Section R. 299.9703 - Financial assurance for closure and postclosure careRule 703.
(1) The owner or operator of each facility shall establish financial assurance for closure of the facility by utilizing the options specified in R 299.9704 to R 299.9709. The owner or operator of each disposal facility shall establish financial assurance for postclosure care of the facility utilizing the options specified in R 299.9704 to R 299.9709. An owner or operator of a new facility shall submit these documents to the director or his or her designee not less than 60 days before the date on which hazardous waste is first received for treatment, storage, or disposal. An owner or operator shall submit all revisions and renewals of the documents to the director within 60 days of the revision or renewal.(2) An owner or operator may satisfy the requirements of this rule by establishing more than 1 financial mechanism per facility. These mechanisms are limited to trust funds, surety bonds, letters of credit, certificates of deposit and time deposit accounts, and insurance. The mechanisms shall be as specified in this part, except that it is the combination of mechanisms, rather than the single mechanism, which shall provide financial assurance for an amount at least equal to the current closure and postclosure cost estimate. The director may use any or all of the mechanisms to provide for closure and postclosure care of the facility.(3) An owner or operator may use a financial assurance mechanism specified in this part to meet the requirements of this rule for more than 1 facility. Evidence of financial assurance submitted to the director shall include a list showing, for each facility, the site identification number, name, address, and the amount of funds for closure and postclosure assured by the mechanism. If the facilities covered by the mechanism are in more than 1 EPA region, identical evidence of financial assurance shall be submitted to, and maintained with, the regional administrators of all such EPA regions. The amount of funds available through the mechanism shall be not less than the sum of funds that would be available if a separate mechanism had been established and maintained for each facility. In directing funds available through the mechanism for closure and postclosure 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.(4) An owner or operator may satisfy the requirements for financial assurance for both closure and postclosure care for one or more facilities by using a trust fund, surety bond, letter of credit, certificate of deposit and time deposit account, or insurance that meets the requirements of this part for both closure and postclosure care. The amount of funds available through the mechanism shall not be less than the sum of funds that would be available if a separate mechanism had been established and maintained for financial assurance of closure and of postclosure care.(5) Within 60 days after receiving certifications from the owner or operator and an independent registered professional engineer that closure has been accomplished in accordance with the closure plan, or that the postclosure care period has been completed for a hazardous waste disposal unit in accordance with the approved postclosure plan, the director shall notify the owner or operator, in writing, that he or she is no longer required by this section to maintain financial assurance for closure of the particular facility or postclosure care of the particular unit, unless the director has reason to believe that closure or postclosure care has not been in accordance with the approved plan. The director shall provide the owner or operator with a detailed written statement of any such reason to believe that closure or postclosure care has not been in accordance with the approved plan.(6) An owner or operator shall notify the director, by certified mail, of the commencement of a voluntary or involuntary proceeding under the bankruptcy provisions of Public Law 95-598, 11 U.S.C. §§1 to 151302, naming the owner or operator as debtor, within 10 days after commencement of the proceeding.(7) An owner or operator who fulfills the requirements of this rule by obtaining a trust fund, surety bond, letter of credit, certificate of deposit or time deposit account, or insurance policy shall be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, a suspension or revocation of the authority of the trustee institution to act as trustee, or a suspension or revocation of the authority of the institution issuing the surety bond, letter of credit, certificate of deposit or time deposit account, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event.(8) The director may replace all or part of the requirements of this rule with alternative requirements for financial assurance if the director does all of the following: (a) Prescribes alternative requirements for the hazardous waste management unit under 40 C.F.R. §§264.90(f) or 264.110(c), or both, or 265.90(f) or 265.110(d), or both.(b) Determines that it is not necessary to apply the requirements of this rule because the alternative financial assurance requirements will protect human health and the environment.(c) Specifies the alternative financial assurance requirements in an operating license or enforceable document.(9) The provisions of 40 C.F.R. §§264.90(f), 264.110(c), 265.90(f), and 265.110(d) are adopted by reference in R 299.11003.Mich. Admin. Code R. 299.9703
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