Section 444.74775 - Surety bond or other financial assurance required to cover cost of closure1. The owner or operator of a materials recovery facility shall obtain a surety bond, or any other mechanism of financial assurance approved by the solid waste management authority, to cover the cost to close the facility, including the removal and proper disposal of the maximum inventory of waste and recovered materials for which the facility is designed. The owner or operator shall provide financial assurance for the closure of the facility until the facility is closed and the closure has been approved by the solid waste management authority.2. The surety bond must be issued by a corporation licensed to do business in this State and include an indemnity agreement that guarantees payment to a trust fund or to the solid waste management authority.3. If payment is guaranteed to a trust fund, the trustee of the trust fund must be an entity which is authorized to act as a trustee and whose trust operations are regulated and examined by a federal or state agency.4. The owner or operator of the materials recovery facility or any other person who is authorized to conduct activities for the closure of the facility may request reimbursement from the trustee for any cost incurred to close the facility. The trustee may provide reimbursement for that cost only if there is sufficient money in the trust fund to pay the remaining costs to close the facility, and proof and justification of the cost is placed in the operating records of the facility. The owner or operator shall notify the solid waste management authority that the proof and justification for the reimbursement of the cost was placed in the operating records of the facility and that he or she has received the reimbursement.5. The owner or operator of the facility shall review annually the estimate of the cost to close the facility upon which the bond or other mechanism of financial assurance is based and submit the estimate to the solid waste management authority for its review and approval.Nev. Admin. Code § 444.74775
Added to NAC by Environmental Comm'n by R173-99, eff. 2-9-2000