Ohio Administrative Code › Title 3745 - Ohio Environmental Protection Agency › Chapter 3745-55 - Corrective Action, Closure, Post-Closure, and Financial Requirements › Section 3745-55-45 - Financial assurance for post-closure care

Current through all
			 regulations passed and filed through July 1, 2024
The owner or operator of a hazardous waste management unit
				subject to rule
				3745-55-44
				of the Administrative Code shall establish financial assurance for post-closure
				care in accordance with the approved post-closure plan for the facility sixty
				days prior to the initial receipt of hazardous waste or August 26, 1983,
				whichever is later. The owner or operator shall choose from the following
				options:
(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 . An owner or
			 operator of a new facility shall submit the originally signed duplicate of the
			 trust agreement to the director  at least sixty days before the date on which hazardous waste is
			 first received for disposal. 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 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 to the trust fund shall be made
			 annually by the owner or operator over the term of the hazardous waste permit,
			 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 to the postclosure trust fund shall be
			 made as follows:
(a) For a new facility, the
			 first payment shall be made before the initial receipt of hazardous waste for
			 disposal. A receipt from the trustee for this payment shall be submitted by the
			 owner or operator to the director before this initial receipt of hazardous
			 waste. The first payment shall be at least equal to the current post-closure
			 cost estimate, except as provided in paragraph (G) of this rule, divided by the
			 number of years in the pay-in period. 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.
(b) If an
			 owner or operator establishes a trust fund as specified in paragraph (A) of
			 rule
			 3745-66-45
			 of the Administrative Code, 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 shall be paid in over the "pay-in
			 period" as defined in paragraph (A)(3) of this rule. Payments shall continue to
			 be made no later than thirty days after each anniversary date of the first
			 payment made pursuant to Chapters 3745-65 to 3745-69 and 3745-256 of the
			 Administrative Code. The amount of each 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 that 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 or in rule
			 3745-66-45
			 of the Administrative Code, 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
			 according to specifications of this paragraph and paragraph (A) of rule
			 3745-66-45
			 of the Administrative Code, 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 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 postclosure 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 a
			 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 care may request reimbursement for
			 post-closure care expenditures by submitting itemized bills to the director.
			 Within sixty days after receiving bills for postclosure activities, the
			 director will instruct the trustee to make reimbursements in those amounts as
			 the director specifies in writing, if the director determines that the
			 post-closure care expenditures are in accordance with the approved post-closure
			 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 either:
(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 of this rule in accordance with
			 paragraph (I) of this rule.