SEARCH SITE

VIRGINIA LAW PORTAL

SEARCHABLE DATABASES

ACROSS SESSIONS

Developed and maintained by the Division of Legislative Automated Systems.

2000 SESSION

  • | print version

HB 249 Financial assurance for solid waste facilities.

Introduced by: James H. Dillard II | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Financial assurance for solid waste facilities. Directs the Waste Management Board, when promulgating regulations to ensure that owners and operators have the financial capacity to properly operate and close a solid waste facility, to require the owners and operators to pass a test of financial viability and deposit funds into an escrow account as a means of ensuring the availability of adequate funds to properly operate and care for the site when the facility is closed. The owner of the facility, in lieu of a test of financial viability and the establishment of an escrow account, may establish proof of financial assurance by using such mechanisms as surety bonds, certificates of deposit, securities, letters of credit, trust fund agreements and commercial insurance. The financial assurance requirement also includes the requirement that the owners and operators have the ability to pay for the cleanup of any facility-related pollution event. The regulations also will require the facility's owner to maintain pollution liability coverage for claims made by third parties, by using commercial insurance or other financial instruments authorized by the Board.


FULL TEXT

HISTORY