North Dakota Administrative Code › Title 33.1 - Department of Environmental Quality › Article 33.1-24 - Hazardous Waste Management › Chapter 33.1-24-05 - Standards for Treatment, Storage, and Disposal Facilities and for the Management of Specific Hazardous Wastes and Specific Types of Hazardous Waste Management Facilities › STANDARDS FOR FACILITIES OPERATING UNDER A STANDARDIZED PERMIT › Section 33.1-24-05-1063 - Financial assurance for closure

Current through Supplement No. 393, July, 2024
The owner or operator must establish financial assurance
					 for closure of each storage or treatment unit that the owner or operator owns
					 or operates. In establishing financial assurance for closure, the owner or
					 operator must choose from the financial assurance mechanisms in subsections 1
					 through 7. The owner or operator can also use a combination of mechanisms for a
					 single facility if the owner or operator meets the requirements in subsection
					 8, or may use a single mechanism for multiple facilities as in subsection 9.
					 The department will release the owner or operator from the requirements of this
					 section after the owner or operator meets the criteria under subsection
					 10.
1. Closure trust fund. Owners and
				  operators can use the "closure trust fund" that is specified in subdivisions a
				  and b of subsection 1 of section
				  33.1-24-05-77, and subdivisions
				  f, g, h, i, k, and l of subsection 1 of section
				  33.1-24-05-77. For purposes of
				  this subsection, the following provisions also apply:
a. Payments into the trust fund for a new
				  facility must be made annually by the owner or operator over the remaining
				  operating life of the facility as estimated in the closure plan, or over three
				  years, whichever period is shorter. This period of time is hereafter referred
				  to as the "pay-in period".
b. For a
				  new facility, the first payment into the closure trust fund must be made before
				  the facility may accept the initial storage. A receipt from the trustee must be
				  submitted by the owner or operator to the department before this initial
				  storage of waste. The first payment must be at least equal to the current
				  closure cost estimate, divided by the number of years in the pay-in period,
				  except as provided in subsection 8 for multiple mechanisms. Subsequent payments
				  must be made no later than thirty days after each anniversary date of the first
				  payment. The owner or operator determines the amount of each subsequent payment
				  by subtracting the current value of the trust fund from the current closure
				  cost estimate, and dividing this difference by the number of years remaining in
				  the pay-in period. Mathematically, the formula is:
Next payment = (current closure estimate - current value of
					 the trust fund) divided by years remaining in the pay-in period.
c. The owner or operator of a
				  facility existing on the effective date of this subsection can establish a
				  trust fund to meet this subsection's financial assurance requirements. If the
				  value of the trust fund is less than the current closure cost estimate when a
				  final approval of the permit is granted for the facility, the owner or operator
				  must pay the difference into the trust fund within sixty days.
d. The owner or operator may accelerate
				  payments into the trust fund or deposit the full amount of the closure cost
				  estimate when establishing the trust fund. However, the owner or operator 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 subdivision b or c.
e. The owner or operator must submit a trust
				  agreement with the wording specified in subdivision a of subsection 1 of
				  section 33.1-24-05-81.