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 15-6 - Financial assurance for 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; IC 13-30-3
Sec. 6.
(a) The
				owner or operator of a hazardous waste management unit subject to the
				requirements of section 5 of this rule shall establish financial assurance for
				post-closure care in accordance with the approved post-closure plan for the
				facility sixty (60) days prior to the initial receipt of hazardous waste or the
				effective date of this rule, whichever is later. The owner or operator shall
				choose from the options in this section.
(b) The requirements for a post-closure trust
				fund are as follows:
(1) An owner or operator
				may satisfy the requirements of this section by establishing a post-closure
				trust fund that conforms to the requirements of this subsection and submitting
				an originally signed duplicate of the trust agreement to the commissioner. An
				owner or operator of a new facility shall submit the originally signed
				duplicate of the trust agreement to the commissioner at least sixty (60) days
				before the date on which hazardous waste is first received for disposal. The
				trustee must 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.
(2) The wording of the
				trust agreement must be identical to the wording specified in section 10(a) of
				this rule, and the trust agreement must be accompanied by a formal
				certification of acknowledgment in accordance with
				329 IAC
				3.1-14-26(b). 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.
(3) Payments into the trust fund must be made
				annually by the owner or operator over the term of the first final (state)
				permit 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:
(A) For a new facility, the
				first payment must be made before the initial receipt of hazardous waste for
				disposal. A receipt from the trustee for this payment must be submitted by the
				owner or operator to the commissioner before this initial receipt of hazardous
				waste. The first payment must be at least equal to the current post-closure
				cost estimate, except as provided in subsection (h), divided by the number of
				years in the pay-in-period. 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:
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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.
(B) If an
				owner or operator establishes a trust fund in accordance with this section, and
				the value of that trust fund is less than the current post-closure cost
				estimate when a permit is awarded for the facility, the amount of the current
				post-closure cost estimate still to be paid into the trust fund must be paid in
				over the pay-in-period as defined in this subdivision. Payments must continue
				to be made no later than thirty (30) days after each anniversary date of the
				first payment made under
				329
				IAC 3.1-14. The amount of each payment must be
				determined by the following formula:
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				  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.
(4)
				The owner or operator may accelerate payments into the trust fund, or the owner
				or operator may deposit the full amount of the current post-closure cost
				estimate at the time the fund is established. The owner or operator shall
				maintain the value of the fund at no less than the value that the fund would
				have if annual payments were made in accordance with subdivision (3).
(5) If the owner or operator establishes a
				post-closure trust fund after having used one (1) or more alternate mechanisms
				specified in this section or
				329 IAC
				3.1-14-15, the first payment must be in at least the
				amount that the fund would contain if the trust fund was established initially
				and annual payments made according to specifications of this section and
				329 IAC
				3.1-14-15 as applicable.
(6) After the pay-in-period is completed,
				whenever the current post-closure cost estimate changes during the operating
				life of the facility, the owner or operator shall compare the new estimate with
				the trustee's most recent annual valuation of the trust fund. If the value of
				the fund is less than the amount of the new estimate, the owner or operator,
				within sixty (60) days after the change in the cost estimate, shall either:
(A) deposit an amount into the fund so that
				its value after this deposit at least equals the amount of the current
				post-closure cost estimate; or
(B)
				obtain other financial assurance in accordance with this section to cover the
				difference.
(7) During
				the operating life of the facility, if the value of the trust fund is greater
				than the total amount of the current post-closure cost estimate, the owner or
				operator may submit a written request to the commissioner for release of the
				amount in excess of the current post-closure cost estimate.
(8) If an owner or operator substitutes other
				financial assurance in accordance with this section for all or part of the
				trust fund, the owner or operator may submit a written request to the
				commissioner for release of the amount in excess of the current post-closure
				cost estimate covered by the trust fund.
(9) Within sixty (60) days after receiving a
				request from the owner or operator for release of funds in accordance with
				subdivision (7) or (8), the commissioner shall instruct the trustee to release
				to the owner or operator funds the commissioner specifies in writing.
(10) During the period of post-closure care,
				the commissioner may approve a release of funds if the owner or operator
				demonstrates to the commissioner that the value of the trust fund exceeds the
				remaining cost of post-closure care.
(11) An owner or operator or any other person
				authorized to conduct post-closure care may request reimbursements for
				post-closure care expenditures by submitting itemized bills to the
				commissioner. Within sixty (60) days after receiving bills for post-closure
				care activities, the commissioner shall instruct the trustee to make
				reimbursements in amounts the commissioner specifies in writing, if the
				commissioner determines that the post-closure care expenditures are in
				accordance with the approved post-closure plan, or otherwise justified. If the
				commissioner does not instruct the trustee to make reimbursements, the
				commissioner shall provide the owner or operator with a detailed written
				statement of reasons.
(12) The
				commissioner shall agree to termination of the trust when:
(A) the owner or operator substitutes
				alternate financial assurance in accordance with this section; or
(B) the commissioner releases the owner or
				operator from the requirements of this section in accordance with subsection
				(j).