N.J. Admin. Code § 7:26C-5.11

Current through Register Vol. 56, No. 11, June 3, 2024

Section 7:26C-5.11 - Changes in the remediation funding source or financial assurance amount or type and return of the remediation funding source or financial assurance

(a) A person required to establish a remediation funding source or financial assurance pursuant to this subchapter who wishes to decrease the amount of the remediation funding source shall submit a form, found on the Department's website at www.nj.gov/dep/srp/srra/forms, that provides a revised estimate of the cost of the remediation, that indicates why that cost is less than previously estimated, and is certified by the person responsible for conducting the remediation and by the licensed site remediation professional.

(b) The person required to establish a remediation funding source or financial assurance pursuant to this subchapter may reduce the amount of the remediation funding source or financial assurance to the amount of the estimate submitted to the Department pursuant to (a) above upon either:

1. For cases where the person responsible for conducting the remediation is subject to direct oversight, receipt from the Department of written approval in response to a request submitted pursuant to (a) above, provided, however, that the Department will respond to requests within 45 calendar days after the Department's receipt of the request; or

2. Submission to the Department of a form, found on the Department's website at www.nj.gov/dep/srp/srra/forms, pursuant to 7:26C-5.10.

(c) The person required to establish the remediation funding source or financial assurance pursuant to this subchapter shall increase the remediation funding source or financial assurance amount within 30 days after:

1. Submission to the Department of any remediation cost review, required pursuant to 7:26C-5.10, that indicates that the cost of remediation has increased to an amount greater than the existing remediation funding source; or

2. For cases where the person responsible for conducting the remediation is subject to direct oversight, receipt of a demand from the Department to increase the amount of the remediation funding source or financial assurance to match the amount of the estimated costs; or

3. Receipt of written certification, with a copy provided to the Department, from a licensed site remediation professional that the estimated cost of the remediation has increased.

(d) The person responsible for conducting the remediation that is required to establish a remediation funding source or financial assurance pursuant to this subchapter may at any time submit a written request to the Department on a form, found on the Department's website at www.nj.gov/dep/srp/srra/forms, to substitute another type of financial mechanism specified in this subchapter for the existing financial mechanism. The Department shall return the original financial mechanism after such proof is provided that an acceptable alternate mechanism has been established.

(e) The Department shall return:

1. The remediation funding source when:

i. A person has substituted another form of remediation funding source;

ii. When another person has established a remediation funding source; or

iii. The Department or a licensed site remediation professional has issued a final remediation document for the entire site pursuant to N.J.A.C. 7:26C-6; and

2. The financial assurance when:

i. A permittee has substituted another form of financial assurance;

ii. Another permittee has established financial assurance;

iii. The Department has modified the remedial action permit pursuant to N.J.A.C. 7:26C-7.12(b)3 to reflect the determination by the licensed site remediation professional that the remedy no longer requires an engineering control to be protective of public health and safety and the environment; or

iv. The Department has terminated the remedial action permit, pursuant to 7:26C-7.13.

N.J. Admin. Code § 7:26C-5.11

Amended by 50 N.J.R. 1715(b), effective 8/6/2018