SECTION 252:653-11-7. Annual adjustments to cost estimates

(a)   Adjustment required. Except as provided in (b) and (c) of this Section, cost estimates for closure and/or corrective action shall be adjusted no later than April 1st of each year. The adjustment must be submitted to DEQ for approval.

(1)   Recalculation of maximum costs. The maximum costs of closure and/or corrective action may be recalculated in current dollars using the procedure in Part 5 of this Subchapter (relating to determination of cost estimates).

(2)   Use of inflation factor. If there are no significant changes to the closure plan and/or corrective action plan, or facility conditions, cost estimates may be adjusted by use of an inflation factor derived from the most recent annual "Implicit Price Deflator for Gross National Product" or the "Implicit Price Deflator for Gross Domestic Product" published by the U.S. Department of Commerce in its Survey of Current Business in the year for which the adjustment is being made.

(A)   The first adjustment shall be made by multiplying the approved cost estimate by the inflation factor. The result is the adjusted cost estimate.

(B)   Subsequent adjustments shall be made by multiplying the latest adjusted cost estimate by the latest inflation factor.

(b)   Corporate test or guarantee as financial assurance mechanism. When the corporate test (OAC 252:653-11-18) or guarantee (OAC 252:653-11-20) is used as the financial assurance mechanism, the cost estimates for closure and/or corrective action shall be adjusted no later than 90 days after the close of the corporate fiscal year.

(1)   Required information. The financial strength information specified in OAC 252:653-11-18(c) shall be submitted to DEQ for approval.

(2)   Extension allowed. DEQ may provide up to an additional 45 days to submit the information upon demonstration that 90 days is insufficient time to acquire audited financial statements.

(c)   Local government test or guarantee as financial assurance mechanism. When the local government test (OAC 252:653-11-19) or guarantee (OAC 252:653-11-21) is used as the financial assurance mechanism, the cost estimates for closure and/or corrective action shall be adjusted no later than 180 days after the close of the municipal government's fiscal year. The financial strength information specified in OAC 252:653-11-19(h) shall be submitted to DEQ for approval.

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