N.J. Admin. Code § 7:26C-5.3

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

Section 7:26C-5.3 - Determination of remediation funding source and financial assurance amount

(a) The person responsible for conducting the remediation who is required to establish and maintain a remediation funding source pursuant to this subchapter shall establish and maintain the remediation funding source in an amount that is equal to or greater than:

1. The amount calculated in a cost estimate for the remediation, including the estimated cost to operate, maintain and inspect engineering controls, and the Department's fees and oversight costs, as certified by the licensed site remediation professional and the person responsible for conducting the remediation;

2. The amount to which the person responsible for conducting the remediation has agreed in an administrative consent order, remediation agreement, or remediation certification;

3. The amount that the Department has required in an order or directive;

4. The amount that the Department requires when it undertakes direct oversight of remediation pursuant to 58:10C-27; or

5. The amount that a court has required.

(b) The person responsible for conducting the remediation may reduce the amount of the remediation funding source by an amount equal to the costs to operate, maintain and inspect engineering controls when the person has submitted to the Department a complete remedial action permit application, including evidence of the establishment of financial assurance pursuant to 7:26C-5.2.

(c) The person responsible for conducting the remediation implementing a remedial action that includes an engineering control shall establish and maintain the financial assurance in an amount that is equal to or greater than the full cost to operate, maintain and inspect all engineering controls that are part of any remedial action over the life of the permit as estimated at the time the person submits the complete remedial action permit application.

(d) The person responsible for conducting the remediation shall, within 30 days after a request from the Department, submit a revised cost estimate if the Department determines that the documentation offered to support the cost estimate is incomplete, inaccurate or deficient, and shall submit any additional documentation that the Department requests to enable the Department to evaluate the cost of the remediation, including, but not limited to, any workplans or reports that were used to determine the cost estimate submitted pursuant to (a)1 above.

(e) If the person responsible for conducting the remediation pursuant to a remedial action permit is a residential condominium association, the financial assurance amount requirements at (c) above may be met by submitting an annual budget approved by the governing body of the residential condominium association that reflects an amount dedicated to the operation, maintenance and inspection of engineering controls which is equal to the annual estimated amount required.

N.J. Admin. Code § 7:26C-5.3

Amended by R.2012 d.095, effective 5/7/2012.
See: 43 N.J.R. 1935(a), 44 N.J.R. 1339(b).
Section was "Determination of remediation funding source amount". Rewrote (a)1; added new (b), (c) and (e); and recodified former (b) as (d).