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Financial Responsibility and Capability

All Facilities Applicants are required to provide proof of
Financial Responsibility and Capability

Appendix B includes discussion and all forms listed below

Private owners and operators can provide financial assurance through one or a combination of the following financial responsibility instruments:

1. Trust fund (Document 1) maintained by the applicant for the benefit of the agency with a surety bond (Document 2) guaranteeing full payment into the fund.
2. Surety bond guaranteeing performance of closure or post-closure care.
(Document 3)
3. An irrevocable standby letter of credit. (Document 4)
4. Financial test and corporate guarantee which requires the following documentation:
a. A letter from the chief financial officer. (Document 5)
b. A copy of the auditor's opinion expressed on the corporations most recent annual financial statements.
c. A special report from the applicant's independent auditor.
d. If available, the latest form 10-K submitted to the SEC.
5. Escrow agreement with annuity payments. (Document 6).
6. Escrow agreement established with lump sum payment. (Document 7).
7. Other financial responsibility instruments deemed appropriate by the Secretary.

Financial Assurance Documentation for Public Facilities: Financial assurance for facilities owned or operated by the State of Vermont, Vermont municipalities, Union Municipal Districts under 24 VSA, Chapter 121, or by other public entities is provided through a documentation of financial capability. The following documents are required:

1. To be submitted annually:

a. Auditor's Annual Report or a report containing at the minimum the information required of municipalities by 24 VSA, Sections 1681 through 1683.

2. To be submitted biennially:

a. A letter from the town treasurer or the chief financial officer detailing income and expense for the owned or operated solid waste facility and certifying that the entity will be financially capable of meeting estimated closure and post-closure costs.

b. A letter from the entity's auditor or independent certified public accountant expressing an opinion as to the entity's financial capability of meeting estimated costs of closure and post-closure.

 

 

Documents in PDF format can be viewed on screen, searched and printed. They require the Adobe Acrobat Reader. The reader is available for free from Adobe Corporation web site

 

Last updated:
VT DEC Waste Management & Prevention Division 1 National Life Drive - Davis 1  Montpelier, VT  05620-3704  Tele: 802-828-1138  Fax: 802-828-1011

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