Special Conditions for a Soil or Sediment Cap
(1)The holder of an authorization for a soil or sediment cap must maintain cost estimates of the amount of financial assurance that is necessary for the purposes below, and demonstrate to the Department’s satisfaction that the holder has in effect the amount and form of required financial assurance, for:
(a)The costs of maintaining and monitoring of the sediment cap; and
(b)Any corrective action required by the Department or any other local, state or federal government agency with jurisdiction over the site to be taken at the site of the sediment cap.
(2)Such cost estimates and evidence of the required financial assurance must be provided in writing to the Department:
(a)Prior to the granting of the authorization; and
(b)On an annual basis to be received by the Department by January 31 of every calendar year following the granting of the authorization by the Department or, on a more frequent basis as required by the Department.
(3)The financial assurance required by OAR 141-145-0050 (Special Conditions for a Soil or Sediment Cap)(1) may be satisfied by any one, or a combination of the following:
(a)Insurance specific to the construction and maintenance of a soil or sediment cap;
(b)Establishment of a trust fund with cash to the required dollar amount, with the benefactor as the State of Oregon, Department of State Lands;
(d)Letter of credit; or
(e)Other financial assurance mechanisms as deemed acceptable by the Department.
(4)The Department will accept documented financial assurance provided by a holder through an existing order issued by the ODEQ or EPA as evidence that the requirements of this section have been met.
(5)Nothing in this section shall be construed as preempting, limiting, or superseding any protections and limitations afforded to sureties under federal and state law.
Rule 141-145-0050 — Special Conditions for a Soil or Sediment Cap,