NR 661.0147(8)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining an irrevocable standby letter of credit that conforms to the requirements of this subsection and submitting a copy of the letter of credit to the department. NR 661.0147(8)(b)(b) The financial institution issuing the letter of credit shall be an entity that 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 661.0147(8)(d)(d) An owner or operator who uses a letter of credit to satisfy the requirements of this section may also establish a standby trust fund. Under the terms of the letter of credit, all amounts paid pursuant to a draft by the trustee of the standby trust will be deposited by the issuing institution into the standby trust in accordance with instructions from the trustee. The trustee of the standby trust fund shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by a federal or state agency. NR 661.0147(9)(a)(a) An owner or operator may satisfy the requirements of this section by obtaining a surety bond that conforms to the requirements of this subsection and submitting a copy of the bond to the department. NR 661.0147(9)(b)(b) The surety company issuing the bond shall be among those listed as acceptable sureties on federal bonds in the most recent Circular 570 of the U.S. department of the treasury. NR 661.0147(9)(d)(d) A surety bond may be used to satisfy the requirements of this section only if the attorneys general or insurance commissioners of the following states have submitted a written statement to the department that a surety bond executed as described in this section and s. NR 661.0151 (7) (b) is a legally valid and enforceable obligation in that state: NR 661.0147(10)(a)(a) An owner or operator may satisfy the requirements of this section by establishing a trust fund that conforms to the requirements of this subsection and submitting an originally signed duplicate of the trust agreement to the department. NR 661.0147(10)(b)(b) The trustee shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by a federal or state agency. NR 661.0147(10)(c)(c) The trust fund for liability coverage shall be funded for the full amount of the liability coverage to be provided by the trust fund before it may be relied upon to satisfy the requirements of this section. If at any time after the trust fund is created the amount of funds in the trust fund is reduced below the full amount of the liability coverage to be provided, the owner or operator, by the anniversary date of the establishment of the fund, shall either add sufficient funds to the trust fund to cause its value to equal the full amount of liability coverage to be provided, or obtain other financial assurance as specified in this section to cover the difference. For the purposes of this paragraph, “the full amount of the liability coverage to be provided” means the amount of coverage for sudden or non-sudden occurrences, or both, required to be provided by the owner or operator by this section, less the amount of financial assurance for liability coverage that is being provided by other financial assurance mechanisms being used to demonstrate financial assurance by the owner or operator. NR 661.0147 HistoryHistory: CR 19-082: cr. Register August 2020 No. 776, eff. 9-1-20; correction in (2) (f), (10) (c) made under s. 13.92 (4) (b) 7., Stats., and correction in (6) (c) 3., (10) (c) made under s. 35.17, Stats., Register August 2020 No. 776; correction in (7) (b) 2. b. made under s. 13.92 (4) (b) 7., Stats., Register April 2021 No. 784. NR 661.0148NR 661.0148 Incapacity of owners or operators, guarantors, or financial institutions. NR 661.0148(1)(1) An owner or operator shall notify the department by certified mail of the commencement of a voluntary or involuntary bankruptcy proceeding under Title 11, U.S. Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in s. NR 661.0143 (5) shall make such a notification if named as debtor, as required under the terms of the corporate guarantee. NR 661.0148(2)(2) An owner or operator who fulfills the requirements specified in s. NR 661.0143 or 661.0147 by obtaining a trust fund, surety bond, letter of credit, or insurance policy will be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit, or insurance policy to issue such instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event. NR 661.0148 HistoryHistory: CR 19-082: cr. Register August 2020 No. 776, eff. 9-1-20; correction in (2) made under s. 35.17, Stats., Register August 2020 No. 776. NR 661.0151(1)(a)(a) A trust agreement for a trust fund, as specified in s. NR 661.0143 (1) shall be worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted: Trust Agreement
Trust Agreement, the “Agreement,” entered into as of [date] by and between [name of the owner or operator], a [name of State] [insert “corporation,” “partnership,” “association,” or “proprietorship”], the “Grantor,” and [name of corporate trustee], [insert “incorporated in the State of -----” or “a national bank”], the “Trustee.”
Whereas, the Wisconsin Department of Natural Resources, “the department,” has established certain regulations applicable to the Grantor, requiring that an owner or operator of a facility regulated under ch. NR 664, or 665, Wis. Adm. Code, or satisfying the conditions of the exclusion under s. NR 661.0004 (1) (x), Wis. Adm. Code, shall provide assurance that funds will be available if needed for care of the facility under subch. G of ch. NR 664 or subch. G of ch. NR 665, Wis. Adm. Code as applicable,