SOLID WASTE PROCESSING AND DISPOSAL
(Rule 1200-01-07-.03, continued)
An owner or operator substitutes alternate financial assurance as specified in this subparagraph.
The Commissioner releases the owner or operator from the requirements of this paragraph.
Other financial Assurance Mechanisms - An operator may satisfy the requirements of subparagraph (c) by use of financial assurance instruments other than those specified in parts 1-8 if such mechanisms are as authorized by and in accordance with criteria required by 40 CFR 258.74 (Solid Waste Disposal Facility Criteria Final Rules, October 9, 1991, Allowable Mechanism(s) and a variance is applied for and granted in accordance with procedure specified in Rule 1200-01-07-.01(5).
Use of Multiple Financial Mechanisms - In meeting the requirements of subparagraph
of this paragraph, an operator may utilize more than one financial assurance mechanism per facility.
Use of a Financial Mechanism for Multiple Facilities - An operator may use a financial assurance mechanism allowed in subparagraph (d) of this paragraph to meet the requirements of subparagraph (c) of this paragraph for more than one facility he operates in Tennessee. If so, the mechanism submitted to the Commissioner must include a list showing, for each facility, the permit number, name, address, and amount of funds for closure and post-closure care assured by the mechanism. The amount of funds available through the mechanism must be no less than the sum of funds that would be available if a separate mechanism had been filed and maintained for each facility. In a financial assurance forfeiture action taken under subparagraph (j) of this paragraph for closure and post-closure care of any of the facilities covered by the mechanism, the Commissioner may order forfeiture of only the amount of funds designated for that facility, unless the operator agrees to the use of additional funds available under the mechanism.
Substituting Alternate Financial Assurance - In meeting the requirements of subparagraph (c) of this paragraph, an operator may substitute alternate financial assurance meeting the requirements of this paragraph for the financial assurance already filed with the Commissioner for the facility. However, the existing financial assurance shall not be released by the Commissioner until the substitute financial assurance has been received and approved by him.
Incapacity of Operator or Financial Institutions
commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the operator as debtor, within 10 days after commencement of the proceeding.
In the event of the bankruptcy of the institution issuing a financial assurance instrument, or a suspension or revocation of the authority of the institution to issue such instruments, the operator must establish other financial assurance within 60 days after such an event.
Maintenance/Release of Financial Assurance - The financial assurance must be maintained until the Commissioner releases it as specified in this subparagraph, or until the Commissioner orders forfeiture of the financial assurance as provided in subparagraph (j) of this paragraph.
May, 2010 (Revised)