Wisconsin Administrative Code › Department of Natural Resources › NR 600-699 - Environmental Protection - Hazardous Waste Management › Chapter NR 667 - Standards For Owners And Operators Of Hazardous Waste Facilities Operating Under A Standardized License › Subchapter H - Financial Requirements › Section NR 667.0143 - Financial assurance for closure

Current through June 24, 2024
The owner or operator shall establish financial assurance
					 for closure of each storage or treatment unit owned or operated. In
					 establishing financial assurance for closure, the owner or operator shall
					 choose from the financial assurance mechanisms in subs. (1) to (7). The owner
					 or operator may also use a combination of mechanisms for a single facility if
					 they meet the requirement in sub. (8), or may use a single mechanism for
					 multiple facilities as in sub. (9). The department shall release the owner or
					 operator from the requirements of this section after the owner or operator
					 meets the criteria under sub. (10).
(1) CLOSURE TRUST FUND. Owners and operators
				  can use the closure trust fund that is specified in s.
				  NR 664.0143(1) (a)
				  and (b) and (f) to (k). The following
				  provisions also apply:
(a) Payments into the
				  trust fund for a new facility shall be made annually by the owner or operator
				  over the remaining operating life of the facility as estimated in the closure
				  plan, or over 3 years, whichever period is shorter. This period of time is
				  hereafter referred to as the pay-in period.
(b) For a new facility, the first payment
				  into the closure trust fund shall be made before the facility may accept the
				  initial storage. A receipt from the trustee shall be submitted by the owner or
				  operator to the department before this initial storage of waste. The first
				  payment shall be at least equal to the current closure cost estimate, divided
				  by the number of years in the pay-in period, except as provided in sub. (8) for
				  multiple mechanisms. Subsequent payments shall be made no later than 30 days
				  after each anniversary date of the first payment. The owner or operator
				  determines the amount of each subsequent payment by subtracting the current
				  value of the trust fund from the current closure cost estimate and dividing
				  this difference by the number of years remaining in the pay-in period.
				  Mathematically, the formula is Next Payment = (Current Closure Estimate -
				  Current Value of the Trust Fund) Divided by Years Remaining in the Pay- in
				  Period.
(c) The owner or operator
				  of a facility existing on August 1, 2017, may establish a trust fund to meet
				  the financial assurance requirements in this section. If the value of the trust
				  fund is less than the current closure cost estimate when a final approval of
				  the license is granted for the facility, the owner or operator shall pay the
				  difference into the trust fund within 60 days.
(d) The owner or operator may accelerate
				  payments into the trust fund or deposit the full amount of the closure cost
				  estimate when establishing the trust fund. However, the owner or operator shall
				  maintain the value of the fund at no less than the value that the fund would
				  have if annual payments were made as specified in par. (b) or (c).
(e) The owner or operator shall submit a
				  trust agreement with the wording specified in s.
				  NR 664.0151(1)
				  (a).