North Carolina § 130A-310 - 72. Financial assurance requirement.

§ 130A-310. 72. Financial assurance requirement.

The person conducting remediation of a contaminated site pursuant to the provisions of this Part shall establish financial assurance that will ensure that sufficient funds are available to implement and maintain the actions or controls specified in the remedial action plan for the site. The person conducting remediation of a site may establish financial assurance through one of the following mechanisms, or any combination of the following mechanisms, in a form specified or approved by the Department: insurance products issued from entities having no corporate or ownership association with the person conducting the remediation; funded trusts; surety bonds; certificates of deposit; letters of credit; corporate financial tests; local government financial tests; corporate guarantees; local government guarantees; capital reserve funds; or any other financial mechanism authorized for the demonstration of financial assurance under (i) 40 Code of Federal Regulations Part 264, Subpart H (July 1, 2010 Edition) and (ii) Section.1600 of Subchapter B of Chapter 13 of Title 15A of the North Carolina Administrative Code. Proof of financial assurance shall be provided in the remedial action plan and annually thereafter on the anniversary date of the approval of the plan. The Department may waive the requirement for a person conducting remediation of a contaminated site pursuant to the provisions of this Part to establish or maintain financial assurance if the Department finds that the only actions or controls to be implemented or maintained as part of the remedial action plan for the site include either or both of the following: Annual reporting of land-use controls. The maintenance of durable or low-maintenance covers for contaminated soil. History (2011-186, s. 2; 2017-209, s. 1.) Effect of Amendments. - Session Laws 2017-209, s. 1, effective October 4, 2017, in the first sentence of the introductory paragraph, deleted "industrial" preceding "site pursuant to"; added the fourth sentence of the introductory paragraph; and added subdivisions (1) and (2).