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Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-13 - Cost estimate for post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  265.144
Sec. 13.
(a) The
				owner or operator of a hazardous waste disposal unit shall keep at the facility
				a detailed written estimate, in current dollars, of the annual cost of
				post-closure monitoring and maintenance of the facility in accordance with the
				applicable post-closure regulations in
				40 CFR
				265.117 through
				40
				CFR 265.120, 40 CFR 265.228,
				40 CFR
				265.258,
				40 CFR
				265.280,
				40 CFR
				265.310, and the following:
(1) The post-closure cost estimate must be
				based on the costs to the owner or operator of hiring a third party to conduct
				post-closure care activities. A third party is a party who is neither a parent
				nor subsidiary of the owner or operator. (See definition of parent corporation
				in section 2(e) of this rule.)
(2)
				The post-closure cost estimate is calculated by multiplying the annual
				post-closure cost estimates by the number of years of post-closure care
				required under
				40 CFR
				265.117.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-14 - Financial assurance for post-closure care; approach options

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 265.145
Sec. 14.
By the effective date of this article, an owner or operator
				  of each disposal facility with a hazardous waste disposal unit shall establish
				  financial assurance for post-closure care of the disposal unit. The owner or
				  operator shall choose from the options as specified in sections 15 through 19
				  of this rule.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-15 - Post-closure trust fund option

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 265.145(a)
Sec. 15.
(a) An owner
				or operator may satisfy the requirements of section 14 of this rule by
				establishing a post-closure trust fund that conforms to the requirements of
				this section and submitting an originally signed duplicate of the trust
				agreement to the commissioner. The trustee shall be an entity that has the
				authority to act as a trustee and whose trust operations are regulated and
				examined by a federal or state agency.
(b) The wording of the trust agreement must
				be identical to the wording specified in section 26(a) of this rule, and the
				trust agreement must be accompanied by a formal certification of
				acknowledgement, for example, see section 26(b) through 26(c) of this rule.
				Schedule A of the trust agreement must be updated within sixty (60) days after
				a change in the amount of the current post-closure cost estimate covered by the
				agreement.
(c) Payments into the
				trust fund must be made annually by the owner or operator over the twenty (20)
				years beginning with July 1, 1982, or over the remaining operating life of the
				facility as estimated in the closure plan, whichever period is shorter; this
				period is hereinafter referred to as the pay-in-period. The payments into the
				post-closure trust fund must be made as follows:
(1) The first payment must be made by July 1,
				1982, except as provided in subsection (e). The first payment must be at least
				equal to the current post-closure cost estimate, except as provided in section
				20 of this rule, divided by the number of years in the pay-in-period.
(2) Subsequent payments must be made no later
				than thirty (30) days after each anniversary date of the first payment. The
				amount of each subsequent payment must be determined by the following formula:
Click here to
				  view
Where: CE = The current post-closure cost estimate.
CV = The current value of the trust fund.
Y = The number of years remaining in the
				  pay-in-period.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-16 - Surety bond guaranteeing payment into a post-closure trust fund option

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 16.
(a) An
				owner or operator may satisfy the requirements of section 14 of this rule by:
(1) obtaining a surety bond that conforms to
				the requirements of this section; and
(2) submitting the bond to the commissioner.
The surety company issuing the bond must, at a minimum, be
				  authorized to do business in Indiana and be among those listed as acceptable
				  sureties on federal bonds in Circular 570* of the U.S. Department of the
				  Treasury.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-17 - Post-closure letter-of-credit option

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 17.
(a) An
				owner or operator may satisfy the requirements of section 14 of this rule by
				obtaining an irrevocable standby letter-of-credit that conforms to the
				requirements of this section and submitting the letter to the commissioner. The
				issuing institution must be an entity that has the authority to issue
				letters-of-credit and whose letter-of-credit operations are regulated and
				examined by a federal or state agency.
(b) The wording of the letter-of-credit must
				be identical to the wording specified in section 29 of this rule.
(c) An owner or operator who uses a
				letter-of-credit to satisfy the requirements of section 14 of this rule also
				shall establish a standby trust fund. Under the terms of the letter-of-credit,
				all amounts paid pursuant to a draft by the commissioner must be deposited by
				the issuing institution directly into the standby trust fund in accordance with
				instructions from the commissioner. This standby trust fund must meet the
				requirements of the trust fund specified in section 15 of this rule except the
				following:
(1) An originally signed duplicate
				of the trust agreement must be submitted to the commissioner with the
				letter-of-credit.
(2) Unless the
				standby trust fund is funded pursuant to the requirements of sections 14
				through 16 of this rule, this section, and sections 18 through 21 of this rule,
				the following are not required by sections 14 through 16 of this rule, this
				section, and sections 18 through 21 of this rule:
(A) Payments into the trust fund as specified
				in section 15 of this rule.
(B)
				Updating of Schedule A of the trust agreement (see section 26 of this rule) to
				reflect current post-closure cost estimates.
(C) Annual valuations as required by the
				trust agreement.
(D) Notices of
				nonpayment as required by the trust agreement.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-19 - Financial test and guarantee for post-closure care option

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 19.
(a) An owner
				or operator may satisfy the requirements of sections 14 through 18 of this
				rule, this section, and sections 20 through 22 of this rule by demonstrating
				that the owner or operator passes a financial test in accordance with this
				section. To pass the financial test, the owner or operator shall meet the
				criteria of either subdivision (1) or (2) as follows:
(1) The owner or operator shall have the
				following:
(A) Two (2) of the following three
				(3) ratios:
(i) A ratio of total liabilities
				to net worth less than two (2.0).
(ii) Ratio of the sum of net income plus
				depreciation, depletion, and amortization to total liabilities greater than
				one-tenth (0.1).
(iii) A ratio of
				current assets to current liabilities greater than one and five-tenths
				(1.5).
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-20 - Use of multiple financial mechanisms option

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 265.145(f)
Sec. 20.
An owner or operator may satisfy the requirements of section
				  14 of this rule by establishing more than one (1) financial mechanism per
				  facility. These mechanisms are limited to trust funds, surety bonds,
				  letters-of-credit, and insurance. The mechanisms must be as specified in
				  sections 15 through 18 of this rule, respectively, except that it is the
				  combination of mechanisms rather than the single mechanism, that must provide
				  financial assurance for an amount at least equal to the current post-closure
				  cost estimate. If an owner or operator uses a trust fund in combination with a
				  surety bond or a letter-of-credit, the owner or operator may use the trust fund
				  as the standby trust fund for the other mechanisms. A single standby trust fund
				  may be established for two (2) or more mechanisms. The commissioner may use any
				  or all of the mechanisms to provide for post-closure care of the
				  facility.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-21 - Use of a mechanism for financial assurance of corrective action, closure, and post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 21.
An owner or operator may use a financial assurance mechanism
				  specified in this rule to meet the requirements of section 14 of this rule for
				  more than one (1) facility. Evidence of financial assurance submitted to the
				  commissioner must include a list showing, for each facility, the U.S EPA
				  identification number, name, address, and the amount of funds for post-closure
				  care assured by the mechanism. The amount of funds available through the
				  mechanism must be no less than the sum of funds that would be available if a
				  separate mechanism had been established and maintained for each facility. In
				  directing funds available through the mechanism for post-closure care of any of
				  the facilities covered by the mechanism, the commissioner may direct only the
				  amount of funds designated for that facility, unless the owner or operator
				  agrees to the use of additional funds available under the mechanism.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-22 - Release of owner or operator from the requirements for financial assurance for post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 265.145(h)
Sec. 22.
Within sixty (60) days after receiving certifications from
				  the owner or operator and an independent registered professional engineer that
				  the post-closure care period has been completed in accordance with the approved
				  post-closure plan, the commissioner shall notify the owner or operator in
				  writing that the owner or operator is no longer required by sections 14 through
				  21 of this rule and this section to maintain financial assurance for
				  post-closure care of that unit, unless the commissioner has reason to believe
				  that post-closure care has not been in accordance with the approved
				  post-closure plan. The commissioner shall provide the owner or operator a
				  detailed written statement of any such reason that post-closure care has not
				  been in accordance with the approved post-closure plan.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-23 - Use of a mechanism for financial assurance of corrective action, closure, and post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 23.
An owner or operator may satisfy the requirements for
				  financial assurance for any combination of corrective action, closure, and
				  post-closure care for one (1) or more facilities by using a trust fund, surety
				  bond, letter-of-credit, insurance, financial test, or guarantee that meets the
				  specifications for the mechanism in sections 4 through 12 and 14 through 22 of
				  this rule. The amount of funds available through the mechanism must be no less
				  than the sum of funds that would be available if a separate mechanism had been
				  established and maintained for financial assurance of corrective action,
				  closure, and post-closure care.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-24 - Liability requirements

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  265.147
Sec. 24.
(a) After
				July 1, 1982, an owner or operator of a hazardous waste treatment, storage, or
				disposal facility, or a group of such facilities, shall demonstrate financial
				responsibility for bodily injury and property damage to third parties caused by
				sudden accidental occurrences arising from operation of the facility or group
				of facilities. The owner or operator shall have and maintain liability coverage
				for sudden accidental occurrences in the amount of at least one million dollars
				($1,000,000) per occurrence with an annual aggregate of at least two million
				dollars ($2,000,000), exclusive of legal defense costs. This liability coverage
				may be demonstrated in one (1) of the following six (6) ways:
(1) An owner or operator may demonstrate the
				required liability coverage by having liability insurance as follows:
(A) Each insurance policy must be amended by
				attachment of the hazardous waste facility liability endorsement or evidenced
				by a certificate of liability insurance. The wording of the endorsement must be
				identical to the wording specified in section 35 of this rule. The wording of
				the certificate of insurance must be identical to the wording specified in
				section 36 of this rule. The owner or operator shall submit a signed duplicate
				original of the endorsement or the certificate of insurance to the
				commissioner. If requested by the commissioner, the owner or operator shall
				provide a signed duplicate original of the insurance policy.
(B) Each insurance policy must be issued by
				an insurer that, at a minimum, is licensed to transact the business of
				insurance, or eligible to provide insurance as an excess or surplus lines
				insurer, in one (1) or more states.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-25 - Incapacity of owners, operators, guarantors, or financial institutions

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 265.148
Sec. 25.
(a) An owner
				or operator shall notify the commissioner by certified mail of the commencement
				of a voluntary or involuntary bankruptcy proceeding under
				11
				U.S.C. 101 et seq., October 1, 1979, naming
				the owner or operator as debtor, within ten (10) days after commencement of the
				proceeding. A guarantor of a guarantee, as specified in sections 9 and 19 of
				this rule, shall make such a notification if the guarantor is named as debtor
				as required under the terms of the guarantee in section 33 of this
				rule.
(b) An owner or operator, who
				fulfills the requirements of sections 4 through 12 of this rule, sections 14
				through 22 of this rule, or sections 23 through 24 of this rule by obtaining a
				trust fund, surety bond, letter-of-credit, or insurance policy, shall be deemed
				to be without the required financial assurance or liability coverage in the
				event of:
(1) bankruptcy of the trustee or
				issuing institution; or
(2)
				suspension or revocation of:
(A) the authority
				of the trustee institution to act as trustee; or
(B) the institution issuing the surety bond,
				letter-of-credit, or insurance policy to issue such instruments.
The owner or operator shall establish other financial
				  assurance or liability coverage within sixty (60) days after such an
				  event.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-26 - Wording of trust agreements

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 26.
(a) A trust
				agreement for a trust fund, as specified in section 5 or 15 of this rule,
				329 IAC
				3.1-15-4(b), or
				329 IAC
				3.1-15-6(b),
				329 IAC
				3.1-15-10(a)), must be worded as
				follows except that instructions in brackets are to be replaced with the
				relevant information and the brackets deleted:
Trust Agreement
Trust Agreement, the "Agreement", entered into as of [date]
				  by and between [name of the owner or operator], a [name of state] [insert
				  "corporation", "partnership", "association", or "proprietorship"], the
				  "Grantor", and [name of corporate trustee], [insert "incorporated in the state
				  of _________" or "a national bank"], the "Trustee".
Whereas, the Indiana Department of Environmental Management,
				  (IDEM), an agency of the State of Indiana, has established certain rules
				  applicable to the Grantor, requiring that an owner or operator of a hazardous
				  waste management facility shall provide assurance that funds will be available
				  when needed for corrective action, closure, and/or post-closure care of the
				  facility.
Whereas, the Grantor has elected to establish a trust to
				  provide all or part of such financial assurance for the facilities identified
				  herein.
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the Trustee under this Agreement, and
				  the Trustee is willing to act as Trustee.
Now, Therefore, the Grantor and the Trustee agree as
				  follows:
Section 1. Definitions. As
				used in this Agreement:
(a) The term "Grantor"
				means the owner or operator who enters into this Agreement and any successors
				or assigns of the Grantor.
(b) The
				term "Trustee" means the Trustee who enters into this Agreement and any
				successor Trustee.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-30 - Wording of certificates of insurance

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 30.
A certificate of insurance, as specified in section 8 or 18
				  of this rule,
				  329 IAC
				  3.1-15-4(f), or
				  329 IAC
				  3.1-15-6(f),
				  329 IAC
				  3.1-15-10(e) ), must be worded as
				  follows except that instructions in brackets are to be replaced with the
				  relevant information and the brackets deleted:
Certificate of Insurance for Corrective Action, Closure, or
				  Post-Closure Care
Name and Address of Insurer (herein called the "Insurer"):
				  ______________________
Name and Address of Insured (herein called the "Insured"):
				  ______________________
Facilities Covered: [List for each facility: the U.S. EPA
				  identification number, name, address, and the amount of insurance for
				  corrective action, closure, and/or the amount for post-closure. (These amounts
				  for all facilities covered must total the face amount shown below.)]
Face Amount:
				  __________________________________________________
Policy Number:
				  _________________________________________________
Effective Date:
				  __________________________________________________
The Insurer hereby certifies that it has issued to the
				  Insured the policy of insurance identified above to provide financial assurance
				  for [insert "corrective action", "closure", and/or "post-closure care"] for the
				  facilities identified above. The Insurer further warrants that such policy
				  conforms in all respects with the requirements of
				  329 IAC
				  3.1-14-8,
				  329 IAC
				  3.1-14-18,
				  329 IAC
				  3.1-15-4(f), or
				  329 IAC
				  3.1-15-6(f) 
									329 IAC
				  3.1-15-10(e) ) as applicable and as
				  such regulations were constituted on the date shown immediately below. It is
				  agreed that any provision of the policy inconsistent with such regulations is
				  hereby amended to eliminate such inconsistency.
Whenever requested by the Indiana Department of Environmental
				  Management (IDEM) commissioner, the Insurer agrees to furnish to the IDEM
				  commissioner a duplicate original of the policy listed above including all
				  endorsements thereon.
I hereby certify that the wording of this certificate is
				  identical to the wording specified in 329 IAC 3.1-14-30 as such rule was
				  constituted on the date shown immediately below.
[Authorized signature for Insurer]
[Name of person signing]
[Title of person signing]
Signature of witness or notary:
				  ____________________________________
[Date]
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-39 - Wording of instrument; trust agreement for liability coverage

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 39.
(a) A trust
				agreement, as required in section 24(j) of this rule or
				329 IAC 3.1-15-8(i)
				 (see
				329 IAC
				3.1-15-10(m)), must be worded as
				follows except that the instructions in brackets are to be replaced with the
				relevant information and the brackets deleted:
Trust Agreement
Trust Agreement, the "Agreement", entered into as of [date]
				  by and between [name of the owner or operator], a [name of state] [insert
				  "corporation", "partnership", "association", or "proprietorship"], the
				  "Grantor", and [name of corporate trustee], [insert "incorporated in the state
				  of _________" or "a national bank"], the "Trustee".
Whereas, the Indiana Department of Environmental Management
				  (IDEM), an agency of Indiana, has established certain rules applicable to the
				  Grantor, requiring that an owner or operator of a hazardous waste management
				  facility or group of facilities shall demonstrate financial responsibility for
				  bodily injury and property damage to third parties caused by sudden, nonsudden,
				  or sudden and nonsudden accidental occurrences arising from operations of the
				  facility or group of facilities.
Whereas, the Grantor has elected to establish a trust to
				  provide all or part of such financial assurance for the facilities identified
				  herein.
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the Trustee under this Agreement, and
				  the Trustee is willing to act as Trustee.
Now, Therefore, the Grantor and the Trustee agree as
				  follows:
Section 1. Definitions. As
				used in this Agreement:
(a) The term "Grantor"
				means the owner or operator who enters into this Agreement and any successors
				or assigns of the Grantor.
(b) The
				term "Trustee" means the Trustee who enters into this Agreement and any
				successor Trustee.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-40 - Wording of instrument; standby trust agreement for liability coverage

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 40.
(a) A
				standby trust agreement, as required in section 24(h) of this rule or
				329 IAC 3.1-15-8(g)
				 (see
				329 IAC
				3.1-15-10(n)), must be worded as
				follows except that the instructions in brackets are to be replaced with the
				relevant information and the brackets deleted:
Standby Trust Agreement
Trust Agreement, the "Agreement", entered into as of [date]
				  by and between [name of the owner or operator], a [name of state]
[insert "corporation", "partnership", "association", or
				  "proprietorship"], the "Grantor", and [name of corporate trustee], [insert
				  "incorporated in the state of _________" or "a national bank"], the
				  "Trustee".
Whereas, the Indiana Department of Environmental Management
				  (IDEM), an agency of Indiana, has established certain rules applicable to the
				  Grantor, requiring that an owner or operator of a hazardous waste management
				  facility or group of facilities shall demonstrate financial responsibility for
				  bodily injury and property damage to third parties caused by sudden, nonsudden,
				  or sudden and nonsudden accidental occurrences arising from operations of the
				  facility or group of facilities.
Whereas, the Grantor has elected to establish a standby trust
				  into which the proceeds from a letter-of-credit may be deposited to provide all
				  or part of such financial assurance for the facilities identified
				  herein.
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the Trustee under this Agreement, and
				  the Trustee is willing to act as Trustee.
Now, Therefore, the Grantor and the Trustee agree as
				  follows:
Section 1. Definitions. As
				used in this Agreement:
(a) The term "Grantor"
				means the owner or operator who enters into this Agreement and any successors
				or assigns of the Grantor.
(b) The
				term "Trustee" means the Trustee who enters into this Agreement and any
				successor Trustee.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-1 - Applicability

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  264.140
Sec. 1.
(a) Sections
				3 through 4 and 8 through 10 of this rule apply to owners and operators of all
				hazardous waste facilities, except as provided otherwise in this section or are
				excluded from permit requirements in
				40 CFR
				264.1.
(b) Sections 5 through 6 of this rule apply
				only to owners and operators of:
(1) disposal
				facilities;
(2) piles and surface
				impoundments from which the owner or operator intends to remove the wastes at
				closure, to the extent that these sections are made applicable to such
				facilities in
				40 CFR
				264.228 and
				40 CFR
				264.258;
(3) tank systems that are required under
				40 CFR
				264.197 to meet the requirements for
				landfills; and
(4) containment
				buildings that are required under
				40 CFR
				264.1102 to meet the requirements for
				landfills.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-2 - Definitions

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 264.141
Sec. 2.
(a) The
				definitions in this section apply throughout this rule.
(b) "Closure plan" means the plan for closure
				prepared in accordance with
				40 CFR
				264.112.
(c) "Current closure cost estimate" means the
				most recent of the estimates prepared in accordance with section 3(a) through
				3(c) of this rule.
(d) "Current
				post-closure cost estimate" means the most recent of the estimates prepared in
				accordance with section 5(a) through 5(c) of this rule.
(e) "Parent corporation" means a corporation
				that directly owns at least fifty percent (50%) of the voting stock of the
				corporation that is the facility owner or operator; the corporation that is the
				facility owner or operator is deemed a subsidiary of the parent
				corporation.
(f) "Post-closure
				plan" means the plan for post-closure care prepared in accordance with
				40 CFR
				264.117 through
				40
				CFR 264.120.
(g) The following terms are used in the
				specifications for the financial tests for closure, post-closure care, and
				liability coverage and are intended to assist in the understanding of this rule
				and are not intended to limit the meanings of terms in a way that conflicts
				with generally accepted accounting practices:
(1) "Assets" means all existing and all
				probable future economic benefits obtained or controlled by a particular
				entity.
(2) "Current assets" means
				cash or other assets or resources commonly identified as those that are
				reasonably expected to be realized in cash or sold or consumed during the
				normal operating cycle of the business.
(3) "Current liabilities" means obligations
				whose liquidation is reasonably expected to require the use of existing
				resources properly classifiable as current assets or the creation of other
				current liabilities.
(4)
				"Independently audited" refers to an audit performed by an independent
				certified public accountant in accordance with generally accepted auditing
				standards.
(5) "Liabilities" means
				probable future sacrifices of economic benefits arising from present
				obligations to transfer assets or provide services to other entities in the
				future as a result of past transactions or events.
(6) "Net working capital" means current
				assets minus current liabilities.
(7) "Net worth" means total assets minus
				total liabilities and is equivalent to owner's equity.
(8) "Tangible net worth" means the tangible
				assets that remain after deducting liabilities; such assets would not include
				intangibles such as good will and rights to patents or royalties.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-3 - Cost estimate for closure

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  264.142
Sec. 3.
(a) The owner
				or operator shall keep at the facility a detailed written estimate, in current
				dollars, of the cost of closing the facility in accordance with the
				requirements in
				40 CFR
				264.111 through
				40 CFR
				264.115 and applicable closure requirements
				in
				40 CFR
				264.178,
				40 CFR
				264.197,
				40 CFR
				264.228,
				40 CFR
				264.258,
				40 CFR
				264.280,
				40 CFR
				264.310,
				40 CFR
				264.351,
				40 CFR
				264.601 through 40 CFR 264.603, and
				40 CFR
				264.1102 as follows:
(1) The estimate must equal the cost of final
				closure at the point in the facility's active life when the extent and manner
				of its operation would make closure the most expensive, as indicated by its
				closure plan. See
				40 CFR
				264.112(b).
(2) The closure cost estimate must be based
				on the costs to the owner or operator of hiring a third party to close the
				facility. A third party is a party who is neither a parent nor a subsidiary of
				the owner or operator. See definition of "parent corporation" in section 2(e)
				of this rule. The owner or operator may use costs for on-site disposal if the
				owner or operator can demonstrate that on-site disposal capacity will exist at
				all times over the life of the facility.
(3) The closure cost estimate may not
				incorporate any salvage value that may be realized with the sale of hazardous
				wastes, or nonhazardous waste if applicable under
				40 CFR
				264.113(d), facility
				structures or equipment, land, or other assets associated with the facility at
				the time of partial or final closure.
(4) The owner or operator may not incorporate
				a zero (0) cost for hazardous wastes, or nonhazardous waste if applicable under
				40 CFR
				264.113(d), that might have
				economic value.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-4 - Financial assurance for closure and corrective action

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22; IC 13-30-3
Sec. 4.
(a) The
				owner or operator of each facility shall establish financial assurance for
				closure or corrective action, or both, of the facility, in accordance with the
				following:
(1) The owner or operator shall
				choose from the financial assurance options specified in subsections (b)
				through (g) to establish financial assurance for corrective action.
(2) The owner or operator shall establish
				financial assurance for closure of a facility that is subject to this
				rule.
(3) The owner or operator
				shall establish financial assurance for corrective action of a facility that
				meets the following criteria:
(A) The facility
				is subject to corrective action under
				40 CFR
				264.100 * and
				40 CFR
				264.101 *.
(B) The commissioner requires the
				establishment of financial assurance for corrective action, based on one (1) or
				more of the following:
(i) After the
				implementation of interim measures for corrective action, the owner or operator
				has not attained the cleanup goal.
(ii) Corrective action requires a long-term
				remedy that includes engineering controls as a component of an environmental
				restrictive covenant.
(iii) A
				permit or an order requires financial assurance for corrective
				action.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-5 - Cost estimate for post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  264.144
Sec. 5.
(a) The owner
				or operator of a disposal surface impoundment, disposal miscellaneous unit,
				land treatment unit, landfill unit, surface impoundment, or waste pile,
				required under
				40 CFR
				264.228 and
				40 CFR
				264.258 to prepare a contingent closure and
				post-closure plan shall keep at the facility a detailed written estimate, in
				current dollars, of the annual cost of post-closure monitoring and maintenance
				of the facility in accordance with the applicable post-closure regulations in
				40 CFR
				264.117 through
				40
				CFR 264.120, 40 CFR 264.228,
				40 CFR
				264.258,
				40 CFR
				264.280,
				40 CFR
				264.310, 40 CFR 264.603, and the following:
(1) The post-closure cost estimate must be
				based on the costs to the owner or operator of hiring a third party to conduct
				post-closure care activities. A third party is a party who is neither a parent
				nor a subsidiary of the owner or operator. (See definition of parent
				corporation in section 2(e) of this rule.)
(2) The post-closure cost estimate is
				calculated by multiplying the annual post-closure cost estimate by the number
				of years of post-closure care required under
				40 CFR
				264.117.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-7 - Use of a mechanism for financial assurance of corrective action, closure, and post-closure care

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC
				  13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 7.
An owner or operator may satisfy the requirements for
				  financial assurance for any combination of corrective action, closure, and
				  post-closure care for one (1) or more facilities by using a trust fund, surety
				  bond, letter-of-credit, insurance, financial test, or guarantee that meets the
				  specifications for the mechanism in both sections 4 and 6 of this rule. The
				  amount of funds available through the mechanism must be no less than the sum of
				  funds that would be available if a separate mechanism had been established and
				  maintained for financial assurance of corrective action, closure, and
				  post-closure care.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-8 - Liability requirements

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  264.147
Sec. 8.
(a) An owner
				or operator of a hazardous waste treatment, storage, recovery, or disposal
				facility, or a group of such facilities, shall demonstrate financial
				responsibility for bodily injury and property damage to third parties caused by
				sudden accidental occurrences arising from operations of the facility or group
				of facilities. The owner or operator shall have and maintain liability coverage
				for sudden accidental occurrences in the amount of at least one million dollars
				($1,000,000) per occurrence with an annual aggregate of at least two million
				dollars ($2,000,000), exclusive of legal defense costs. This liability coverage
				may be demonstrated in one (1) of the following six (6) ways:
(1) An owner or operator may demonstrate the
				required liability coverage by having liability insurance as specified as
				follows:
(A) Each insurance policy must be
				amended by attachment of the hazardous waste facility liability endorsement or
				evidenced by a certificate of liability insurance. The wording of the
				endorsement must be identical to the wording specified in section 10(i) of this
				rule. The wording of the certificate of insurance must be identical to the
				wording specified in section 10(j) of this rule. The owner or operator shall
				submit a signed duplicate original of the endorsement or the certificate of
				insurance to the commissioner. If requested by the commissioner, the owner or
				operator shall provide a signed duplicate original of the insurance policy. An
				owner or operator of a new facility shall submit the signed duplicate original
				of the hazardous waste facility liability endorsement or the certificate of
				liability insurance to the commissioner at least sixty (60) days before the
				date on which hazardous waste is first received for treatment, storage,
				recovery, or disposal. The insurance must be effective before this initial
				receipt of hazardous waste.
(B)
				Each insurance policy must be issued by an insurer that, at a minimum, is
				licensed to transact the business of insurance, or eligible to provide
				insurance as an excess or surplus lines insurer, in one (1) or more
				states.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-9 - Incapacity of owners or operators, guarantors, or financial institutions

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40
				  CFR 264.148
Sec. 9.
(a) An owner
				or operator shall notify the commissioner by certified mail of the commencement
				of a voluntary or involuntary bankruptcy proceeding under
				11
				U.S.C. 101 et seq., October 1, 1979, naming
				the owner or operator as debtor, within ten (10) days after commencement of the
				proceeding. A guarantor of a guarantee as specified in sections 4(g) and 6(g)
				of this rule shall make such a notification if the guarantor is named as debtor
				as required under the terms of the guarantee in section 10(h) of this
				rule.
(b) An owner or operator who
				fulfills the requirements of section 4, 6, or 8 of this rule by obtaining a
				trust fund, surety bond, letter-of-credit, or insurance policy shall be deemed
				to be without the required financial assurance or liability coverage in the
				event of bankruptcy of the trustee or issuing institution, or a suspension or
				revocation of the authority of the trustee institution to act as trustee or the
				institution issuing the surety bond, letter-of-credit, or insurance policy to
				issue such instruments. The owner or operator shall establish other financial
				assurance or liability coverage within sixty (60) days after such an
				event.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 15 - Financial Requirements for Final (State) Permitted Owners and Operators of Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 15-10 - Wording of instruments

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 10.
(a) A trust
				agreement for a trust fund, as specified in section 4(b) or 6(b) of this rule,
				329 IAC
				3.1-14-5, or
				329 IAC
				3.1-14-15, must be worded identically to
				329 IAC
				3.1-14-26 except that instructions in brackets are to
				be replaced with relevant information and the brackets deleted.
(b) A surety bond guaranteeing payment into a
				trust fund, as specified in section 4(c) or 6(c) of this rule,
				329
				IAC 3.1-14-6, or
				329
				IAC 3.1-14-16, must be worded identically:
(1) to
				329 IAC
				3.1-14-27 except that instructions in brackets are to
				be replaced with relevant information and the brackets deleted; or
(2) if required, as specified in the
				corrective action order or permit.
Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 16 - Universal Waste › Section 16-1 - Adoption of standards for universal waste management

Current through July 10, 2024
Authority: IC 13-14-8; IC
				  13-22-2-4
Affected: IC 13-22-2
Sec. 1.
(a) Except
				as provided in section 2 of this rule, persons that manage universal waste must
				comply with the requirements of 40 CFR 273 *, as amended by:
(1) 81 FR 85729*;
(2) 81 FR 85828*;
(3) 84 FR 5950*; and
(4) 84 FR 67217 through 84 FR
				67220*.