Section 666.910. Financial responsibility requirements for permanent collection facilities that store more than 80,000 pounds (36,364 kg.) of hazardous waste.

 

(1)  The owner or operator shall meet all of the following closure cost estimate requirements prior to storing more than 80,000 pounds of hazardous waste at any time:

(a) Obtain a detailed written estimate, in current dollars, of the cost of final closure of the collection facility as required in s. NR 666.909 (2) (a) and (b) .

(b) Calculate the closure cost estimate using the cost of hiring a third party to remove and properly manage the estimated maximum inventory of waste. The quantity of hazardous waste stored at the collection facility shall not exceed the maximum inventory of waste used to calculate the closure cost estimate.

(c) Submit the detailed closure cost estimate to the department with the notification form required under s. NR 666.903 (1) .

(d) Adjust the closure cost estimate for inflation within 60 days prior to the anniversary date of the establishment of the financial instrument(s), as required in s. NR 665.0143 , or if any changes are made to the amount of hazardous waste stored. The adjustment may be made by recalculating the closure cost estimate in current dollars, or by using an inflation factor derived from the most recent implicit price deflator for gross domestic product published by the U.S. department of commerce in its Survey of Current Business, as specified in pars. (a) and (b) . The inflation factor is the result of dividing the latest published annual deflator by the deflator for the previous year.

1. The first adjustment shall be made by multiplying the closure cost estimate by the inflation factor. The result is the adjusted closure cost estimate.

2. Subsequent adjustments shall be made by multiplying the latest adjusted closure cost estimate by the latest inflation factor.

(2)  The owner or operator shall meet all of the following financial assurance requirements prior to storing more than 80,000 pounds of hazardous waste:

(a) Establish financial assurance for closure of the collection facility, as required in s. NR 665.0143 .

(b) Submit proof of financial assurance to the department with the notification form required under s. NR 666.903 (1) .

(3)  Within 60 days of receipt of the closure summary report required by s. NR 666.909 (3) (c) , the department shall notify the owner or operator of one of the following:

(a) Closure is complete and the owner or operator may apply to the department for a release of the proof of financial responsibility.

(b) Additional closure activities are necessary to comply with s. NR 666.909 (3) , and proof of financial responsibility shall be maintained.

History: CR 05-032 : cr. Register July 2006 No. 607 , eff. 8-1-06.