South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-79 - Hazardous Waste Management Regulations › Part 61-79.261 - IDENTIFICATION AND LISTING OF HAZARDOUS WASTE › Subpart H - FINANCIAL REQUIREMENTS FOR MANAGEMENT OF EXCLUDED HAZARDOUS SECONDARY MATERIALS › Section 61-79.261.H.143 - Financial assurance condition

Current through Register Vol. 48, No. 6, June 28, 2024
Per section 261.4(a)(24)(vi)(F), an owner or operator of a
					 reclamation or intermediate facility must have financial assurance as a
					 condition of the exclusion as required under section 261.4(a)(24). They must
					 choose from the options as specified in paragraphs (a) through (e) of this
					 section.
(a) Trust fund.
(1) An owner or operator may satisfy the
				  requirements of this section by establishing a 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 section 261.151(a)(1), and the trust
				  agreement must be accompanied by a formal certification of acknowledgment (for
				  example, see section 261.151(a)(2)). Schedule A of the trust agreement must be
				  updated within sixty (60) days after a change in the amount of the current cost
				  estimate covered by the agreement.
(3) 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 section.
(4) Whenever the current cost estimate
				  changes, 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 sixty
				  (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 cost estimate, or obtain other financial assurance as specified
				  in this section to cover the difference.
(5) 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.
(6)
				  If an owner or operator substitutes other financial assurance as specified in
				  this section for all or part of the trust fund, a written request may be
				  submitted to the Department for release of the amount in excess of the current
				  cost estimate covered by the trust fund.
(7) Within sixty (60) days after receiving a
				  request from the owner or operator for release of funds as specified in
				  paragraph (a)(5) or (6) of this section, 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
				  subpart G of R.61-79.264 or 265, 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 (60) 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 that the maximum cost of closure over the
				  remaining life of the facility will be significantly greater than the value of
				  the trust fund, it may withhold reimbursements of such amounts as deemed
				  prudent until it determines, in accordance with section 265.143(i) 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, it will provide to the owner or operator a
				  detailed written statement of reasons.
(8) 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
				  paragraph (i) of this section.