Section 132-8-011 - Surety Bond Guaranteeing Payment or Performance011.01 The owner or operator may demonstrate financial assurance for closure or post-closure care by obtaining a payment or performance surety bond which conforms to the requirements of this section. An owner or operator may demonstrate financial assurance for remedial action by obtaining a performance bond which conforms to the requirements of this section. The bond must be effective before the initial receipt of waste in the case of a closure or post-closure care, or no later than 120 days after the remedial action workplan has been approved by the Department. The surety company issuing the bond, at a minimum, must be listed as an acceptable surety of federal bonds in Circular 570 of the United States Department of the Treasury and approved by the Department. The owner or operator must provide the Department with an originally signed duplicate of the bond that has been placed in the operating record.011.02 The penal sum of the bond must be in an amount at least equal to the current closure, post-closure care or remedial action cost estimate, whichever is applicable, except as provided in019.011.03 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.011.04 Payments made under the terms of the bond will be paid by the surety directly to the Department.011.05 Under the terms of the bond, the surety may cancel the bond by sending notice of cancellation by certified mail to the owner and operator and to the Department one-hundred and twenty (120) days in advance of cancellation. If the surety cancels the bond, the owner or operator must obtain alternate financial assurance as specified in this chapter.011.06 If the owner or operator fails to establish alternate financial assurance, as specified in this chapter, within 90 days after the Department receives a notice of cancellation, the Director will notify the surety of the failure of the owner or operator to perform as guaranteed by the bond.011.07 The owner or operator may cancel the bond only if alternate financial assurance is substituted as specified in this chapter or if the owner or operator is no longer required to demonstrate financial responsibility in accordance with the requirements of Sections 004, 006, and 008.132 Neb. Admin. Code, ch. 8, § 011