NR 664.0143(2)(d)2.2. Fund the standby trust fund in an amount equal to the penal sum within 15 days after an administrative order to begin final closure issued by the department becomes final or within 15 days after an order to begin final closure is issued.

NR 664.0143(2)(d)3.3. Provide alternate financial assurance as specified in this section, and obtain the department’s written approval of the assurance provided, within 90 days after receipt by both the owner or operator and the department of a notice of cancellation of the bond from the surety.

NR 664.0143(2)(e)(e) Under the terms of the bond, the surety will become liable on the bond obligation when the owner or operator fails to perform as guaranteed by the bond.

NR 664.0143(2)(f)(f) The penal sum of the bond shall be in an amount at least equal to the current closure cost estimate, except as provided in sub. (9).

NR 664.0143(2)(g)(g) Whenever the current closure cost estimate increases to an amount greater then the penal sum, the owner or operator, within 60 days after the increase, shall either cause the penal sum to be increased to an amount at least equal to the current closure cost estimate and submit evidence of the increase to the department, or obtain other financial assurance as specified in this section to cover the increase. Whenever the current closure cost estimate decreases, the penal sum may be reduced to the amount of the current closure cost estimate following written approval by the department.

NR 664.0143(2)(h)(h) Under the terms of the bond, the surety may cancel the bond by sending notice of cancellation by certified mail to the owner or operator and to the department. Cancellation may not occur, however, during the 120 days beginning on the date of receipt of the notice of cancellation by both the owner or operator and the department, as evidence by the return receipts. Not less than 30 days prior to the expiration of the 120 day notice period, the owner shall deliver to the department a replacement bond or other proof of financial responsibility under this section, in the absence of which all storage, treatment or disposal operations shall immediately cease and the bond shall remain in effect as long as any obligation of the owner remains for closure.

NR 664.0143(2)(i)(i) The owner or operator may cancel the bond if the department has given prior written consent based on the department’s receipt of evidence of alternate financial assurance as specified in this section.

NR 664.0143(3)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining a surety bond which conforms to the requirements of this subsection and submitting the bond to the department. An owner or operator of a new facility shall submit the bond to the department at least 60 days before the date on which hazardous waste is first received for treatment, storage or disposal. The bond shall be effective before this initial receipt of hazardous waste. The surety company issuing the bond shall, at a minimum, be among those listed as acceptable sureties on federal bonds in Circular 570 of the U.S. department of the treasury.

NR 664.0143(3)(b)(b) The wording of the surety bond shall be identical to the wording on the department form specified in s. NR 664.0151 (3).

NR 664.0143(3)(d)(d) The bond shall guarantee that the owner or operator will do one of the following:

NR 664.0143(3)(d)1.1. Perform final closure in accordance with the closure plan and other requirements of the license for the facility whenever required to do so.

NR 664.0143(3)(d)2.2. Provide alternate financial assurance as specified in this section, and obtain the department’s written approval of the assurance provided, within 90 days after receipt by both the owner or operator and the department of a notice of cancellation of the bond from the surety.

NR 664.0143(3)(e)(e) Under the terms of the bond, the surety will become liable on the bond obligation when the owner or operator fails to perform as guaranteed by the bond. Following a determination by the department or EPA pursuant to 42 USC 6928 that the owner or operator has failed to perform final closure in accordance with the approved closure plan and other license requirements when required to do so, under the terms of the bond the surety will perform final closure as guaranteed by the bond or shall pay the penal sum of the bond to the department.

NR 664.0143(3)(f)(f) The penal sum of the bond shall be in an amount at least equal to the current closure cost estimate.

NR 664.0143(3)(g)(g) Whenever the current closure cost estimate increases to an amount greater than the penal sum, the owner or operator, within 60 days after the increase, shall either cause the penal sum to be increased to an amount at least equal to the current closure cost estimate and submit evidence of the increase to the department, or obtain other financial assurance as specified in this section. Whenever the current closure cost estimate decreases, the penal sum may be reduced to the amount of the current closure cost estimate following written approval by the department.

NR 664.0143(3)(h)(h) Under the terms of the bond, the surety may cancel the bond by sending notice of cancellation by certified mail to the owner or operator and to the department. Cancellation may not occur, however, during the 120 days beginning on the date of receipt of the notice of cancellation by both the owner or operator and the department, as evidenced by the return receipts. Not less than 30 days prior to the expiration of the 120-day notice period, the owner shall deliver to the department a replacement bond or other proof of financial responsibility under this section, in the absence of which all storage, treatment or disposal operations shall immediately cease and the bond shall remain in effect as long as any obligation of the owner remains for closure.

NR 664.0143(3)(i)(i) The owner or operator may cancel the bond if the department has given prior written consent. The department will provide written consent when any of the following apply:

NR 664.0143(3)(j)(j) The surety will not be liable for deficiencies in the performance of closure by the owner or operator after the department releases the owner or operator from the requirements of this section in accordance with sub. (11).

NR 664.0143(4)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining an irrevocable letter of credit which conforms to the requirements of this subsection and submitting the letter to the department. An owner or operator of a new facility shall submit the letter of credit to the department at least 60 days before the date on which hazardous waste is first received for treatment, storage or disposal. The letter of credit shall be effective before this initial receipt of hazardous waste. The issuing institution shall be an entity which has the authority to issue letters of credit and whose letter-of-credit operations are regulated and examined by a federal or state agency.

NR 664.0143(4)(b)(b) The wording of the letter of credit shall be identical to the wording on the department form specified in s. NR 664.0151 (4).

NR 664.0143(4)(d)(d) The letter of credit shall be accompanied by a letter from the owner or operator referring to the letter of credit by number, issuing institution and date, and providing the following information: the EPA identification number, name and address of the facility, and the amount of funds assured for closure of the facility by the letter of credit.

NR 664.0143(4)(e)(e) The letter of credit shall be irrevocable and issued for a period of at least one year. The letter of credit shall provide that the expiration date will be automatically extended for a period of at least one year unless, at least 120 days before the current expiration date, the issuing institution notifies both the owner or operator and the department by certified mail of a decision not to extend the expiration date. Under the terms of the letter of credit, the 120 days will begin on the date when both the owner or operator and the department have received the notice, as evidenced by the return receipts.

NR 664.0143(4)(f)(f) The letter of credit shall be issued in an amount at least equal to the current closure cost estimate, except as provided in sub. (9).