(1) The solid and hazardous waste commission shall promulgate rules that implement financial assurance requirements for the final closure of solid wastes disposal sites and facilities, the conduct of postclosure care for such sites and facilities, and the undertaking of any corrective action made necessary by the migration of contaminants from such sites and facilities into groundwater. Such rules shall include, but are not limited to, the following requirements: (a) That the owner or operator of any solid wastes disposal site and facility shall maintain: (I) A detailed written estimate of the cost of hiring a third party to close the largest area of such site and facility which has or will require a cover during the active life of such site and facility; and (II) A detailed written estimate of the cost of hiring a third party to conduct postclosure care at such site and facility; (b) That the owner or operator of any solid wastes disposal site and facility that is required to undertake a corrective action program pursuant to the requirements of subpart E of the federal regulations promulgated pursuant to the provisions of subtitle D of the federal "Resource Conservation and Recovery Act of 1976", as amended, shall maintain a detailed written estimate of the cost of hiring a third party to perform such corrective action; (c) That the owner or operator of any solid wastes disposal site and facility shall notify the department when the cost estimates required by paragraphs (a) and (b) of this subsection (1) have been placed in the operating file for such site and facility; (d) That the owner or operator of any solid wastes disposal site and facility shall: (I) Express the cost estimates required by paragraphs (a) and (b) of this subsection (1) in current dollars; (II) Annually adjust such cost estimates to account for inflation; and (III) Increase such cost estimates under the following circumstances: (A) The cost estimate for the cost of hiring a third party to close such site and facility maintained pursuant to the provisions of subparagraph (I) of paragraph (a) of this subsection (1) shall be increased if changes to the closure plan for such site and facility or changes in the conditions of such site and facility increase the maximum cost of closure at any time during the remaining active life of such site and facility. (B) The cost estimate for the cost of hiring a third party to conduct postclosure care for such site and facility maintained pursuant to the provisions of subparagraph (II) of paragraph (a) of this subsection (1) shall be increased if changes to the postclosure plan for such site and facility or changes in the conditions of site and facility increase the maximum cost of postclosure care for such site and facility. (C) The cost estimate, if any, for the cost of hiring a third party to undertake corrective action for such site and facility maintained pursuant to the provisions of paragraph (b) of this subsection (1) shall be increased if changes in the corrective action program for such site and facility or changes in the conditions of such site and facility increase the maximum cost of corrective action for such site and facility. (e) That the owner or operator of any solid wastes disposal site and facility shall comply with the financial assurance requirements mandated by the rules of the solid and hazardous waste commission promulgated pursuant to subsection (3) of this section. (2) The owner or operator of a solid wastes disposal site and facility may reduce the amount of a cost estimate maintained pursuant to the provisions of paragraph (a) or (b) of subsection (1) of this section if such cost estimate exceeds the maximum cost of completing the actions contemplated by such cost estimate. (3) (a) The solid and hazardous waste commission shall promulgate rules that require the owner or operator of a solid wastes disposal site and facility to establish sufficient financial assurance to pay for the cost estimates required by paragraphs (a) and (b) of subsection (1) of this section. No solid wastes disposal site and facility shall operate without being in compliance with the financial assurance requirements contained in such rules. Such rules shall include, but shall not be limited to, provisions that define the mechanisms that may be used by the owner or operator of a solid wastes disposal site and facility to establish sufficient financial assurance pursuant to this section. The mechanisms to establish financial assurance that are defined by the commission shall include, but are not limited to, those mechanisms authorized by the federal regulations promulgated pursuant to subtitle D of the federal "Resource Conservation and Recovery Act of 1976", as amended. (b) (I) The sufficiency of the financial assurance provided pursuant to the provisions of paragraph (a) of this subsection (3) for any proposed solid wastes disposal site and facility shall be reviewed as part of the department's review of the application for such proposed site and facility pursuant to the provisions of this section. (II) The sufficiency of the financial assurance provided pursuant to the provisions of paragraph (a) of this subsection (3) for any solid wastes disposal site and facility that is in existence at the time the applicable regulations of the department become effective shall be reviewed pursuant to the procedures established by the department. Such review may be performed either by the department or by a private contractor hired by the department for the purpose of completing such review. The department is authorized to impose a fee for any such review that is performed by the department; except that such fee shall not exceed the actual documented costs incurred by the department in the performance of such review. Except as otherwise provided in this section, any such review that is performed by a private contractor shall be conducted pursuant to the provisions of section 30-20-103.7. (3.5) The department, pursuant to the provisions of part 14 of article 30 of title 24, C.R.S., is authorized to contract with one or more private contractors for the purpose of conducting the third-party closure, postclosure care, or corrective action at a solid waste facility as may be necessary. The department is authorized to expend such moneys for closure, postclosure care, or corrective action as is made available to the department by operation of law from the financial assurance mechanisms provided by the owner or operator of the solid wastes site and facility. Any such contract shall be between the department and the private contractor. The owner or operator shall not be a party to such contract. The department may disallow a contractor because of conflicts of interest or other reasons. The department may contract with the governing body that issued the certificate of designation to conduct such closure, postclosure care, or corrective action. (4) The rules promulgated by the solid and hazardous waste commission pursuant to this section shall comply with the federal regulations promulgated pursuant to subtitle D of the federal "Resource Conservation and Recovery Act of 1976", as amended. Such rules shall require that all solid wastes disposal sites and facilities be fully in compliance with such rules by the date established in the federal "Resource Conservation and Recovery Act of 1976", as amended, and its regulations.
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