South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-79 - Hazardous Waste Management Regulations › Part 61-79.264 - STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - FINANCIAL REQUIREMENTS › Section 61-79.264.H.145 - Financial assurance for postclosure care

Current through Register Vol. 48, No. 6, June 28, 2024
The owner or operator of a hazardous waste management unit
					 subject to the requirements of 264.144 must establish financial assurance for
					 postclosure care in accordance with the approved postclosure plan for the
					 facility 60 days prior to the initial receipt of hazardous waste or the
					 effective date of the regulation, whichever is later. He must choose from the
					 following options:
(a) Standby trust
				  fund (replaced 5/93).
(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. An owner
				  or operator of a new facility must submit the originally signed duplicate of
				  the trust agreement to the Department at least 60 days before the date on which
				  hazardous waste is first received for disposal. 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 264.151(a)(1), and the trust agreement
				  must be accompanied by a formal certification of acknowledgment [for example,
				  see 264.151(a)(2)]. 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 care 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 care expenditures are in accordance with the approved postclosure
				  plan or otherwise justified. If the Department does not instruct the trustee to
				  make such reimbursements, it 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
				  264.145(i).