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.143 - Financial assurance for closure

Current through Register Vol. 48, No. 6, June 28, 2024
An owner or operator of each facility must establish
					 financial assurance for closure of the facility. He must choose from the
					 options as specified in paragraphs (a) through (f) of this section.
(a) Standby trust fund. [revised 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 treatment, storage, or 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 closure cost estimate
				  covered by the agreement.
(3)
				  [Reserved]
(4) [Reserved]
(5) [Reserved]
(6) Whenever the current closure 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
				  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 closure cost estimate, or obtain other financial assurance as
				  specified in this section to cover the difference.
(7) If the value of the trust fund is greater
				  than the total amount of the current closure cost estimate, the owner or
				  operator may submit a written request to the Department for release of the
				  amount in excess of the current closure 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 closure 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) After beginning partial or final
				  closure, an owner or operator or another person authorized to conduct partial
				  or final closure 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. Within 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, the Department may withhold reimbursements of
				  such amounts as it deems prudent until it determines, in accordance with
				  264.143(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 the owner
				  or operator with a detailed written statement of reasons.
(11) 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
				  264.143(i).