TO AMEND CERTAIN FINANCIAL ASSURANCE REQUIREMENTS APPLICABLE TO OWNERS AND OPERATORS OF SANITARY LANDFILLS TO (1) DECREASE THE MINIMUM AMOUNT OF FINANCIAL ASSURANCE THAT MUST BE ESTABLISHED TO COVER COSTS FOR POTENTIAL ASSESSMENT AND CORRECTIVE ACTION AT A FACILITY; AND (2) AUTHORIZE THE USE OF A TRUST FUND PAY-IN PERIOD AS AN ALLOWABLE MECHANISM TO ESTABLISH THE FINANCIAL ASSURANCE NECESSARY FOR POTENTIAL ASSESSMENT AND CORRECTIVE ACTION AT A FACILITY.
Senate committee substitute makes the following changes to 1st edition. Amends GS 130A-295.2(f) to clarify that the rules adopted by the Commission for Public Health must (previously may) allow a business entity that is an applicant for a permit or a permit holder to establish financial assurance through insurance, irrevocable letters of credit, trust, surety bonds, corporate financial tests, or any other financial device as allowed pursuant to 40 CFR § 258.74 (July 1, 2010 Edition). Provides that where a corporate financial test is used that is substantially similar to the test allowed under the federal law above, the assets are presumed to be readily accessible by the Department of Health and Human Services and not otherwise accessible to the permit holder. Makes a conforming change to the bill title.
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