Section R. 299.9712 - Cost estimate for corrective actionRule 712.
(1) The owner or operator of a facility who is required to perform corrective action pursuant to the provisions of part 111 of the act or these rules shall have a detailed written estimate, in current dollars, of the cost of performing corrective action at the facility in accordance with the provisions of R 299.9629.(2) The cost estimate shall be based on the cost of hiring a third-party to complete the corrective action measures required pursuant to the provisions of R 299.9629.(3) The cost estimate shall not incorporate any salvage value for the sale of hazardous wastes, facility structures or equipment, land or other facility assets.(4) When preparing the cost estimate, the owner or operator shall not incorporate a zero cost for hazardous waste that may have economic value.(5) The owner or operator shall adjust the cost estimate for inflation within the 60-day period before the anniversary date of the establishment of the financial mechanisms used to comply with the provisions of R 299.9713. For owners and operators who use the financial test or corporate guarantee, the cost estimate for corrective action shall be updated within 30 days after the close of the firms fiscal year and before the submission of updated information to the director. The adjustment for inflation may be made by recalculating the costs in current dollars or by using an inflation factor that is derived from the most recent annual implicit price deflator for gross national product published by the United States department of commerce in its survey of current business.(6) The owner or operator shall adjust the cost estimate for corrective action not later than 30 days after the director has approved a modification to the corrective action program if the modification increases the cost of corrective action.Mich. Admin. Code R. 299.9712
1994 AACS; 1998-2000 AACS