2014 South Bend Financial Assurance Test Report

Home Browse Search

SOLID WASTE LAND DISPOSAL FACILITIES (ii) The establishment of trust fund in the amount determined by subsection (b) and guarantee payments from that fund either: (AA) reimbursing the permittee for commissioner - approved closure work done; or (BB) making payments to the commissioner for accomplishing required closure work. (iii) The requirement of annual evaluations of the trust to be submitted to the commissioner. (iv) The requirement of successor trustees to notify the commissioner, in writing, of their appointment at least ten (10) days before the appointment becoming effective. (v) The requirement ofthe trustee to notify the commissioner, in writing, ofthe failure of the permittee to make a required payment into the fund. (vi) The establishment that the trust is irrevocable unless terminated, in writing, with the approval of the: (AA) permittee; (BB) trustee; and (CC) commissioner. (vii) A certification that the signatory of the trust agreement for the permittee was duly authorized to bind the permittee. (viii) A notarization of all signatures by a notary public commissioned to be a notary public in the state of Indiana at the time of notarization. (ix) The establishment that the trustee is: (AA) authorized to act as a trustee; and (BB) an entity whose operations are regulated and examined by a federal and state of Indiana agency. (x) The requirement of (AA) initial payment into the fund be made within thirty (30) days of the commissioner's approval of the trust agreement; and (BB) any subsequent payments be made annually not later than June 15. (2) The surety bond option, including the following: (A) The permittee may satisfy the requirements of this section by doing as follows: (i) Establish a surety bond on: (AA) forms provided by the commissioner; or (BB) other forms approved by the commissioner. (ii) Submit an original signed copy and a duplicate of the surety bond to the commissioner. (B) Choose from one (1) of the following types of surety bonds: (i) A financial guarantee surety bond. (ii) A performance surety bond. (C) All surety bonds must contain the following: (i) The establishment of penal sums in the amount determined by subsection (b). (ii) Provision that the surety: (AA) will be liable to fulfill the permittee's closure obligations upon notice from the commissioner that the permittee has failed to do so; and (BB) may not cancel the bond without first sending notice of cancellation by certified mail to the permittee and the commissioner at least one hundred twenty (120) days before the effective date of the cancellation. (iii) Provision that the permittee may not terminate the bond without prior written authorization by the commissioner. (D) The permittee shall establish a standby trust fund to be utilized in the event the: (i) permittee fails to fulfill closure obligations; and (ii) bond guarantee is exercised. The standby trust fund must be established in accordance with the requirements of subdivision (1). Under the terms of the bond, all payments made if the bond is utilized must be deposited by the surety directly into the standby trust fund in accordance with instructions from the commissioner. Indiana Administrative Code Page 248