329 IAC 15-5-1 Financial assurance for waste tire storage sites

Sec. 1. (a) The owner or operator of a waste tire storage site shall do the following: (1) Submit the financial assurance information on forms provided by the department. (2) Prepare and submit to the department a closure cost estimate under sections 3 and 3.5 of this rule. (3) Fund the financial assurance mechanism before the initial operation of the waste tire storage site. (4) Submit proof that the financial assurance mechanism designates the department as the beneficiary. (5) Maintain financial assurance for removal of waste tires and final closure of the site, in an amount equal to or greater than the closure cost estimate, using one (1) of the following mechanisms: (A) A trust fund under section 5 of this rule. (B) A surety bond under section 6 of this rule. (C) A letter of credit under section 7 of this rule. (D) Insurance under section 8 of this rule. (E) The corporate financial test under section 8.5 of this rule. (6) Maintain financial assurance for removal of waste tires and final closure of the site as required by this rule until the commissioner releases the owner or operator of the waste tire storage site from financial assurance under section 12(a) of this rule. (b) If changes to the provisions of an established and previously approved financial assurance mechanism are required by the department or requested by the owner or operator, the changes may be made without: (1) establishing a new financial assurance mechanism; or (2) updating to the most recent financial assurance forms. This subsection does not preclude any requirement in this rule to establish a different financial assurance mechanism or change the provider of financial assurance.