Wisconsin Administrative Code › Department of Natural Resources › NR 600-699 - Environmental Protection - Hazardous Waste Management › Chapter NR 661 - Hazardous Waste Identification And Listing › Subchapter H - Financial Requirements for Management of Excluded azardous Secondary Material › Section NR 661.0143 - Financial assurance condition

Current through June 24, 2024
As specified in s.
					 NR
					 661.0004(1) (x) 6. f. an owner or
					 operator of a reclamation or intermediate facility shall have financial
					 assurance as a condition of the exclusion as required under s.
					 NR
					 661.0004(1) (x). The facility shall
					 choose from the options specified in subs. (1) to (5).
(1) TRUST FUND.
(a) An owner or operator may satisfy the
				  requirements of this section by establishing a trust fund that conforms to the
				  requirements of this subsection and submitting an originally signed duplicate
				  of the trust agreement to the department. The trustee shall be an entity that
				  has the authority to act as a trustee and whose trust operations are regulated
				  and examined by a federal or state agency.
(b) The wording of the trust agreement shall
				  be identical to the wording specified in s.
				  NR 661.0151(1)
				  (a), and the trust agreement shall be
				  accompanied by a formal certification of acknowledgment as specified in s.
				  NR 661.0151(1)
				  (b). Schedule A of the trust agreement shall
				  be updated within 60 days after a change in the amount of the current cost
				  estimate covered by the agreement.
(c) The trust fund shall be funded for the
				  full amount of the current cost estimate before it may be relied upon to
				  satisfy the requirements of this section.
(d) Whenever the current cost estimate
				  changes, the owner or operator shall 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, shall 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.
(e) 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.
(f)
				  If an owner or operator substitutes other financial assurance as specified in
				  this section for all or part of the trust fund, the owner or operator may
				  submit a written request to the department for release of the amount in excess
				  of the current cost estimate covered by the trust fund.
(g) Within 60 days after receiving a request
				  from the owner or operator for release of funds as specified in pars. (e) or
				  (f), 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 subch. G of ch. NR 664 or subch. G of ch.
				  NR 665, 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 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 the department deems prudent until the
				  department determines, in accordance with s.
				  NR
				  665.0143(9), 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, the department will provide to the owner or operator
				  a detailed written statement of reasons.
(h) The department will agree to termination
				  of the trust when one of the following apply:
1. An owner or operator substitutes alternate
				  financial assurance as specified in this section.
2. The department releases the owner or
				  operator from the requirements of this section in accordance with sub.
				  (9).