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.
|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
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. 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
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
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
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