SECTION 252:653-11-13. Trust fund

(a)   Trust fund authorized. Financial assurance requirements may be satisfied by establishing a trust fund meeting the requirements of this Section.

(b)   Acceptable trustee. The trustee must be an entity which has the authority to act as a trustee and whose trust operations are regulated and examined by a federal or state agency.

(c)   Additional requirements. The trust must be in a format approved by DEQ and contain an irrevocable assignment of the funds to DEQ.

(d)   Submit trust agreement to DEQ. A copy of the trust agreement must be submitted to DEQ for approval.

(e)   Pay-in period. Payments into the trust fund must be made no later than April 9th of each year as follows:

(1)   Closure. For closure, the pay-in period shall be 10 years after the date of permit issuance.

(2)   Corrective action. For corrective action, the pay-in period shall be 10 years after the corrective action remedy has been selected, or one-half of the estimated length of the corrective action program, whichever is shorter.

(f)   Payments into trust for closure. Payments into the trust for closure shall be made as follows:

(1)   First payment. The first payment into the fund must be at least equal to the current cost estimate for closure except as provided in OAC 252:653-11-9 (relating to the use of multiple mechanisms), divided by the number of years in the pay-in period.

(2)   Subsequent payments. Subsequent payments shall be determined by the following formula: Next Payment = (CE - CV) ÷ Y, where

(A)   "CE" is the current cost estimate for closure (updated for inflation or other changes); and

(B)   "CV" is the current value of the trust fund; and

(C)   "Y" is the number of years remaining in the pay-in period.

(g)   Payments into trust for corrective action. Payments into the trust for corrective action shall be made as follows:

(1)   First payment. The first payment into the trust fund must be at least equal to one-half of the current cost estimate for corrective action, except as provided in OAC 252:653-11-9 or the approved corrective action plan, divided by the number of years in the corrective action pay-in period.

(2)   Subsequent payments. Subsequent payments shall be determined by the following formula: Next Payment = (RB - CV) ÷ Y, where

(A)   "RB" is the most recent estimate of the required trust fund balance for corrective action (i.e., the total costs that will be incurred during the second half of the corrective action period); and

(B)   "CV" is the current value of the trust fund; and

(C)   "Y" is the number of years remaining in the corrective action pay-in period.

(h)   Trust fund after use of other mechanisms. If a trust fund is established after having used one or more alternate mechanisms specified in this Part, the initial payment into the trust fund must be at least the amount that the fund would contain if the trust fund were established initially and annual payments made in accordance with (f) and/or (g) of this Section.

(i)   Requests for reimbursement from trust fund. Persons authorized to conduct closure, post- closure care, or corrective action activities may request reimbursement from the trustee for these expenditures.

(1)   Sufficient funds available. Requests for reimbursement will be granted by the trustee only if sufficient funds are remaining in the trust fund to cover the remaining costs of closure or corrective action

(2)   Submit justification to DEQ. Documentation of the justification for reimbursement must be submitted to DEQ.

(3)   Document reimbursement received. Documentation shall be provided to DEQ to demonstrate reimbursement has been received.

[Source: Added at 35 Ok Reg 1333, eff 9-15-18]