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St. ap 4 <br /> <br /> Use the lowest cost per tire from Step 3 and multiply that figure by the maximum <br />inventory of tires that will be accumulated at the applicant's facility at any one time. <br /> <br />cleanup cost per tire <br /> <br />x maximum inventory of tires = minimum financial assurance <br /> required. <br /> <br />x '7~ ) oo0 =,-~,.~ 2.00 <br /> <br />.Step 5.. <br /> <br /> The number calculated in Step 4 is the minimum amount of financial assurance <br />required of the applicants facility. Record that figure in the area indicated below. <br /> <br /> Minimum amount of financial assurance required = ~' '~Z/'(~'~ .2-O0- <br /> (current closure estimate) <br /> <br /> The current closure cost estimate is the amount of financial assurance required <br />by Minn. Rules Part 9220.0560. As indicated in the first section of this packet, the <br />applicant can choose the form of financial assurance that best suites the needs of <br />the facility. At this point the applicant must choose a financial assurance <br />mechanism. The wording found in the attached examples MUST be used for each <br />type of financial assurance mechanism. After selecting the mechanism to be used, <br />the applicant must find a trust institution or bonding company and complete and <br />execute the necessary documents. The completed and signed document must be <br />attached to the application. The WMB has information on trust institutions and <br />bond companies. Call the Waste Tire Hotline at 1-800-228-1339 for further <br />information. <br /> <br />Financial Assurance Mechanisms <br /> <br /> Page <br />Trust Agreement .......................................... ?-12 <br /> <br />Surety Bond Guaranteeing Payment into a <br />Standbydl Trust Fund ....................................... 13-14 <br /> <br />Surety Bond Guaranteeing Performance <br />of Closure ' ~ -1S-i7 <br /> <br />Irrevocable Standby Letter of Credit ' 18 <br /> <br />6 <br /> <br /> <br />