Louisiana Administrative Code › Title 33 - ENVIRONMENTAL QUALITY › Part V - Hazardous Wastes and Hazardous Materials › Subpart 1 - Department of Environmental Quality-Hazardous Waste › Chapter 43 - Interim Status › Subchapter G - Financial Requirements › Section V-4407 - Financial Assurance for Post-Closure Care

Current through Register Vol. 50, No. 6, June 20, 2024
An owner or operator of each hazardous waste disposal
						unit shall establish financial assurance for post-closure care of the facility.
						He must choose from the options as specified in Subsections A-E of this
						Section.
A. Post-Closure Trust Fund
1. An owner or operator may satisfy the
					 requirements of this Subsection by establishing a post-closure trust fund that
					 conforms to the requirements of this Paragraph and submitting an originally
					 signed duplicate of the trust agreement to the Office of Environmental Services
					 . 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 LAC 33:V.3719.A.1, and
					 the trust agreement must be accompanied by a formal certification of
					 acknowledgement (for example, see LAC 33:V.3719.A.2). Schedule A of the trust
					 agreement must be updated within 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 20 years beginning with the
					 effective date of these regulations or over the remaining operating life of the
					 facility as estimated in the closure plan, whichever period is shorter; this
					 period is hereafter referred to as the
pay-in period
. The
					 payments in to the post-closure trust fund must be made as follows.
a. The first payment must be made by the
					 effective date of these regulations, except as provided in LAC 33:V.4407.A.5.
					 The first payment must be at least equal to the current post-closure cost
					 estimate, except as provided in LAC 33:V.4407.F, divided by the number of years
					 in the pay-in period.
b. Subsequent
					 payments must be made no later than 30 days after each anniversary date of the
					 first payment. The amount of each subsequent payment must be determined by this
					 formula.
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where:
CE = current post-closure cost estimate
CV = current value of the trust fund
Y = number of years remaining in the pay-in
						period
4. The
					 owner or operator may accelerate payments into the trust fund or he may deposit
					 the full amount of the current post-closure cost estimate at the time the fund
					 is established. However, he must maintain the value of the fund at no less than
					 the value that the fund would have if annual payments were made as specified in
					 LAC 33:V.4407.A.3.
5. If the owner
					 or operator establishes a post-closure trust fund after having used one or more
					 alternate mechanisms specified in LAC 33:V.4407, his first payment must be in
					 at least the amount that the fund would contain if the trust fund were
					 established initially and annual payments made as specified in LAC
					 33:V.4407.A.3.
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 must 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 60 days after the change in the cost estimate, must
					 either 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 obtain
					 other financial assurance as specified in LAC 33:V.4407 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 Office of Environmental Services for release of
					 the amount in excess of the current post-closure cost estimate.
8. If an owner or operator substitutes other
					 financial assurance as specified in this Section for all or part of the trust
					 fund, he may submit a written request to the Office of Environmental Services
					 for release of the amount in excess of the current post-closure cost estimate
					 covered by the trust fund.
9.
					 Within 60 days after receiving a request from the owner or operator for release
					 of funds as specified in LAC 33:V.3711.G or H, the administrative authority
					 will instruct the trustee to release to the owner or operator such funds as the
					 administrative authority specifies in writing.
10. During the period of post-closure care,
					 the administrative authority may approve a release of funds if the owner or
					 operator demonstrates to the administrative authority 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 perform post-closure care, may request reimbursement for the
					 post-closure expenditures by submitting itemized bills to the Office of
					 Environmental Services . Within 60 days after receiving bills for post-closure
					 activities, the administrative authority will instruct the trustee to make
					 reimbursements in those amounts as the administrative authority specifies in
					 writing, if the administrative authority determines that the post-closure
					 expenditures are in accordance with the approved post-closure plan or otherwise
					 justified. If the administrative authority does not instruct the trustee to
					 make such reimbursements, he will provide the owner or operator with a detailed
					 statement of reasons.
12. The
					 administrative authority will agree to termination of the trust when:
a. an owner or operator substitutes alternate
					 financial assurance as specified in this Section; or
b. the administrative authority releases the
					 owner or operator from the requirements of LAC 33:V.4407.A in accordance with
					 LAC 33:V.4407.H.