Agenda - Council - 10/25/1983 - Laserfiche WebLink

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I I I I I I I i I Be preceding month. For purposes of this Subsection, gate yard of waste shall not Include materials approved by the Department for use as daily cover or final cover. The County Board may modify the formula for calculating the amount of financial assurance to allow for a demonstrated rate of waste compaction, the Interest rate to be paid on the financial assurance fund, or the estimated rate of Inflation. For sites or facilities Initially licensed prior to October I, 1983, this amount shall not exceed $.50 per gate yard of compacted waste or $.35 ~-r gate yard of loose, ur~ornpacted waste unless the owner or the operator requests that an additional amount be provided and the Co~ty Board approves this request. The operator shall maintain adequate records to verify the gate yards of waste received each month and shall provide those records to the Department upon request. Financial assurance submitted in accordance with this subparagraph shall be handled in one or more of the following ways: The owner or the operator may deposit cash, certificates of dePasitt ac U.S. government securities with the County in a minimum mount determined by this subparagraph.- Deposits placed with the County will be segregated and, if applicable, invested in on interest bearing account. The Coc~ty shall have the right to use pert or all of the funds to carry out post- closure requirements if the owner or the operator fails to do so. (2) The owner or the operator may establish on escrow occount ac~:eptable to the County with a bank located in this state and deposit an amount no less than determined according to this subparagraph. The escrow account shall consist of cash, certificates of deposit, or U.S. government securities. The County shall be party to the escrow agreement, which shall provide that there shall be no withdrawals fram the escrow ~ccou~t except as authorized in writing by the County. The escrow agreement shall further provide that the County shall have the right to withdraw and use part or ail of the funds in the escrow ~c~;,unt to carry out post-closure requirements if the owner or the operator fails to do so. (3) The owner or the operator may create on irrevocable trust acceptable to the County exclusively foe th~ purpose of ensuring that the owrmr and any successor in interest or the operator will camply with post-closure requirements. The trust agreement shall designate a bank located in this state as trustee and the County of Anoka as the sole beneficiary. The trust corpus shall consist of cash, certificates of deposit or government securities. The owner or the operator shall deposit an amount no less than the amount determined according to this subparagraph. The trust agreement shall further provide that sufficient monies shall be paid from the trust to the beneficiary to carry out post-closure requirements in the event that the owner or any successor in interest or the operator fails to perform any ~of said requirements. The owner or the operator may submit financial assurance in any of the following forms in on amount which equals or exceeds the total estimated past-closure costs specified in the opprovecl post-closure plan. For sites or facilities initially licensed prior to October I, 1983, this financial assurance need not exceed the total which would have been collected prior to site closure if financial assurance had been provided in accordance with Subparagraph A. (I) The owner or the operator may submit on irrevocable standby letter of credit acceptable to the County issued by a bank or other financial institution, located in the State of Minnesota, with the authority to issue letters of credit and whose letter of credit operations are regulated and examined by a federal or state agency. The letter of credit must be irrevocable and issued for a period of at least one (I) year. The letter of credit must provide that the expiration date will be automatically extended for a period of at least one (I) year. If the issuing institution decides not to extend the letter of credit beyond the then current expiration date it must, at least ninety (90) days before that date, notify the owner, the operator, and the Department by certified mail of its decision. The ninety (~0) day period shall begin an the date of receipt by the Department. Expiraticm cannot occur while the owner or the operator is in default in carrying out post-closure requJrernents. The County may draw upon the letter of credit to carry out post-closure requirements in the event that the owner ar any su~essor in interest or the operator fails to perform any of said requirements. The County may also draw upon the letter of credit -6-