Section 333.09. Financial assurance.

 

(1)   General requirement.

(a) Except as provided in par. (b) , the owner of a dam shall file a bond, escrow account, lien or other financial assurance satisfactory to the department prior to the commencement of construction or reconstruction of the dam. The amount of such financial assurance shall equal the estimated cost of removing the dam and restoring the stream channel to its natural condition or the cost of constructing or reconstructing the dam, whichever is less, based on the cost estimate submitted by the owner under s. NR 333.05 (3) .

(b) Where the owner is a state or interstate agency or a city, county, village, special purpose district or other unit of government, financial assurance is not required if the owner demonstrates to the department's satisfaction that it has made or will make sufficient funds available to construct or reconstruct the dam or to r emove the dam and restore the stream channel it its natural condition, whichever is less expensive.

(2)   Notification. As part of its approval of the plans and specifications submitted pursuant to s. NR 333.05 , the department shall notify the applicant of the required level of financial assurance.

(3)   Forfeiture requirements.

(a) The financial assurance filed with the department shall be conditioned upon faithful performance of all of the requirements of ch. 31 , Stats. , the provisions of this chapter, and the conditions of any permit or order issued to the applicant for the dam pursuant to ch. 31 , Stats.

(4)   Release. The department shall release or authorize the release of the applicant's financial assurance within 60 business days after the receipt of a request for release if the department finds that the construction or reconstruction has been completed in accordance with the plans and specifications approved by the department, the provisions of this chapter and the conditions of any permit or order issued to the owner of the dam pursuant to ch. 3 l, Stats.

History: Cr. Register, May, 1985, No. 353 , eff. 6-1-85; CR 00-136 : am. Register July 2001, No. 547 eff. 8-1-01.