May 27, 2011
Financial Assurance for Corrective Action at Landfills – House Bill 209
As currently transcribed, HB 209 proposes to reduce the financial assurance obligation to two million dollars and sets forth provisions to allow the owners and operators of landfills permitted on or before August 1, 2009 means to satisfy the financial assurance commitment through the development of a trust fund under the following provisions:
- The trustee shall be an entity which has the authority to act as a trustee and trust operations are regulated and examined by a State or Federal agency;
- A copy of the trust agreement shall be placed in the facility’s operating records;
- Payment into the trust fund shall be made annually by the owner or operator over a period not to exceed five years;
- Payment into the fund shall be made in equal annual installment amounts;
- The trust fund may be terminated by the owner or operator only of the owner or operator establishes financial assurances by another means; and
- The trust agreement shall be accompanied by formal certification of acknowledgement
- HB 209 passed the first reading in the House on March 3, 2011 and was referred to the House Committee on the Environment which met to discuss the merits of the provisions on May 26, 2011. The bill was passed by the committee and will move on to the floor.
The General Assembly’s 2011 regular session’s cross over date is June 9, 2011. If the provisions of HB 209 are to be enacted, a companion bill in the Senate may need to be introduced and all actions or modifications adjusted by any of the reviewing legislative committees have to be approved by both houses of the General Assembly prior to ratification.
A copy of House Bill 209 can be found here.
The primary sponsors of the bill may be reached at the following contact information:
Rep. Dan Ingle
Rep. Mitch Gillespie
RSG will continue to monitor this important legislation and will provide updates as appropriate.