North Dakota Administrative Code › Title 33.1 - Department of Environmental Quality › Article 33.1-24 - Hazardous Waste Management › Chapter 33.1-24-02 - IDENTIFICATION AND LISTING OF HAZARDOUS WASTE › Section 33.1-24-02-36 - Financial assurance condition

Current through Supplement No. 393, July, 2024
In accordance with subparagraph f of paragraph 6 of
				  subdivision y of subsection 1 of section
				  33.1-24-02-04, an owner or
				  operator of a reclamation or intermediate facility shall have financial
				  assurance as a condition of the exclusion as required under subdivision y of
				  subsection 1 of section
				  33.1-24-02-04. The owner or
				  operator shall choose from the options as specified in subsections 1 through
				  5.
1. Trust fund.
a. An owner or operator may satisfy the
				requirements of this section by establishing a trust fund which conforms to the
				requirements of this subsection and submitting an originally signed duplicate
				of the trust agreement to the department. 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 agency or by the state department of financial
				institutions.
b. The wording of the
				trust agreement must be identical to the wording specified in subdivision a of
				subsection 1 of section
				33.1-24-02-42 and the trust
				agreement must be accompanied by a formal certification of acknowledgment (for
				example, see subdivision b of subsection 1 of section
				33.1-24-02-42). Schedule A of
				the trust agreement must be updated within sixty days after a change in the
				amount of the current cost estimate covered by the agreement.
c. The trust fund must be funded for the full
				amount of the current cost estimate before it may be relied upon to satisfy the
				requirements of this subsection.
d.
				Whenever the current cost estimate changes, 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 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 fund so that its value after this
				deposit at least equals the amount of the current cost estimate, or obtain
				other financial assurance as specified in this section to cover the
				difference.
e. If the value of the
				trust fund is greater than the total amount of the current cost estimate, the
				owner or operator may submit a written request to the department for release of
				the amount in excess of the current cost estimate.
f. If an owner or operator substitutes other
				financial assurance as specified in this section for all or part of the trust
				fund, the owner or operator may submit a written request to the department for
				release of the amount in excess of the current cost estimate covered by the
				trust fund.
g. Within sixty days
				after receiving a request from the owner or operator for release of funds as
				specified in subdivisions e or f, the department will instruct the trustee to
				release to the owner or operator such funds as the department specifies in
				writing. If the owner or operator begins final closure under sections
				33.1-24-05-59 through
				33.1-24-05-69 or subsection 5 of
				section 33.1-24-06-16, an owner or
				operator may request reimbursements for partial or final closure expenditures
				by submitting itemized bills to the department. The owner or operator may
				request reimbursements for partial closure only if sufficient funds are
				remaining in the trust fund to cover the maximum costs of closing the facility
				over its remaining operating life. No later than sixty days after receiving
				bills for partial or final closure activities, the department will instruct the
				trustee to make reimbursements in those amounts as the department specifies in
				writing, if the department determines that the partial or final closure
				expenditures are in accordance with the approved closure plan, or otherwise
				justified. If the department has reason to believe the maximum cost of closure
				over the remaining life of the facility will be significantly greater than the
				value of the trust fund, the department may withhold reimbursements of such
				amounts as the department deems prudent until the department determines, in
				accordance with subsection 9, that the owner or operator is no longer required
				to maintain financial assurance for final closure of the facility. If the
				department does not instruct the trustee to make such reimbursements, the
				department will provide to the owner or operator a detailed written statement
				of reasons.
h. The department will
				agree to termination of the trust when:
(1)
				An owner or operator substitutes alternate financial assurance as specified in
				this section; or
(2) The department
				releases the owner or operator from the requirements of this section in
				accordance with subsection 9.