Section 324.11524 - Reduction or increase in financial assurance. - Michigan Statutes

NATURAL RESOURCES AND ENVIRONMENTAL PROTECTION ACT (EXCERPT)
Act 451 of 1994

324.11524 Reduction or increase in financial assurance.

Sec. 11524.

A person required under section 11523 to provide financial assurance in the form of a bond or a letter of credit for a landfill may request a reduction in the total amount of financial assurance required upon reapplication for an operating license pursuant to section 11516(2). The department shall grant this request unless there are sufficient grounds for denial and those reasons are provided in writing. The department shall grant or deny a request for a reduction of the financial assurance within 60 days after the request is made. If the department grants a request for reduced financial assurance, the department shall require financial assurance in an amount such that the amount of money in the perpetual care fund plus the amount of the reduced financial assurance equals the amount of the financial assurance required in section 11523 plus an additional 20% of that amount. The department shall release the financial assurance required by section 11523 if the amount in the perpetual care fund exceeds the amount of the financial assurance required under section 11523. Prior to closure of a landfill, if money is disbursed from the perpetual care fund, then the department may require a corresponding increase in the amount of financial assurance required to be provided.

History: 1994, Act 451, Eff. Mar. 30, 1995
Popular Name: Act 451
Popular Name: NREPA
Popular Name: Solid Waste Act