SOLID WASTE PROCESSING AND DISPOSAL
(Rule 1200-01-07-.03, continued)
the current closure and/or post-closure cost estimate covered by the agreement as specified in subparagraph (c)2(ii) of this paragraph.
Payments into the trust fund must be made annually by the owner or operator over the term of the initial permit or over the remaining operating life of the facility as estimated in the closure plan, whichever period is
shorter; this period is hereafter payments into the closure and/or follows:
referred to as the “pay-in-period.”
For a new facility, the first payment must be made before the initial operation is begun. A receipt from the trustee for this payment must be filed by the owner or operator before the operation begins. The first payment must be at least equal to the current closure cost estimate, divided by the number of years in the pay-in-period. Subsequent payments must be made no later than 30 days after each anniversary date of the first payment. The amount of each subsequent payment must be determined by this formula:
Next Payment =
CE-CV ---------- Y
In this formula, CE is the current closure and/or post-closure cost estimate; CV is the current value of the trust fund; Y is the number of years remaining in the pay-in period.
The owner or operator may accelerate payments into the trust fund or he may deposit the full amount of the current closure and/or post- closure cost estimate at the time the fund is established. However, he must 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 item (I) of this subpart.
If the owner or operator establishes a closure and/or post-closure trust fund after having used on or more alternate mechanisms specified in this subparagraph, his first payment must be in at least the amount that the fund would contain if the trust fund were established initially and annual payments made according to specifications of this part.
After the pay-in-period is completed, whenever the current closure and/or post-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 and/or post- closure cost estimate, or obtain other financial assurance as specified in this subparagraph to cover the difference.
If the value of the trust fund is greater that the total amount of the current closure and/or post-closure cost estimate, the owner or operator may submit a written request for release of the amount in excess of the current cost estimate.
May, 2010 (Revised)