§ 264a.157. Phased deposits of collateral.
(a) An owner or operator may post a collateral bond in phased deposits for a new hazardous waste storage, treatment or disposal facility that will be continuously operated or used for at least 10 years from the date of issuance of the permit or permit amendment, according to all of the following requirements:
(1) The owner or operator submits a collateral bond form to the Department.
(2) The owner or operator deposits $10,000 or 25%, whichever is greater, of the total amount of bond determined in this chapter in approved collateral with the Department.
(3) The owner or operator submits a schedule agreeing to deposit 10% of the remaining amount of bond, in approved collateral in each of the next 10 years.
(b) The owner or operator deposits the full amount of bond required for the hazardous waste storage, treatment or disposal facility within 30 days of receipt of a written demand by the Department to accelerate deposit of the bond. The Department will make the demand when one of the following occurs:
(1) The owner or operator fails to make a deposit of bond amount when required by the schedule for the deposits.
(2) The owner or operator violates the requirements of the act, this article, the terms and conditions of the permit or orders of the Department and has failed to correct the violations within the time required for the correction.
(c) Interest earned by collateral on deposit accumulates and becomes part of the bond amount until the owner or operator completes deposit of the requisite bond amount in accordance with the schedule of deposit. Interest so accumulated may not offset or diminish the amount required to be deposited in each of the succeeding years set forth in the schedule of deposit, except that in the last year in which a deposit is due, the amount to be deposited is adjusted by applying the total accumulated interest to the amount to be deposited as established by the schedule of deposit.
Authority The provisions of this § 264a.157 amended under sections 105, 402 and 501 of the Solid Waste Management Act (35 P. S. § § 6018.105, 6018.402 and 6018.501); sections 303 and 305(e)(2) of the Hazardous Sites Cleanup Act (35 P. S. § § 6020.303 and 6020.305(e)(2)); section 5, 402 and 501 of The Clean Streams Law (35 P. S. § § 691.5, 691.402 and 691.501); and section 1920-A of The Administrative Code of 1929 (71 P. S. § § 510-20).
Source The provisions of this § 264a.157 amended January 9, 2009, effective January 10, 2009, 39 Pa.B. 201. Immediately preceding text appears at serial page (254937).
Cross References This section cited in 25 Pa. Code § 264a.154 (relating to form, terms and conditions of bond); and 25 Pa. Code § 264a.163 (relating to failure to maintain adequate bond).
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