Michigan Administrative Code › Department - Environmental Quality › Office of Waste Management & Radiological Protection › Hazardous Waste Management › Part 7 - FINANCIAL CAPABILITY › Section R. 299.9707 - Certificate of deposit or time deposit account

Current through Vol. 24-12, July 15, 2024
Rule 707.
(1) An
				  owner or operator may satisfy the requirements of R 299.9703 by placing funds
				  in the amount of the current approved closure or post-closure cost estimate in
				  an insured, negotiable certificate of deposit or time deposit account held by a
				  bank or other financial institution regulated and examined by a federal or
				  state agency. The value of the certificate of deposit or time deposit account
				  shall be fully insured by an agency of the United States government, unless
				  otherwise approved by the director.
(2) The certificate or account shall be in
				  the sole name of the director with a maturity of not less than 6
				  months.
(3) The owner or operator
				  shall execute an agreement with the director which identifies the reasons for
				  which the director may cash the certificate of deposit or time deposit account.
				  The agreement shall be executed on a form approved by the director.
(4) A certificate or time deposit account of
				  less than a 1-year maturity shall provide for automatic renewal. An owner or
				  operator shall renew or replace a certificate of deposit or time deposit
				  account of 1 year or more not less than 60 days before the maturity
				  date.
(5) The certificate of
				  deposit or time deposit account shall be issued in an amount at least equal to
				  the current approved closure or post-closure cost estimate, except when used
				  with other mechanisms as provided in R 299.9703(2).
(6) When the current approved closure or
				  post-closure cost estimate increases to an amount more than the value of the
				  certificate of deposit or time deposit account, the owner or operator, within
				  60 days after the increase is approved or issued by the director, shall either
				  cause the amount of the certificate of deposit or time deposit account to be
				  increased so that it at least equals the current approved closure or
				  post-closure cost estimate and submit evidence of such increase to the director
				  or obtain other financial assurance as specified in this part to cover the
				  increase. During the period of post-closure care, the director may approve a
				  decrease in the amount of the certificate of deposit or time deposit account if
				  the owner or operator demonstrates to the director that the amount exceeds the
				  remaining cost of post-closure care after inflation is considered.
(7) The director may cash the certificate of
				  deposit or withdraw funds from the time deposit account to correct the
				  violations, complete closure, and maintain the facility in accordance with the
				  approved plans after doing both of the following:
(a) Issuing a notice of violation or other
				  order to the owner or operator which alleges that the owner or operator has
				  failed to perform closure or post-closure care in accordance with the closure
				  or post-closure plan or other license requirements.
(b) Providing the owner or operator 7 days'
				  notice and opportunity for hearing.