(1) Prior to licensure, a Class IV facility must financially assure, with a
department approved mechanism, the costs of third party closure, post closure
care, and corrective action for known releases at the facility at a time when
such activities would be the most expensive.
Such financial assurance must ensure that requisite funds will be
available whenever needed. The amount
of the financial assurance must be reviewed, and adjusted if needed, as part of
the annual license application renewal process. Allowable mechanisms for
financial assurance include:
(a) surety bonds;
(b) trust funds;
(c) letters of credit;
(d) insurance; and
(e) any other department approved mechanism or
combination of mechanisms.