate of Designation or other application or department requirement.

(2) Prior to accepting initial financial assurance for corrective action.

(3) Prior to terminating a site and facility's financial assurance pursuant to Section 4.6.13.

(4) As necessary in Section 4.6.12.

(C) No local governing authority shall require an applicant for a certificate of designation to obtain any financial assurance mechanism or amount in addition to that required by the provisions of these regulations.

(D) The following are allowable financial assurance mechanisms and instruments that an owner or operator may use, alone or in combination, subject to approval by the department:

(1) Trust fund

(2) Letter of credit

(3) Surety bond

(4) Insurance

(5) Corporate financial test

(6) Local government financial test

(7) Corporate guarantee

(8) Certificate of Deposit

(9) Cash Deposit Holding Account

(E) All owners and operators shall annually provide, concurrently to the department and the local governing authority, proof of sufficiency of the financial assurance required by these regulations.

(F) An owner or operator may use a financial assurance mechanism specified in this section to meet the requirements of more than one facility. However, per Section 4.6.12, all solid waste disposal sites and facilities under a multiple facility financial instrument must be located in Colorado, and the owner and operator must be the same for all facilities unless special approval of the department is first obtained.

(G) No certificate of designation shall be effective unless and until the required financial assurance mechanism has been fully implemented as required by this section. Failure to properly maintain financial assurance as required by this section may result in the suspension or revocation of the certificate of designation. No person shall operate a solid waste disposal site and facility without being in compliance with the financial assurance requirements contained in this Section 4.

(H) A financial assurance instrument may not be transferred to a new owner or operator unless, as part of the process, the assignment or transfer of the financial instrument(s) or alternate financial assurance has been reviewed and approved by the department and the local governing authority.

(I) The department will give written consent to the owner or operator to terminate the financial assurance mechanism identified Subsection 4.6.1(D) when:

(1) The owner or operator provides alternate financial assurance as specified in this Section; or

(2) The department, after Consultation with the local governing authority, releases the owner or operator from maintaining financial assurance for closure, post-closure care, or corrective action pursuant to Section 4.6.13.

(J) In the event that the owner and operator are separate parties, both will be a part of any discussions prior to the release of the financial instrument.

(K) The department shall assess a fee per Section 1.7.2 to offset the costs of the department's review of the financial assurance information.

(L) If at any time the department shall determine that an owner or operator has insufficient financial assurance or otherwise is not in full compliance with these regulations, it shall notify the owner or operator and may take whatever enforcement actions it deems necessary, including altering pay-in periods and schedules.

(M) No release or reimbursement of funds will be made if a known release has occurred at a site/facility and the owner or operator does not then have sufficient financial assurance to implement the corrective action plan for such release. Further, if within ninety (90) days of a known release, an owner or operator has not established sufficient financial assurance for that release, the department will take whatever enforcement actions it deems necessary. This may include a recommendation to the local governing authority that they suspend or revoke the certificate of designation for the site and facility with the known release. This may also include the department applying the available closure and post-closure funds to implement the corrective action and assess the owner or operator for any deficiency in the closure or post-closure funds which results.

(N) The department is authorized to expend such monies for the third party closure, post-closure, or corrective action as available to the department from the financial assurance mechanisms provided by the owner or operator of the solid waste disposal site and facility.

(O) The department is authorized to contract with one or more private contractors to conduct the third-party closure, post-closure care, or corrective action at a solid waste disposal site and facility, as may be necessary.

(1) Any such contract shall be between the department and the private contractor and the owner or operator shall not be a party to such contract.

(2) The department may disallow a contractor because of conflicts of interest or other reasons.

(3) The department may contract with the local governing authority that issued the certificate of designation to conduct such third party closure, post-closure care, or corrective action.

4.6.2Trust Funds

(A) Subject to department approval, an owner or operator may establish a trust fund which conforms to the requirements of this Section. 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. An owner or operator of a new or existing facility must submit an originally signed duplicate of the trust agreement to the department. A trust fund must contain, at the end of the operating life of the facility, or within the timeframes defined in this section, sufficient funds to cover closure, post-closure and corrective action costs.

(B) The trustee, to be validated by the comptroller or banking commission, shall be the trust department of a federal or state chartered bank with capital and surplus of not less than $10,000,000, selected by the operator and acceptable to the department. Said bank must be located and legally chartered to operate in one of the fifty (50) states. The trustee shall direct the investment of funds in the trust, using the standard of care of a fiduciary. The investment objectives of the trust are primarily preservation of capital and access to liquidity, and secondarily investment return on capital investment. Investments in the trust may include fixed income mutual funds with average durations of less than five years; United States Treasury bills, notes and bonds with maturities less than ten years; United State agency bonds; money market mutual funds invested solely in United States Treasury or Agency bonds; pre-refunded municipal bonds backed by United State Treasuries or Agencies; bank certificates of deposit and money market accounts up to Federal Deposit Insurance Corporation (FDIC) insurance limits; commercial paper bonds rated "A2P2" or better, corporate bonds rated "AA" or better by Standard and Poor's Financial Services, or any combination of these investments. If individual bonds are used, a minimum of 10 bonds shall be used with roughly equal spacing of maturities and with the intent to hold such bonds to maturity. No funds shall be released, disbursed, or transferred by the trustee from this trust without the express written authorization of the department.

(C) The wording of the trust agreement must be identical to the wording specified in Appendix A, and no changes will be allowed without department approval. The trust agreement must be accompanied by a formal certification of acknowledgment. Schedule A of the trust agreement must be updated within sixty (60) days after a change in the amount of the current cost estimate covered by the agreement or any change in facility name or ownership.

(D)Trust Funds for Closure and Post-Closure for Landfills: The following facility types will be considered "landfills" for the purposes of this Subsection 4.6.2(D): Landfills (covered by Sections 2 and 3 of these regulations); Asbestos Waste Disposal Areas (covered by Section 5 of these regulations); Incinerator Ash Disposal Sites (covered by Section 6 of these regulations); Waste Tire Monofills (covered by Section 10 of these regulations); and Water Treatment Plant Sludge Disposal Facilities (covered by Section 12 of these regulations).

(1) For landfills, payments into the trust fund for closure and post-closure by the owner or operator must, at a minimum, be made annually over the operating life of the facility or twenty (20) years, whichever period is shorter, as estimated in the closure and post closure plan. This period is hereafter referred to as the "pay in period". The payments into the trust fund must be made as follows:

(a) For a new landfill, the first payment must be made before the initial receipt of waste. A receipt from the trustee for this payment must be submitted by the owner or operator to the department and local governing authority before this initial receipt of waste.

(b) A receipt for the initial payment must be submitted to the department by the trustee for both new and existing landfills. The first payment must be at least equal to the current closure, and post closure cost estimate, divided by the number of years in the pay in period.

The amount of each subsequent payment must be determined by this formula:

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Where CE is the current closure and 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. After the first year, and annually thereafter, the CE shall be multiplied by the preceding year's annual rate of inflation before subtracting CV.

(c) In lieu of using the formula expressed in Subsection 4.6.2(D)(1)(b), the equivalent annual payments into the trust fund may be determined by calculating the net present value of CE.

(2) The owner or operator may accelerate payments into the trust fund or may deposit the full amount of the current cost estimates at the time the fund is established, or at any time thereafter. However, the value of the fund must be maintained at no less than the value that the fund would have if annual payments were made as specified in Subsection 4.6.2(D)(1).

(3) If the owner or operator establishes a trust fund after having used one or more alternate mechanisms specified in Subsection 4.6.1 (D), the first payment must be at least the amount that the fund would contain if the trust fund were established initially and all annual payments had been made.

(4) Whenever the current closure and post-closure cost estimates increase or decrease, and are approved by the department, the owner or operator must recalculate the payments into the trust fund based on the new cost estimate (new CE). If the current valuation of the fund is less than the amount which is required using the new CE, the owner or operator must, within sixty (60) days of the approval of the new estimate, either (a) deposit an amount into the fund such that the fund equals the amount in the new CE for the current point in the pay-in period, or (b) obtain other financial assurance as specified in this section to cover the difference.

(E)Trust Funds for Closure and Post-Closure for Other Types of Solid Waste Disposal Sites and Facilities: The following facility types will be considered other types of solid waste disposal sites and facilities for the purposes of this Subsection 4.6.2(E): Solid Waste Surface Impoundments (covered by Section 9 of these regulations); Solid Waste Incineration Facilities (covered by Section 11 of these regulations); Medical Waste Facilities (covered by Section 13 of these regulations); Composting Facilities (covered by Section 14 of these regulations); and Commercial Exploration and Production Waste Impoundments (covered by Section 17 of these regulations)

(1) For all facilities listed in Subsection 4.6.2(E) above that were in operation prior to the effective date of this Section 4 (July 15, 2018), a trust fund may be funded as described in Subsection 4.6.2(D).

(2) For all new facilities listed in Subsection 4.6.2(E) above that were not in operation on the effective date of this Section 4 (July 15, 2018), a trust fund must be fully funded, with no pay-in period, and approved by the department before any waste is accepted in the facility.

(F)Trust Funds for Corrective Action: Whenever a trust fund will be used to assure performance of corrective action, the owner or operator will calculate a corrective action cost estimate as required by Section 4.4, submit it to the department for approval, and place 100% of the corrective action cost estimate amount into the closure and post-closure trust fund, or a separate trust fund, within sixty (60) days after department approval.

(G)Reimbursements

(1) Adjustments to the amount of a trust fund must comply with Section 4.5.2.

(2) If an owner or operator substitutes other financial assurance as specified in this section for all or part of the trust fund, the owner or operator may submit a written request to the department, and copy the local governing authority, for release of the amount in excess of the current cost estimate covered by the trust fund.

(3) Wthin sixty (60) days after approving a request from the owner or operator for release of funds as specified in this section, the department will instruct the trustee to release to the owner or operator such funds as the department specifies in writing.

(4) 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 receipts to the department. The owner or operator may request reimbursements 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. Within sixty (60) days after receiving receipts for partial or final closure activities, the department will instruct the trustee to make reimbursements in those amounts as the department determines that the partial or final closure expenditures are in accordance with the approved closure plan, or otherwise justified. If the department 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, it may withhold reimbursements of such amounts as is deemed prudent until it determines after Consultation, that the owner or operator is no longer required to maintain financial assurance for final closure of the facility. If the department does not instruct the trustee to make such reimbursements, it will provide the owner or operator with a detailed written statement of reasons.

(5) An owner or operator or any other person authorized to conduct post-closure care may request reimbursements for post-closure care expenditures by submitting itemized bills to the department. Within sixty (60) days after receiving bills for post-closure care activities, the department will instruct the trustee to make reimbursements in those amounts as the department specifies in writing, if the department determines that the post-closure care expenditures are in accordance with the approved post-closure plan or otherwise justified. If the department does not instruct the trustee to make such reimbursements, it will provide the owner or operator with a detailed written statement of reasons.

(6) If there is one trust fund for both closure and post-closure care, then there will not be any reimbursement for closure costs if there are not sufficient funds to cover both the remaining closure and post-closure care costs.

4.6.3Letters of Credit

(A) Subject to department approval, an owner or operator may obtain an irrevocable standby letter of credit from an institution that has the authority to issue such letters and whose operations are regulated and examined by a federal or state agency. An owner or operator of a new facility must submit the letter of credit to the department. The letter of credit must be effective before this initial receipt of waste.

(B) A letter of credit must be in full conformance with Article 5 of the uniform commercial code, C.R.S. 4-5-101 et seq., as amended.

(C) The wording of the letter of credit must be identical to the wording specified in Appendix A.

(D) The letter of credit must be irrevocable and issued for a period of at least one (1) year. The letter of credit must provide that the expiration date will be automatically extended for a period of at least one (1) year unless, at least one hundred twenty (120) days before the current expiration date, the issuing institution notifies the owner or operator and the department by certified mail, or other trackable delivery service, of a decision not to extend the expiration date. Under the terms of the letter of credit, the one hundred twenty (120) days will begin on the date when the owner or operator and the department have received the notice, as evidenced by the return receipts.

(E) The letter of credit must be issued in an amount at least equal to the current closure, post-closure and corrective action cost estimates, less any amount covered by alternative assurance mechanisms.

(F) Adjustments to the amount of a letter of credit must comply with Section 4.5.2.

(G) Following a determination that the owner or operator has failed to perform final closure or post-closure or corrective action in accordance with the closure or post-closure or corrective action plan and other permit requirements when required to do so, the department may draw on the letter of credit.

(H) If the owner or operator does not establish alternate financial assurance as specified and obtain written approval of such alternate assurance from the department, the department will draw on the letter of credit. The department may delay the drawing if the issuing institution grants an extension of the term of the credit. During the last thirty (30) days of any such extension the department 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 department. The department will notify the local governing authority if it draws on the letter of credit.

4.6.4Surety Bonds Guaranteeing Performance or Payment

(A) Subject to department approval, an owner or operator may secure a guarantee from a surety company, in the form of a bond, that all closure, post-closure care and corrective action requirements will be fulfilled. An owner or operator of a new facility must submit the bond to the department at least ninety (90) business days before waste is first received. The bond must be effective before this initial receipt of waste. The surety company issuing the bond and any co-sureties 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, and should be conducting business in Colorado and issue the bond subject to the laws and jurisdiction of the state of Colorado. If the surety is using reinsurance, a treasury reinsurance form must be submitted with the bond or within forty-five (45) days thereafter.

(B) The wording of the surety bond must be identical to the wording in Appendix A.

(C) The bond must guarantee that the owner or operator will provide alternate financial assurance as specified in this Section 4, and obtain the approval of the department within (90) days after receipt by the owner or operator and the department of a notice of cancellation of the bond from the surety.

(D) 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.

(E) The penal sum of the bond must be in an amount at least equal to the current closure, post-closure, and corrective action cost estimate, less amounts covered by alternative mechanisms.

(F) Under the terms of the bond, the surety may cancel the bond by sending notice of cancellation through email to the Financial Assurance Manager and by certified mail, or other trackable delivery service, to the owner or operator and to the department. Cancellation may not occur until one hundred twenty (120) days after the notice of cancellation has been received by both the owner or operator and the department, as evidenced by return receipts. The department will notify the local governing authority of any such cancellation.

4.6.5Insurance

(A) Subject to department approval, an owner or operator may satisfy the requirements of this Section by obtaining insurance which conforms to the requirements of this paragraph and submitting a certificate of such insurance to the department. An owner or operator of a new facility must submit a copy of the insurance policy and all endorsements to the department at least ninety (90) days before the date on which waste is first received. If an owner or operator wants to change or replace a current insurance policy, the owner or operator must submit a copy of the proposed insurance policy and all endorsements to the department at least ninety (90) days before changing or replacing the insurance policy.

(B) 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 comply with the Title 10 Insurance Code, C.R.S., as amended. The insurance company must be conducting business in Colorado and assure the policy is subject to the laws and jurisdiction of the State of Colorado.

(C) The wording of the certificate of insurance must be identical to the wording specified in Appendix A.

(D) The owner or operator shall submit annually to the department on the anniversary of the insurance policy the following information regarding the insurer's qualifications:

(1) The most recent A.M. Best rating of A- (A minus) or better for the insurer; and

(2) Documentation demonstrating that the insurer is domiciled within an NAIC accredited jurisdiction and is licensed and deemed in good standing with the domiciliary regulator.

(E) The owner or operator of a facility using a Captive Insurance Company, as that term is defined in Section 4.1.5, must do the following:

(1) Annually submit to the department on the anniversary of the insurance policy, items specified in Subsections 4.6.5(D)(1) and (2);

(2) Utilize a Captive Insurance Company that is domiciled in an NAIC accredited jurisdiction and is deemed in good standing with the domiciliary regulator;

(3) Annually submit to the department a Certificate of Good Standing for the Captive Insurance Company, or its equivalent issued by the domiciliary regulator; and

(4) If the parent company decides to cancel the captive insurance policy, or if the Captive Insurance Company no longer meets the requirements of this Subsection 4.6.5 (E), the owner or operator or Captive Insurance Company must provide a one hundred eighty (180) day notice to the department of their intent to cancel the policy and/or their inability to comply with this Section, and must put in place another financial assurance mechanism allowed in Subsection 4.6.1(D) before the end of the 180-day period.

(F) The department may disallow use of the insurer or the Captive Insurance Company by the owner or operator if the applicable requirements of Subsections 4.6.5(D)(1) and (2) and (E) are not met.

(G) The insurance policy must be issued for a face amount at least equal to the current closure, post closure and corrective action cost estimate. 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.

(H) The Insurance Policy:

(1) Must guarantee that, where the department determines the owner or operator has failed to perform, funds will be available to the department to close, provide post-closure care of the site and facility, and to provide any necessary corrective action at the site and facility whenever closure, post-closure and corrective action occurs. The policy must also guarantee that once closure, post-closure and corrective action begin, the insurer will be responsible for paying out funds, if department determines the owner or operator has failed to perform, up to an amount equal to the face amount of the policy, upon the direction of the department, to such party or parties as the department specifies.

(2) 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 that such consent is not unreasonable withheld.

(I) The owner or operator must maintain the policy in full force and effect until the department consents to termination of the policy by the owner or operator as specified in this section. Failure to pay the premium, without substitution of alternate financial assurance as specified in this section, will constitute a violation of these regulations, warranting such remedy as the department deems necessary. Such violation will be deemed to begin upon receipt by the department of a notice of future cancellation, termination, or failure to renew due to nonpayment of the premium, rather than upon the date of expiration. The department will notify the local governing authority in the event of any policy termination.

(J) 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 the policy by sending notice of cancellation by email and certified mail, or other trackable delivery service, to the owner or operator and the Financial Assurance Manager, one hundred twenty (120) days in advance of cancellation. The department will notify the local governing authority of any such notice of cancellation. However, cancellation, termination, or failure to renew may not occur and the policy, which shall contain a provision with the following terms and conditions, will remain in full force and effect in the event that on or before the date of expiration:

(1) The department, after Consultation with the local governing authority, deems the facility abandoned; or

(2) The certificate of designation is terminated or revoked or a new certificate of designation is denied; or

(3) Closure is ordered by the department or the local governing authority or court of competent jurisdiction; or

(4) The owner or operator is named as debtor in a voluntary or involuntary proceeding under Title 11 (bankruptcy), U.S. Code; or

(5) The premium due is paid by any person.

(K) If the insurer cancels the policy, the owner or operator must obtain replacement financial assurance as required in Subsection 4.6.1(D) before the end of the 120-day period.

(L) All premiums shall be paid annually and proof of payment shall be supplied to the department and local governing authority.

(M) Adjustments to the amount of an insurance policy must comply with Section 4.5.2.

(N) Commencing on the date that liability to make premium payments for the insurance policy occurs, the owner or operator will thereafter annually increase the face amount of the policy as required by Section 4.5.

(O) Any policy issued pursuant to this section, including by a Captive Insurance Company, will specifically identify each facility covered and the amount of coverage for each facility.

(P) The owner or operator of the facility must submit a copy of the insurance policy and all endorsements as requested by the department.

4.6.6Corporate Financial Test

(A) Subject to department approval, an owner or operator may demonstrate financial assurance if characteristics of the owner's or operator's corporation meet the following:

(1) The owner or operator must satisfy one of the following three conditions:

(a) A current rating for its senior unsubordinated debt of AAA, AA, or A as issued by Standard and Poor's or Aaa, Aa, or A as issued by Moody's; or

(b) A ratio of less than 1.5 comparing total liabilities to net worth; or

(c) A ratio of greater than 0.10 comparing the sum of net income plus depreciation, depletion and amortization, minus $10 million, to total liabilities.

(2) The tangible net worth of the owner or operator must be greater than:

(a) The sum of the current closure, post closure care, corrective action cost estimates and any other environmental obligations, including guarantees, covered by a financial test plus $10 million except as provided in Subsection 4.6.6(A)(2)(b).

(b) $10 million in net worth plus the amount of any guarantees that have not been recognized as liabilities on the financial statements provided all of the current closure, post-closure care, and corrective action costs and any other environmental obligations covered by a financial test are recognized as liabilities on the owner's or operator's audited financial statements, and subject to the approval of the department.

(3) The owner or operator must have assets located in the United States amounting to at least the sum of current closure, post-closure care, corrective action cost estimates and any other environmental obligations covered by a financial test.

(B) Record keeping and reporting requirements.

(1) The owner or operator must place the following items into the facility's operating record:

(a) A letter signed by the owner's or operator's chief financial officer that:

(i) Lists all the current cost estimates covered by a financial test, including, but not limited to, cost estimates required for solid waste disposal sites and facilities under Section 4 of these regulations and cost factors for all other environmental obligations, if applicable; and

(ii) Provides evidence demonstrating that the owner/operator meets the conditions of either Subsection 4.6.6(A)(1)(a), or(b), or(c) and Subsections 4.6.6(A)(2) and 4.6.6(A)(3).

(b) A copy of the independent certified public accountant's unqualified opinion of the owner's or operator's financial statements for the latest full fiscal year. To be eligible to use the financial test, the owner's or operator's financial statements must receive an unqualified opinion from the independent certified public accountant. An adverse opinion, disclaimer of opinion, or other qualified opinion will be cause for disallowance, with the potential exception for qualified opinions provided in the next sentence. The department may evaluate qualified opinions on a case-by-case basis and allow use of the financial test in cases where the department deems that the matters which form the basis for the qualification are insufficient to warrant disallowance of the financial test. If the department does not allow use of the test, the owner or operator must provide alternate financial assurance that satisfies the requirements of this Section.

(c) If the chief financial officer's letter providing evidence of financial assurance includes financial data showing that the owner or operator satisfies Subsection 4.6.6(A)(1)(b) or (c) that are different from data in the audited financial statements referred to in Subsections 4.6.6(B)(1) and (2) or any other audited financial statement or data filed with the Securities and Exchange Commission, then a special report from the owner's or operator's independent certified public accountant is required. The special report shall be based upon an agreed upon procedures of engagement in accordance with professional auditing standards and shall describe the procedures performed in comparing the data in the chief financial officer's letter derived from the independently audited, year-end financial statements for the latest fiscal year with the amounts in such financial statements, the findings of that comparison, and the reasons for any differences.

(d) If the chief financial officer's letter provides a demonstration that the owner or operator has provided financial assurance for environmental obligations regarding the solid waste disposal site and facility as provided in Subsection 4.6.6(A)(2)(b), then the letter shall include a report from the independent certified public accountant that verifies that all of the environmental obligations covered by a financial test have been recognized as liabilities on the audited financial statements, how these obligations have been measured and reported, and that the tangible net worth of the firm is at least $10 million plus the amount of any guarantees provided.

(2) An owner or operator must place the items specified in Subsection 4.6.6(B)(1) in the operating record and send a copy to the department indicating that these items have been placed in the operating record before the initial receipt of waste or before the effective date of the requirements of this Section, whichever is later in the case of closure, and post-closure care, or no later than one hundred twenty (120) days after the corrective action remedy has been selected in accordance with the requirements of these regulations.

(3) After the initial placement of items specified in Subsection 4.6.6(B)(1) in the operating record, the owner or operator must annually update the information and place updated information in the operating record and send a copy to the department within ninety (90) days following the close of the owner or operator's fiscal year. The department may provide up to an additional forty-five (45) days for an owner or operator who can demonstrate that ninety (90) days is insufficient time to acquire audited financial statements. The updated information must consist of all items specified in Subsection 4.6.6(B)(1).

(4) The owner or operator is no longer required to submit the items specified in this Subsection 4.6.6(B) or comply with the requirements of this Section 4.6.6 when:

(a) The owner or operator substitutes alternate financial assurance as specified in this section that is not subject to these record keeping and reporting requirements; or

(b) The owner or operator is released from the requirements of this Section in accordance with these regulations.

(5) If the owner or operator no longer meets the requirements of Subsection 4.6.6(A), the owner or operator shall, within one hundred twenty (120) days following the close of the owner or operator's fiscal year, obtain alternative financial assurance that satisfies the requirements of this Section, place the required submissions for assurance in the operating record, and notify the department that the owner or operator no longer meets the criteria of the financial test and that alternate financial assurance has been obtained.

(6) The department may, based on a reasonable belief that the owner or operator no longer meets the requirements of Subsection 4.6.6(A), require at any time the owner or operator to provide reports of its financial condition in addition to or including current financial test documentation as specified in Subsection 4.6.6(B). If the department finds that the owner or operator no longer meets the requirements of Subsection 4.6.6(A), the owner or operator must provide alternate financial assurance that meets the requirements of this Section.

(7) When calculating the current cost estimates for closure, post-closure care, corrective action, or the sum of the combination of such costs to be covered, and any other environmental obligations assured by a financial test referred to in this Section 4.6.6, the owner or operator must include cost estimates required for municipal solid waste disposal sites and facilities under this part, as well as cost estimates required for other environmental obligations, if applicable.

4.6.7Local Government Financial Test

(A) Subject to department approval, an owner or operator may demonstrate financial assurance at least equal to the cost estimates for closure, post-closure care and corrective action if the owner or operator is a local government. The owner or operator must prepare its financial statements and have them audited in conformity with generally accepted accounting principles for governments and have its financial statements audited by an independent certified public accountant.

(B)Public Notice Component

The local government owner or operator must place a reference to the closure, post-closure care, or corrective action costs into its next comprehensive annual financial report (CAFR) or audited financial statement after the effective date of this Section or prior to the initial receipt of waste at the facility, whichever is later. Disclosure must include the nature and source of closure and post-closure care requirements, the reported liability at the balance sheet date, the estimated total closure and post-closure care costs remaining to be recognized, the percentage of landfill capacity used to date, and the estimated landfill life in years. A reference to corrective action costs must be placed in the CAFR after the corrective action remedy has been selected in accordance with the requirements of these regulations. The reference may instead be placed in the operation record until issuance of the next available CAFR if timing does not permit the reference to be incorporated into the most recently issued CAFR or budget. For closure and post-closure costs, conformance with Government Accounting Standards Board Statement 18 assures compliance with this public notice. The reference must include the amount of each cost-estimate and the year(s) in which the local government expects these costs to be incurred. References in the budget must occur as budgeted line items if the activities are to occur in the period covered by the budget, but may appear in a supplemental data section if the activities will not occur until after the period covered by the budget.

(C)Recordkeeping and Reporting Requirements

(1) The local government owner or operator must place the following items in the facility's operating record and submit to the Department within seven (7) months following the close of the owner or operator's fiscal year:

(a) A letter signed by the local county commissioners or the governing body of the appropriate municipality that lists all the current cost estimates covered by a financial test, as described in Subsection 4.6.7(B)

(b) The local government's independently audited year-end financial statements for the latest fiscal year, including the unqualified opinion of the auditor who must be an independent, certified public accountant or an appropriate State agency that conducts equivalent comprehensive audits; and

(c) A copy of the comprehensive annual financial report used to comply with this section or certification that the requirements of General Accounting Standards Board Statement 18 have been met.

(d) Whenever the financial assurance cost estimates are replaced (typically every five years per Section 4.5.3 of these regulations), the owner or operator must ensure that the updated costs are included in the next CAFR. If the effective date of the financial assurance cost estimate replacement is after the balance sheet date of the next CAFR, the change to the liability associated with landfill closure and post closure care costs may be reported in the CAFR issued the following year.

(e) In the case of corrective action, these cost estimates will need to be included in the next available CAFR in accordance with the requirements of Section 2.2 and Appendix B6.

(2) The local government owner or operator is no longer required to meet the requirements of Subsection 4.6.7(C) when the owner or operator is released from the requirements of this Section in accordance with Section 4.6.13.

(3) The department, after reviewing the CAFR submitted by the local government owner or operator, may require additional reports of financial condition from the local government at anytime. If the department finds, on the basis of such reports or other information, that the owner or operator no longer maintains a positive net position at the end of the most recent fiscal year, the local government must provide alternate financial assurance in accordance with Subsection 4.6.7(C)(5).

4.6.8Corporate Guarantee.

(A) Subject to department approval, an owner or operator may meet the requirements of this Section by obtaining a written corporate guarantee. 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 Section 4.6.6 and must comply with the terms of the guarantee. A certified copy of the guarantee must be placed in the facility's operating record along with copies of the letter from the guarantor's chief financial officer and accountants' opinions. If the guarantor's parent corporation is also the parent corporation of the owner or operator, the letter from the guarantor's chief financial officer 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.

(B) The guarantee must be effective and all required submissions placed in the operating record and a copy submitted to the department before the initial receipt of waste or before the effective date of the requirements of these regulations whichever is later, in the case of closure and post-closure care, or in the case of corrective action no later than one hundred twenty (120) days after the corrective action remedy has been selected in accordance with the requirements of these regulations.

(C) The terms of the guarantee must provide that:

(1) If the owner or operator fails to perform closure, post-closure care, and/or corrective action of a facility covered by the guarantee, the guarantor will:

(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 Section 4.6.2 in the name of the owner or operator (payment guarantee).

(2) The guarantee will remain in force for as long as the owner or operator is required to comply with the applicable financial assurance requirements or unless the guarantor sends prior notice of cancellation by certified mail, or other trackable delivery service, to the owner or operator and to the department. Cancellation may not occur, however, during the one hundred twenty (120) days beginning on the date of receipt of the notice of cancellation by both the owner or operator and the department, as evidenced by the return receipts.

(3) If notice of cancellation is given, the owner or operator must, within ninety (90) days following receipt of the cancellation notice by the owner or operator and the department, obtain alternate financial assurance, place evidence of that alternate financial assurance in the facility operating record, and notify the department and the local governing authority. If the owner or operator fails to provide alternate financial assurance within the 90-day period, the guarantor must provide that alternate assurance within one hundred twenty (120) days of the cancellation notice, obtain alternative assurance, place evidence of the alternate assurance in the facility operating record, and notify the department and the local governing authority.

(D) If a corporate guarantor no longer meets the requirements of Subsection 4.6.6(A), the owner or operator must, within ninety (90) days, obtain alternative assurance, place evidence of the alternate assurance in the facility operating record, and notify the department and the local governing authority. If the owner or operator fails to provide alternate financial assurance within the 90-day period, the guarantor must provide that alternate assurance within the next thirty (30) days.

(E) The owner or operator is no longer required to meet the requirements of this Section 4.6.8 when:

(1) The owner or operator substitutes alternate financial assurance as specified in this section; subject to department approval or

(2) The owner or operator is released by the department after Consultation from the requirements of this Section in accordance with these regulations.

4.6.9Cash Deposit Holding Account

(A) Subject to the department approval, an owner or operator may demonstrate financial assurance by securing funds in the department's cash deposit holding account. The owner or operator may deposit money in the account by cashier's check, personal check or wire transfer.

(B) The wording of the cash deposit holding account must be identical to the wording in Appendix A.

4.6.10Certificates of Deposit

(A) Subject to department approval, an owner or operator may establish a certificate of deposit. An owner or operator of a new or existing facility must submit the original certificate of deposit to the department with a copy to the local governing authority. The certificate of deposit must be effective before the initial receipt of waste. The issuing institution must have the authority to issue certificate of deposits and must be regulated, insured, and examined by a federal or state agency.

(B) The issuing institution, to be validated by the comptroller or banking commission, shall be a federal or state chartered bank with capital and surplus of not less than $10,000,000, selected by the operator and acceptable to the department. Said bank must be located and legally chartered to operate in one of the fifty (50) states. The institution shall direct the investment of funds in the certificate of deposit, using the standard of care of a fiduciary. No funds shall be released, disbursed, or transferred by the institution from this certificate of deposit without the express written authorization of the department.

(C) The wording of the certificate of deposit must be identical to the wording specified in Appendix A, unless otherwise approved by the department.

(D)Certificates of Deposit for Closure and Post-Closure Care for Landfills: The following facility types will be considered "landfills" for the purposes of this Subsection 4.6.10(D): Landfills (covered by Sections 2 and 3 of these regulations); Asbestos Waste Disposal Areas (covered by Section 5 of these regulations); Incinerator Ash Disposal Sites (covered by Section 6 of these regulations); Waste Tire Monofills (covered by Section 10 of these regulations); and Water Treatment Plant Sludge Disposal Facilities (covered by Section 12 of these regulations).

(1) For landfills, payments into the certificate of deposit for closure, post-closure and corrective action by the owner or operator must, at a minimum, be made annually over the operating life of the facility or twenty (20) years, whichever period is shorter, as estimated in the closure and post closure plan. This period is hereafter referred to as the "pay-in period". The payments into the certificate of deposit must be made as follows:

(a) For a new landfill, the first payment must be made before the initial receipt of waste. A receipt from the issuing institution for this payment must be submitted by the owner or operator to the department before this initial receipt of waste.

(b) A receipt for the initial payment must be submitted to the department by the issuing institution for both new and existing landfills. The first payment must be at least equal to the current closure and post-closure cost estimate, divided by the number of years in the pay-in period.

The amount of each subsequent payment must be determined by this formula:

CE-CV

NEXT PAYMENT =.................

Y

Where CE is the current closure and 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. After the first year, and annually thereafter, the CE shall be multiplied by the preceding year's annual rate of inflation before subtracting CV.

(c) In lieu of using the formula expressed in Subsection 4.6.10(D)(1), the equivalent annual payments into the certificate of deposit may be determined by calculating the net present value of CE.

(2) The owner or operator may accelerate payments into the certificate of deposit or may deposit the full amount of the current cost estimates at the time the fund is established, or at any time thereafter. However, the value of the certificate of deposit must be maintained at no less than the value that the certificate of deposit would have if annual payments were made as specified in Subsection 4.6.10(D)(1).

(3) If the owner or operator establishes a closure and post-closure certificate of deposit after having used one or more alternate mechanisms specified in Subsection 4.6.1 (D), the first payment must be at least the amount that the certificate of deposit would contain if the certificate of deposit were established initially and all annual payments had been made.

(4) Whenever the current closure and post-closure cost estimates increase or decrease, and are approved by the department, the owner or operator must recalculate the payments into the certificate of deposit based on the new cost estimate (new CE). If the current valuation of the certificate of deposit is less than the amount which is required using the new CE, the owner or operator must, within sixty (60) days of the approval of the new estimate, either (a) deposit an amount into the certificate of deposit such that the fund equals the amount in the new CE for the current point in the pay-in period, or (b) obtain other financial assurance as specified in this section to cover the difference.

(E)Certificates of Deposit for Closure and Post-Closure Care for Other Types of Solid Waste Disposal Sites and Facilities: The following facility types will be considered other types of solid waste disposal sites and facilities for the purposes of this Subsection 4.6.10(E): Solid Waste Surface Impoundments (covered by Section 9 of these regulations); Solid Waste Incineration Facilities (covered by Section 11 of these regulations); Medical Waste Facilities (covered by Section 13 of these regulations); Composting Facilities (covered by Section 14 of these regulations); and Commercial Exploration and Production Waste Impoundments (covered by Section 17 of these regulations)

(1) For all facilities listed in this section that were in operation prior to the effective date of this Section 4 (July 15, 2018), a certificate of deposit may be funded as described in Subsection 4.6.10(D).

(2) For all new facilities listed in Subsection 4.6.10(E) above that were not in operation on the effective date of this Section 4 (July 15, 2018), a certificate of deposit must be fully funded, with no pay-in period, and approved by the department with Consultation before any waste is accepted in the facility.

(F)Certificate of Deposit for Corrective Action: Whenever a certificate of deposit will be used to assure performance of corrective action, the owner or operator will calculate a corrective action cost estimate as required by Section 4.4, submit it to the department for approval, and place 100% of the corrective action cost estimate amount into the closure and post-closure certificate of deposit, or a separate certificate of deposit, within sixty (60) days after department approval.

(G) The certificate of deposit must be accompanied by an original signed copy of a Collateral Assignment of Certificate of Deposit form. The wording of the collateral assignment of certificate of deposit must be identical to the wording specified in Appendix A, unless otherwise approved by the department.

(H) The certificate of deposit must provide that the expiration date will be automatically extended unless, at least sixty (60) days before the current expiration date, the issuing institution notifies the owner or operator and the department and the local governing authority, by certified mail or other trackable delivery service, of a decision not to extend the expiration date. Under the terms of the certificate of deposit, the sixty (60) days will begin on the date when the owner or operator and the department has received the notice, as evidenced by the return receipts. The issuing institution shall give sixty (60) day notification of maturity of the certificate of deposit to the department and the owner or operator. If the owner or operator, the department, and the local governing authority have received notice from the issuing institution that it has decided not to extend the certificate of deposit beyond the current expiration date, the owner or operator must establish adequate alternative financial assurance as required by these regulations. If the owner or operator does not establish alternate financial assurance and obtain written approval of such alternate assurance from the department within forty-five (45) days of such notice by the issuing institution, the department will withdraw the money in the certificate of deposit. The department will notify the local governing authority if the department draws on the certificate of deposit. The money will be kept by the department until needed for closure, post-closure, and/or corrective action or until the owner or operator has established a department-approved alternate financial assurance mechanism.

(I) The issue amount of the certificate of deposit must be in an amount at least equal to the current closure, post-closure and corrective action cost estimates, less amounts covered by alternative mechanisms.

(J) Following a determination that the owner or operator has failed to perform final closure or post closure or corrective action in accordance with the closure or post closure or corrective action plan and other permit requirements when required to do so, the department may draw on the certificate of deposit.

(K) The department will return the certificate of deposit to the issuing institution for termination when the requirements of Section 4.5.2 have been satisfied.

4.6.11Use of Multiple Financial Mechanisms:

An owner or operator may satisfy the requirements of this Section by establishing more than one financial mechanism per solid waste disposal site and facility. The mechanisms must be as specified in Subsection 4.6.1(D) of this Section, except that it is the combination of mechanisms, rather than the single mechanism, which must provide full financial assurance for an amount at least equal to the current closure, post-closure and corrective action cost estimates. The amount of financial assurance for each financial mechanism shall be stated on each agreement per these Regulations. When use of a financial mechanism for closure and post-closure care or corrective action of the site and facility becomes necessary, the department may choose the order in which to use the mechanisms or may choose to use all concurrently. The department will notify the local governing authority how the department will be draw upon the mechanism(s).

4.6.12Use of a Financial Mechanism for Multiple Facilities:

An owner or operator may use a financial assurance mechanism specified in Subsection 4.6.1 (D) to meet the requirements of more than one solid waste disposal site and facility; provided, however, that all solid waste disposal sites and facilities are located in Colorado and the owner and operator are the same, unless special approval of the department, after Consultation with the local governing authority, is first obtained. Evidence of financial assurance submitted to the department and the local governing authority must include a list showing, for each facility, 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 separate mechanisms have been established and maintained for each site and facility. In directing funds available through the mechanism for closure, post-closure or corrective action of any of the sites and facilities covered by the mechanism, the department, with notice to the local governing authority, may direct only the amount of funds designated for that site and facility, unless the owner or operator agrees to the use of additional funds available under the mechanism.

4.6.13Release of the Owner or Operator from the Requirements of this Section. After receiving certifications from the owner or operator and a Colorado registered professional engineer that final closure, post-closure and corrective action has been completed in accordance with the approved plans, the department shall verify that the closure, post-closure and corrective action has met the requirements as established and shall Consult with the local governing authority. Once verified, the department will notify the owner and operator that they are no longer subject to the requirements of this Section.

If there is reason to believe that the closure, post-closure and corrective action activities have not been made in accordance with the approved plan(s), the department shall provide the owner or operator with a detailed written statement of any deficiencies.

4.6.14 Failure to properly maintain financial assurance as required by this Section 4 and the certificate of designation may result in the suspension or revocation of a certificate of designation

6 CCR 1007-2-4.0

37 CR 17, September 10, 2014, effective 9/30/2014

37 CR 24, December 25, 2014, effective 1/14/2015

38 CR 11, June 10, 2015, effective 6/30/2015

38 CR 23, December 10, 2015, effective 12/30/2015

39 CR 23, December 10, 2016, effective 12/30/2016

39 CR 23, December 25, 2016, effective 12/30/2016

40 CR 05, March 10, 2017, effective 4/14/2017

40 CR 21, November 10, 2017, effective 1/1/2018

40 CR 21, November 10, 2017, effective 3/1/2018

41 CR 06, March 25, 2018, effective 4/14/2018

41 CR 11, June 10, 2018, effective 6/30/2018

41 CR 11, June 10, 2018, effective 7/15/2018

41 CR 24, December 25, 2018, effective 1/14/2019

42 CR 06, March 25, 2019, effective 4/14/2019

42 CR 11, June 10, 2019, effective 6/30/2019

42 CR 21, November 10, 2019, effective 11/30/2019

43 CR 06, March 25, 2020, effective 4/14/2020

43 CR 12, June 25, 2020, effective 7/15/2020

43 CR 18, September 25, 2020, effective 10/15/2020

43 CR 24, December 25, 2020, effective 1/14/2021

44 CR 24, December 25, 2021, effective 1/14/2022

45 CR 17, September 10, 2022, effective 9/30/2022

45 CR 23, December 10, 2022, effective 12/30/2022