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Financial Assurance for Closure Post Closure and Corrective Action
Owners and operators of hazardous waste management facilities must provide financial assurance to the State of Michigan for closure, post-closure, and corrective action. The requirements for the financial mechanisms that may be used are contained in R299.9703 through R299.9709, and R299.9713 of the hazardous waste management rules. The wording for the financial mechanisms is specified in the Related Documents:
- Certificate of Deposit/Time Deposit Account
- Closure and Post-Closure Insurance Certificate
- Corporate Guarantee for Closure and Post-Closure
- Corporate Guarantee for Corrective Action
- Corrective Action Insurance Certificate
- Financial Test
- Letter of Credit
- Confirmed Letter of Credit
- Performance Bond
- Trust Fund
For the economic data (e.g., Implicit Price Deflator for Gross Domestic Product) necessary to adjust your financial assurance for inflation, go to the U.S. Department of Commerce, Bureau of Economic Analysis home page.