SOLID WASTE PROCESSING AND DISPOSAL
(Rule 1200-01-07-.03, continued)
The surety will not be liable for deficiencies in the performance of operation or closure and post-closure care by the operator after the Commissioner releases the operator from the financial assurance requirements as provided in subparagraph (i) of this paragraph.
Personal Bond Supported by Securities - An operator may satisfy the requirements of subparagraphs (c) of this paragraph by filing his personal performance guarantee accompanied by collateral in the form of securities. He
must guarantee to properly operate and accordance with the closure/post-closure permit, the cct and the rules whenever
perform final closure/post-closure in
care plan, other required to do
requirements of the
supporting this guarantee must be fully identify that person filing such collateral.
registered as to principal and These securities must have a
to also current
market value subparagraph types:
at least equal to the amount of (b) of this paragraph, and must
financial assurance be included among
required per the following
Negotiable certificates of deposit assigned irrevocably to the state.
Such certificates of deposit must be automatically renewable and must be assigned to the state in writing and recorded as such in the records of the financial institution issuing such certificate.
Such certificates of deposit must also include a statement signed by an officer of the issuing financial institution which waives all rights of lien which the institution has or might have against the certificate.
Negotiable U.S. Treasury securities assigned irrevocably to the state.
Negotiable general obligation municipal or corporate bonds which have at least an “A” rating by Moody’s and/or Standard and Poor’s rating services and which are assigned irrevocably to the state.
Personal Bond Supported by Cash - An operator may satisfy the requirements of subparagraph (c) of this paragraph by filing his personal performance guarantee accompanied by cash in an amount at least equal to the amount of financial assurance required per subparagraph (b) of this paragraph. He must guarantee to perform final closure/post-closure in accordance with the closure/post-closure care plan, other requirements of the permit, the act and the rules whenever required to do so.
Financial Test and Corporate Guarantee for Closure and/or Post-closure - An owner or operator may satisfy the requirements of subparagraph (c) of this paragraph by demonstrating that he passes a financial test as specified in this part. The same document (with appropriate wording modifications) may be used by a company, with prior approval by the Commissioner to demonstrate financial assurance for a solid waste unit and a hazardous waste unit, both of which are owned/operated by the company.
To pass this test the owner or operator must meet the criteria of either item
or item (II) of this subpart.
The owner or operator must have:
May, 2010 (Revised)