South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-79 - Hazardous Waste Management Regulations › Part 61-79.265 - INTERIM STATUS STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - FINANCIAL REQUIREMENTS BONDS, OR INSURANCE POLICIES › Section 61-79.265.H.145 - Financial assurance for postclosure care

Current through Register Vol. 48, No. 6, June 28, 2024
By the effective date of these Regulations, the owner or
					 operator of a facility with a hazardous waste disposal unit must establish
					 financial assurance for postclosure care of the disposal unit(s). He must
					 choose from the options as specified in paragraphs (a) through (g) of this
					 section:
(a) Standby trust fund.
(1) An owner or operator may satisfy the
				  requirements of this section by establishing a standby trust fund which
				  conforms to the requirements of this paragraph and submitting an originally
				  signed duplicate of the trust agreement to the Department. The trustee must 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 must
				  be identical to the wording specified in section264.151(a)(a), and the trust
				  agreement must be accompanied by a formal certification of acknowledgment (for
				  example, see section264.151(b)(b). Schedule A of the trust agreement must be
				  updated within 60 days after a change in the amount of the current postclosure
				  cost estimate covered by the agreement.
(3) [Reserved]
(4) [Reserved]
(5) [Reserved]
(6) Whenever the current postclosure cost
				  estimate changes during the operating life of the facility, the owner or
				  operator must 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 60 days after the change in
				  the cost estimate, must either deposit an amount into the fund so that its
				  value after this deposit at least equals the amount of the current postclosure
				  cost estimate, or obtain other financial assurance as specified in this section
				  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 postclosure cost estimate, the owner or
				  operator may submit a written request to the Department for release of the
				  amount in excess of the current postclosure cost estimate.
(8) If an owner or operator substitutes other
				  financial assurance as specified in this section for all or part of the trust
				  fund, he may submit a written request to the Department for release of the
				  amount in excess of the current postclosure cost estimate covered by the trust
				  fund.
(9) Within 60 days after
				  receiving a request from the owner or operator for release of funds as
				  specified in paragraphs (a)(7) or (8) of this section, the Department will
				  instruct the trustee to release to the owner or operator such funds as the
				  Department specifies in writing.
(10) During the period of postclosure care,
				  the Department may approve a release of funds if the owner or operator
				  demonstrates to the Department that the value of the trust fund exceeds the
				  remaining cost of postclosure care.
(11) An owner or operator or any other person
				  authorized to conduct postclosure care may request reimbursements for
				  postclosure expenditures by submitting itemized bills to the Department. Within
				  60 days after receiving bills for postclosure care 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
				  postclosure expenditures are in accordance with the approved postclosure plan
				  or otherwise justified. If the Department does not instruct the trustee to make
				  such reimbursements, he will provide the owner or operator with a detailed
				  written statement of reasons.
(12)
				  The Department will agree to termination of the trust when:
(i) An owner or operator substitutes
				  alternate financial assurance as specified in this section; or
(ii) The Department releases the owner or
				  operator from the requirements of this section in accordance with
				  section265.145(h)(h).