401 KAR 35:130. Incapacity of owners or operators, guarantors, or financial institutions (IS)

Link to law: http://www.lrc.ky.gov/kar/401/035/130.htm
Published: 2015

      401 KAR 35:130.

Incapacity of owners or operators, guarantors, or financial institutions (IS).

 

      RELATES TO: KRS

224.10, 224.40, 224.43, 224.46, 224.99

      STATUTORY

AUTHORITY: KRS 224.46-505, 224.46-520

      NECESSITY,

FUNCTION, AND CONFORMITY: KRS 224.46-520 requires that persons engaging in the

storage, treatment, and disposal of hazardous waste obtain a permit. KRS

224.46-520 requires the cabinet to establish standards for these permits, to

require adequate financial responsibility, and to establish minimum standards

for closure for all facilities and the postclosure monitoring and maintenance

of hazardous waste disposal facilities. This chapter establishes minimum

standards for hazardous waste sites or facilities qualifying for interim

status. This administrative regulation establishes the requirements regarding

incapacity of owners or operators, guarantors, or financial institutions.

 

      Section 1.

Notification. An owner or operator shall notify the cabinet by certified mail

of the commencement of a voluntary or involuntary proceeding under Title 11

(Bankruptcy), U.S. Code, naming the owner or operator as debtor, within ten

(10) days after commencement of the proceeding. A guarantor of a corporate

guarantee as specified in Section 7 of 401 KAR 35:090, Section 7 of 401 KAR

35:100, and Section 7 of 401 KAR 35:120 shall make such a notification if he is

named as debtor as specified under the terms of the corporate guarantee (see

401 KAR 34:165).

 

      Section 2.

Establishment of Other Assurance or Liability Coverage. An owner or operator

who fulfills the requirements of 401 KAR 35:090, 401 KAR 35:100 or 401 KAR

35:120 by obtaining a trust fund, letter of credit, surety bond, insurance

policy or escrow agreement shall be deemed to be without the required financial

assurance or liability coverage in the event of bankruptcy of the trustee or

escrow agent or issuing institution, or a suspension or revocation of the

authority of the trustee institution to act as trustee, or of the institution

issuing the surety bond, letter of credit or escrow agreement to issue such

instruments. The owner or operator shall establish other financial assurance or

liability coverage within sixty (60) days of such events. (10 Ky.R. 231; eff.

12-2-83; 17 Ky.R. 347; eff. 9-25-90.)
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