S.D. Admin. R. 74:27:16:05

Current through Register Vol. 51, page 67, December 16, 2024

Section 74:27:16:05 - Financial assurance mechanism

A financial assurance mechanism is required for closure activities, postclosure care activities, and any corrective action required by chapter 74:27:21. In addition, the owner or operator may be required to provide a financial assurance mechanism for environmental remediation activities, as required by § 74:27:16:04. The owner or operator may chose one or more of the following mechanisms, which comply with the provisions of 40 C.F.R. Part 258.74, as published on 56 Fed. Reg. 51,030 to 51,032, inclusive (October 9, 1991), to satisfy the provisions of this chapter:

(1) Trust fund;

(2) Security bond guaranteeing payment or performance;

(3) Letter of credit;

(4) Insurance; or

(5) Cash.

The board or secretary may approve an alternative form of financial assurance if the alternative form complies with the applicable provisions of this chapter.

S.D. Admin. R. 74:27:16:05

17 SDR 8, effective 7/26/1990; 19 SDR 186, effective 6/10/1993.

General Authority: SDCL 34A-6-1.6.

Law Implemented: SDCL 34A-6-1.6, 34A-6-1.11, 34A-6-1.12.