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SECTION 1.8 FINANCIAL ASSURANCE CRITERIA <br />1.8.1 (A) The owner or operator of any solid waste disposal site /facility shall <br />maintain in written documented form current cost estimates for hiring a third <br />party to close such site and facility and to conduct post - closure care of such <br />site /facility. The owner or operator of any solid wastes disposal site and <br />facility shall establish financial assurance sufficient to ensure payment of <br />such costs. No solid wastes disposal site /facility shall operate without being <br />in compliance with these financial assurance requirements. The ultimate <br />responsibility for financial assurance rests with the owner of the facility, <br />however, the operator or lessee may provide financial assurance for the <br />facility under these rules, if approved. <br />i <br />(B) A detailed written estimate of the cost of hiring a third party to close the <br />largest area of a site and facility that may require closure shall be the basis <br />for the closure estimate. The closure cost estimate must equal the cost of <br />closing the largest area requiring closure during the active life of the site and <br />facility when the extent and manner of its operation would make closure the <br />most expensive, as indicated by its closure plan. <br />(C) A third party shall be a party who is neither a parent nor a subsidiary of <br />the owner or operator. <br />1.8.2 (A) No governing body having jurisdiction shall require an applicant for a <br />certificate of designation to obtain any financial assurance mechanism or <br />amount in addition to that required by the provisions of C.R.S. 30 -20- 104.5. <br />• <br />July 1, 2007 <br />0 <br />(1) All owners and operators shall provide, concurrently, to the <br />Department and the local governing body having jurisdiction, proof of <br />sufficiency of financial assurance per the requirements set forth in these <br />regulations and 30 -20- 104.5. C.R.S. as amended. The Department <br />shall consult with the governing body having jurisdiction prior to <br />accepting an applicant's financial assurance. Consultation may consist <br />of telephone conversations, written communications or meetings, <br />dependent upon the particular circumstance. <br />(2) Local recommendations shall be considered in establishing the <br />amount of financial assurance to be posted. <br />(3) In the case where a site and facility is owned or operated by the <br />local governing body having jurisdiction, the Department may consult <br />the local governing body having jurisdiction on matters concerning <br />financial assurance but shall retain final decision making and approval <br />authority. <br />40 <br />