Ohio Administrative Code › Title 3745 - Ohio Environmental Protection Agency › Chapter 3745-66 - Closure and Post-Closure Under Interim Standards › Section 3745-66-45 - Financial assurance for post-closure care

Current through all regulations passed and filed through July 1, 2024
An owner or operator of each facility with a hazardous waste
				disposal unit shall establish financial assurance for post-closure care of the
				disposal units.
(A) Post-closure trust
			 fund.
(1) An owner or operator may satisfy the
			 requirements of this rule by establishing a post-closure trust fund which
			 conforms to the requirements of paragraph
			 (A)  of this rule and
			 submitting an originally signed duplicate of the trust agreement to the
			 director . The trustee
			 shall be an entity which 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 shall
			 be identical to the wording specified in paragraph (A)(1) of rule
			 3745-55-51
			 of the Administrative Code, and the trust agreement shall be accompanied by a
			 formal certification of acknowledgement [for an example, see paragraph (A)(2)
			 of rule
			 3745-55-51
			 of the Administrative Code]. "Schedule A" of the trust agreement shall be
			 updated within sixty days after a change in the amount of the current
			 post-closure cost estimate covered by the agreement.
(3) Payments into the trust fund shall be
			 made annually by the owner or operator over the remaining operating life of the
			 facility as estimated in the closure plan [paragraph (A) of rule
			 3745-66-12
			 of the Administrative Code] or over the twenty years beginning with August 26,
			 1983, whichever period is shorter. This period is hereafter referred to as the
			 "pay-in period." The payments to the postclosure trust fund shall be made as
			 follows:
(a) The first payment shall be made
			 by August 26, 1983, except as provided in paragraph (A)(5) of this rule. The
			 first payment shall be at least equal to the post-closure cost estimate (see
			 rule
			 3745-66-44
			 of the Administrative Code) except as provided in paragraph (F) of this rule,
			 divided by the number of years in the pay-in period.
(b) Subsequent payments shall be made no
			 later than thirty days after each anniversary date of the first payment. The
			 amount of each subsequent payment shall be determined by this formula:
Next payment = (CE - CV) / Y
Where CE is the current post-closure cost estimate, CV is the
				current value of the trust fund, and Y is 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 trust fund is
			 established. However, the owner or operator shall maintain the value of the
			 trust fund at no less than the value the
			 trust fund would have if annual payments were
			 made as specified in paragraph (A)(3) of this rule.
(5) If the owner or operator establishes a
			 post-closure trust fund after having used one or more alternate mechanisms
			 specified in this rule, the owner's or operator's first payment shall be in at
			 least the amount that the trust fund would
			 contain if the trust fund were established initially and annual payments made
			 as specified in paragraph (A)(3) of this rule.
(6) After 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 (described in
			 section 10 of the trust agreement). If the value of the trust fund is less than the amount of the new
			 estimate, the owner or operator, within sixty days after the change in the cost
			 estimate, either shall  deposit an amount into the
			 trust fund so that the value
			 of the trust fund after this deposit at least
			 equals the amount of the current post-closure cost estimate, or shall obtain
			 other financial assurance as specified in this rule 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 director 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 rule for all or part of the trust
			 fund, the owner or operator may submit a written request to the director for
			 release of the amount in excess of the current postclosure cost estimate
			 covered by the trust fund.
(9)
			 Within sixty days after receiving a request from the owner or operator for
			 release of funds as specified in paragraph (A)(7) or (A)(8) of this rule, the
			 director will instruct the trustee to release to the owner or operator such
			 funds as the director specifies in writing.
(10) During the period of post-closure care,
			 the director may approve a release of funds if the owner or operator
			 demonstrates to the director 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 may request reimbursement for post-closure
			 expenditures by submitting itemized bills to the director. Within sixty days
			 after receiving bills for post-closure care activities, the director will
			 instruct the trustee to make reimbursement in those amounts as the director
			 specifies in writing, if the director determines that the post-closure
			 expenditures are in accordance with the approved postclosure plan or otherwise
			 justified. If the director does not instruct the trustee to make such
			 reimbursement, the director will provide the owner or operator with a detailed
			 written statement of reasons.
(12)
			 The director will agree to termination of the trust when
			 :
(a) The owner or operator substitutes
			 alternate financial assurance as specified in this rule; or
(b) The director releases the owner or
			 operator from the requirements in this rule, in accordance with paragraph (H)
			 of this rule.