Financial assurance mechanism for closure and postclosure

1. Each owner or operator of an applicable solid waste disposal facility shall establish one or more financial assurance mechanisms which together total an amount equal to the closure cost estimate or postclosure cost estimate prepared in accordance with section 33.1-20-14-02. 2. An owner or operator may satisfy the requirements for financial assurance for both closure and postclosure care by using a trust fund, surety bond, letter of credit, insurance, financial test, or corporate guarantee. The amount of funds available through the mechanism must be no less than the sum of funds that would be available if a single mechanism had been established and maintained for financial assurance of closure and of postclosure care. 3. An owner or operator may satisfy the requirements of this section by establishing more than one financial mechanism per facility. These mechanisms are limited to trust fund, surety bond, letter of credit, insurance, financial test, and corporate guarantee. The mechanisms must be specified in this section, except that it is the combination of mechanisms, rather than the single mechanism which must provide financial assurance for an amount at least equal to the current closure or postclosure, or both, cost estimate. If an owner or operator uses a trust fund in combination with a surety bond or a letter of credit, the owner or operator may use the trust fund as the standby trust fund for the other mechanisms. A single standby trust fund may be established for two or more mechanisms. The department may use any or all of the mechanisms to provide for closure or postclosure, or both, care of the facility. 4. Each financial assurance mechanism must be approved by the department. The following financial assurance mechanisms are acceptable, provided respective requirements of section 33.1-20-14-07 are met: a. Trust fund; b. Surety bond; c. Letter of credit; d. Insurance; e. Financial test; and f. Corporate guarantee. 5. A trust fund, surety bond, letter of credit, insurance, financial test, or corporate guarantee may be terminated or canceled only if alternate financial assurance is substituted or if the owner or operator is released from the requirement by the department.