401 KAR 35:110. Use of a mechanism for closure and postclosure (IS)

      Section 1. Use of a Mechanism for Financial Assurance of Both Closure and Postclosure Care. An owner or operator may satisfy the requirements for financial assurance for both closure and postclosure care for one (1) or more facilities by using a trust fund, surety bond, letter of credit, insurance, financial test, corporate guarantee, cash account or certificate of deposit that meets the specifications for the mechanism in both 401 KAR 35:090 and 401 KAR 35:100. The amount of funds available through this mechanism must be no less than the sum of funds that would be available if a separate mechanism had been established and maintained for financial assurance of closure and of postclosure care. (10 Ky.R. 228; eff. 12-2-83.)

Notation

      RELATES TO: KRS 224.10, 224.40, 224.43, 224.46, 224.99

      STATUTORY AUTHORITY: KRS 224.10-100, 224.46-520

      NECESSITY, FUNCTION, AND CONFORMITY: KRS 224.46-520 requires that persons engaging in the storage, treatment, and disposal of hazardous waste obtain a permit. KRS 224.46-520 requires the cabinet to establish standards for these permits, to require adequate financial responsibility, and to establish minimum standards for closure for all facilities and the postclosure monitoring and maintenance of hazardous waste disposal facilities. This chapter establishes minimum standards for hazardous waste sites or facilities qualifying for interim status. This administrative regulation establishes the standards for use of one (1) financial mechanism for both closure and postclosure.