NR 665.0143(2)(c)(c) The owner or operator who uses a surety bond to satisfy the requirements of this section shall also establish a standby trust fund. Under the terms of the bond, all payments made shall be deposited by the surety directly into the standby trust fund in accordance with instructions from the department. This standby trust fund must meet the requirements specified in sub. (1) except for all of the following: NR 665.0143(2)(c)1.1. An originally signed duplicate of the trust agreement must be submitted to the department with the surety bond. NR 665.0143(2)(c)2.2. Until the standby trust fund is funded pursuant to the requirements of this section, all of the following are not required: NR 665.0143(2)(c)2.b.b. Updating of Schedule A of the trust agreement (see Form 4430-022) to show current closure cost estimates. NR 665.0143(2)(d)(d) The bond must guarantee that the owner or operator shall do any of the following: NR 665.0143(2)(d)1.1. Fund the standby trust fund in an amount equal to the penal sum of the bond before the beginning of final closure of the facility. NR 665.0143(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 665.0143(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 665.0143(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 665.0143(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. (8). NR 665.0143(2)(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 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 665.0143(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 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 665.0143(2)(i)(i) The owner or operator may cancel the bond if the department has given prior written consent based on the receipt of evidence of alternate financial assurance as specified in this section. NR 665.0143(3)(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. 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 665.0143(3)(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 665.0143(3)(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 665.0143(3)(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. (8). NR 665.0143(3)(g)(g) Whenever the current closure cost estimate increases to an amount greater than the amount of the credit, the owner or operator, within 60 days after the increase, shall either cause the amount of the credit to be increased so that it at least equals 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 amount of the credit may be reduced to the amount of the current closure cost estimate following written approval by the department. NR 665.0143(3)(h)(h) Following a final administrative 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 when required to do so, the department or EPA regional administrator may draw on the letter of credit. NR 665.0143(3)(i)(i) If the owner or operator does not establish alternate financial assurance as specified in this section and obtain written approval of the alternate assurance from the department within 90 days after receipt by both the owner or operator and the department of a notice from the issuing institution that it has decided not to extend the letter of credit beyond the current expiration date, the department will draw on the letter of credit. The department may delay the drawing if the issuing institution grants an extension of the term of the credit. During the last 30 days of any extension the department will draw on the letter of credit if the owner or operator has failed to provide alternate financial assurance as specified in this section and obtain written approval of the assurance from the department. NR 665.0143(3)(j)(j) The department will authorize the release of the letter of credit when any of the following apply: NR 665.0143(3)(j)1.1. An owner or operator substitutes alternate financial assurance as specified in this section. NR 665.0143(3)(j)2.2. The department releases the owner or operator from the requirements of this section in accordance with sub. (10).