NR 664.0143(1)(e)(e) If the owner or operator establishes a closure trust fund after having used one or more alternate mechanisms specified in this section or in s. NR 665.0143, the first payment shall be in at least the amount that the fund would contain if the trust fund were established initially and annual payments made according to specifications of this subsection and s. NR 665.0143 (1), as applicable. NR 664.0143(1)(f)(f) After the pay-in period is completed, whenever the current closure cost estimate changes, the owner or operator shall compare the new estimate with the trustee’s most recent annual valuation of the trust fund. If the value of the fund is less than the amount of the new estimate, the owner or operator, within 60 days after the change in the cost estimate, shall either deposit an amount into the fund so that its value after this deposit at least equals the amount of the current closure cost estimate, or obtain other financial assurance as specified in this section to cover the difference. NR 664.0143(1)(g)(g) If the value of the trust fund is greater than the total amount of the current closure cost estimate, the owner or operator may submit a written request to the department for release of the amount in excess of the current closure cost estimate. NR 664.0143(1)(h)(h) If an owner or operator substitutes other financial assurance as specified in this section for all or part of the trust fund, the owner or operator may submit a written request to the department for release of the amount in excess of the current closure cost estimate covered by the trust fund. NR 664.0143(1)(i)(i) Within 60 days after receiving a request from the owner or operator for release of funds as specified in par. (g) or (h), the department will instruct the trustee to release to the owner or operator funds as the department specifies in writing. NR 664.0143(1)(j)(j) After beginning partial or final closure, an owner or operator or another person authorized to conduct partial or final closure may request reimbursements for partial or final closure expenditures by submitting itemized bills to the department. The owner or operator may request reimbursements for partial closure only if sufficient funds are remaining in the trust fund to cover the maximum costs of closing the facility over its remaining operating life. Within 60 days after receiving bills for partial or final closure activities, the department will instruct the trustee to make reimbursements in those amounts as the department specifies in writing, if the department determines that the partial or final closure expenditures are in accordance with the approved closure plan, or otherwise justified. If the department has reason to believe that the maximum cost of closure over the remaining life of the facility will be significantly greater than the value of the trust fund, the department may withhold reimbursements of amounts as the department deems prudent until the department determines, in accordance with sub. (11) that the owner or operator is no longer required to maintain financial assurance for final closure of the facility. If the department does not instruct the trustee to make the reimbursements, the department will provide the owner or operator with a detailed written statement of reasons. NR 664.0143(1)(k)(k) The department will agree to termination of the trust when one of the following applies: NR 664.0143(1)(k)1.1. An owner or operator substitutes alternate financial assurance as specified in this section. NR 664.0143(1)(k)2.2. The department releases the owner or operator from the requirements of this section in accordance with sub. (11). NR 664.0143(2)(2) Surety bond guaranteeing payment into a closure trust fund. NR 664.0143(2)(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(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 664.0143(2)(c)1.1. An originally signed duplicate of the trust agreement must be submitted to the department with the surety bond. NR 664.0143(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 664.0143(2)(c)2.b.b. Updating of Schedule A of the trust agreement (see Form 4430-022) to show current closure cost estimates. NR 664.0143(2)(d)(d) The bond must guarantee that the owner or operator shall do any of the following: NR 664.0143(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 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.