New York Codes, Rules and Regulations › Title 6 - DEPARTMENT OF ENVIRONMENTAL CONSERVATION › Chapter IV - QUALITY SERVICES › Subchapter C - RADIATION › Part 383 - Regulations For Low-level Radioactive Waste Disposal Facilities Financial Assurance Requirements › Subpart 383-6 - Radioactive Waste Land Disposal Facilities Financial Assurance Requirements › Section 383-6.2 - Definitions

Current through Register Vol. 46, No. 28, July 10, 2024
For the purpose of this Subpart, the definitions of Part
						382 of this Title apply. The following terms have the following meanings when
						used in this Subpart, the definitions are intended to assist in the understanding
						of these regulations and are not intended to limit the meanings of the terms in
						any way that conflicts with generally accepted accounting practices.
(a) Assets means all existing and all probable
					 future economic benefits obtained or controlled by a particular entity.
(b) Closure period means the period of time
					 after the operation period during which facility closure is carried out and site
					 closure and stabilization is completed.
(c) Closure plan means the plan for site
					 closure and stabilization prepared as required by this Part.
(d) Closure, post-closure, and institutional
					 control trust means the trust established in accordance with section
					 383-6.4(a)(1) 
					 of this Subpart.
(e) Current cost
					 estimate means the most recent of the cost estimates prepared in accordance with
					 this Part.
(f) Current dollars means
					 the dollar value in the year a cost estimate is prepared, as opposed to an
					 historical or future dollar value.
(g) Financial assurance plan means the plan for
					 financial assurance prepared in accordance with section
					 383-6.3  of
					 this Subpart.
(h) Guarantee means a
					 contractual undertaking to answer for the debt of another.
(i) Guarantor means the party providing a
					 guarantee.
(j) Institutional control
					 period means a period of time after the post-closure period during which the
					 State maintains control of access to the site and carries out a program including
					 environmental monitoring, periodic surveillance, and minor custodial
					 care.
(k) Institutional control plan
					 means the plan for institutional control prepared as required by this
					 Part.
(l) Letter of credit is a
					 written instrument whereby the issuer will honor drafts or other demands for
					 payment upon compliance with the conditions specified in the letter.
(m) Limit of liability means the total amount
					 an insurer is obligated to pay, under an insurance policy, for remediation of
					 failures and/or for personal injury or property damage to third parties caused by
					 the operation of the land disposal facility.
(n) Low-level radioactive waste fund or LLRW
					 fund means the trusts, established pursuant to section
					 383-6.4 
					 of this Subpart, consisting of the closure, post-closure, and institutional
					 control trust, the remedial action/third-party compensation trust (operation,
					 closure, and post-closure periods), and the remedial action/third-party
					 compensation trust (institutional control period).
(o) Open-ended means an instrument which must
					 be automatically renewed at the end of its given term.
(p) Operation period means the period of time
					 from the initial receipt of waste at the land disposal facility until the closure
					 period begins.
(q) Parent corporation
					 means a corporation which directly owns at least 50 percent of the voting stock
					 of a corporation that is the land disposal facility permittee. The latter
					 corporation is a subsidiary of the parent corporation.
(r) Pay-in amount means the amount of each
					 payment required to be paid to a trust in each consecutive payment.
(s) Pay-in period means the period of time from
					 the establishment of a trust until it is fully funded.
(t) Payment bond means a surety bond under
					 which the surety company is obligated to pay a sum of money upon the occurrence
					 of a specified event.
(u) Penal sum
					 means the face amount of a surety bond.
(v) Performance bond means a surety bond under
					 which the surety is obligated to pay a sum of money or perform a specified
					 activity at the occurrence of a specified event.
(w) Personal injury means injury to the body,
					 sickness or disease, including death resulting from any of these.
(x) Personal injury means bodily injury as that
					 term is given meaning by applicable State law. However, this term does not
					 include those liabilities which, consistent with standard industry practices, are
					 excluded from coverage in liability policies for bodily injury.
(y) Post-closure period means the period of
					 time after completion of closure and before the beginning of the institutional
					 control period during which the permittee maintains control of the land disposal
					 facility and carries out a program of monitoring and maintenance as required by
					 this Part to ensure that the land disposal facility is stable and ready for
					 institutional control.
(z)
					 Post-closure plan means the plan for post-closure monitoring and maintenance
					 prepared as required by this Part.
(aa) Pre-closure plan means that period from
					 the effective date of a permit issued by the department for the land disposal
					 facility until facility closure activities have begun. This period includes the
					 construction phase and operation period.
(ab) Remedial action/third-party compensation
					 trust (operation, closure, post-closure periods) means the trust established
					 pursuant to section
					 383-6.4(a)(2) 
					 of this Subpart.
(ac) Remediation of
					 failures means land disposal facility repair and environmental cleanup and
					 restoration of the land disposal facility and other affected areas including but
					 not limited to activities undertaken to eliminate, remove, abate, control or
					 monitor actual or potential health and environmental hazards.
(ad) Remedial action/third-party compensation
					 trust (institutional control period) means the trust established pursuant to
					 section
					 383-6.4(a)(3) 
					 of this Subpart.
(ae) Surety bond
					 means an arrangement by which a surety company assumes liability for the
					 specified obligations of a principal, if the principal fails to pay or perform as
					 required by the permit.
(af)
					 Third-party means a party who is not the permittee, a parent corporation of the
					 permittee, or a subsidiary of the permittee.