Minn. R. agency 167, ch. 7035, SOLID WASTE MANAGEMENT FACILITIES FINANCIAL REQUIREMENTS, pt. 7035.2805
A trust agreement for a trust fund as specified in part 7035.2705 must be worded as specified in this subpart, except that instructions in brackets must be replaced with the relevant information and the brackets deleted.
TRUST AGREEMENT
Trust Agreement, the "Agreement," entered into on [date] by [name of the owner or operator], a [name of state] [insert "corporation," "partnership," "association," or "proprietorship"], the "Grantor," and [name of corporate trustee,], [insert "incorporated in the state of ___________________" or "a national bank"], the "Trustee."
The Minnesota Pollution Control Agency (Agency), an agency of the state of Minnesota, has established rules applicable to the Grantor, requiring that an owner or operator of a solid waste management facility shall provide assurance that funds will be available when needed for closure and/or postclosure care of, and/or contingency action for, the facility.
The Grantor has chosen a trust to provide the financial assurance for the facilities identified herein.
The Grantor, acting through its duly authorized officers, has selected the Trustee to be the trustee under this agreement, and the Trustee is willing to act as trustee.
The Grantor and the Trustee agree as follows:
In Witness Whereof the parties have caused this Agreement to be executed by their respective officers duly authorized and their corporate seals to be hereunto affixed and attested as of the date first above written. The parties below certify that the wording of this Agreement is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 1, as such rules were constituted on the date of signing.
[SIGNATURE OF GRANTOR]
[TITLE]
Attest:
[TITLE]
[SEAL]
[SIGNATURE OF TRUSTEE]
Attest:
[TITLE]
[SEAL]
This part contains an example of the certification of acknowledgment which must accompany the trust agreement for a trust fund as specified in part 7035.2705.
CERTIFICATION OF ACKNOWLEDGMENT
State of ____________________
County of ___________________
On this [date], before me personally came [owner or operator] to me known, who, being by me duly sworn, did depose and say that she/he resides at [address], that she/he is [title] of [corporation, proprietorship, local government entity], the entity described in and which executed the above instrument; [that she/he knows the seal of said [corporation, local government entity]; that the seal affixed to the instrument is the [corporate, local government entity's] seal; that it was so affixed by order of the [Board of Directors, Board of Commissioners, City Council] of said [corporation, local government entity], and that she/he signed her/his name thereto by like order:
| (signature of Notary Public) |
A surety bond guaranteeing payment into a trust fund as specified in part 7035.2725 must be worded as described in this part, except that instructions in brackets must be replaced with the relevant information and the brackets deleted.
FINANCIAL GUARANTEE BOND
Date bond executed: _________________
Effective date: _____________________
Principal: [Legal name and business address of owner or operator]
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
State of incorporation: __________________
Surety(ies): [name(s) and business address(es)]
Identification number, name, address and contingency action, closure, and/or postclosure amount(s) for each facility guaranteed by this bond (indicate contingency action, closure, and postclosure amounts separately): $_______________
Total penal sum of bond: $____________
Surety's bond number: ________________
The Principal and Surety(ies) are firmly bound to the Minnesota Pollution Control Agency (hereinafter called Agency), in the above penal sum for the payment we bind ourselves to, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as cosureties, we, the Sureties, bind ourselves in the sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of the sum only as is set forth opposite the name of the Surety; but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.
The Principal is required to have a permit in order to own or operate each waste facility identified above, and
The Principal is required to provide financial assurance for closure; closure and postclosure care; closure and contingency action; or closure, postclosure care and contingency action as a condition of the permit, and
The Principal shall establish a standby trust fund as required when a surety bond is used to provide financial assurance:
If the Principal shall faithfully, before the beginning of final closure of each facility identified above, fund the standby trust fund in the amount(s) identified above for the closure and/or postclosure care of the facility,
Or, if the Principal shall fund the standby trust fund in the amount(s) identified above for closure and/or postclosure care of the facility within 15 days after an order to begin closure is issued by the Agency Commissioner, the Agency, or court of competent jurisdiction,
Or, if the Principal shall faithfully, before beginning contingency action at any facility identified above, fund the standby trust fund in the amount identified above for contingency action at the facility,
Or, if the Principal shall fund the standby trust fund in the amount identified above for contingency action at the facility within 15 days after an order to begin contingency action is issued by the Agency Commissioner, the Agency, or a court of competent jurisdiction,
Or, if the Principal shall provide alternate financial assurance, as authorized in part 7035.2725, and obtain the Agency Commissioner's written approval of assurance within 90 days after the date notice of cancellation is received by both the Principal and the Agency Commissioner from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Agency Commissioner that the Principal has failed to perform as guaranteed by this bond, the Surety(ies) shall place funds in the amount guaranteed for the facility(ies) into the standby trust fund as directed by the Agency Commissioner.
The liability of the Surety(ies) shall not be discharged by any payment or succession of payments hereunder, unless and until payment or payments shall amount in the aggregate to the penal sum of the bond, but in no event shall the obligation of the Surety(ies) hereunder exceed the amount of said penal sum.
The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the Agency Commissioner, provided, however, that cancellation shall not occur during the 120 days beginning on the date of receipt of the notice of cancellation by the Agency Commissioner, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety(ies) provided, however, that no such notice shall become effective until the Surety(ies) receive(s) written authorization for termination of the bond by the Agency Commissioner.
(The following paragraph is an optional rider that may be included but is not required.)
Principal and Surety(ies) agree to adjust the penal sum of the bond yearly so that it guarantees a new contingency action, closure and/or postclosure amount, provided that the penal sum does not increase by more than 20 percent in any one year, and no decrease in the penal sum takes place without the written permission of the Agency Commissioner.
The Principal and Surety(ies) have signed this Financial Guarantee Bond on the date set forth above.
The persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 3, as the rules were constituted on the date this bond was executed.
Principal
[SIGNATURE(S)]
[NAMES(S)]
[TITLE(S)]
[CORPORATE SEAL]
Corporate Surety(ies)
[NAME AND ADDRESS]
State of incorporation: ________________________
Liability limit: $________
[SIGNATURE(S)]
[NAME(S) AND TITLE(S)]
[CORPORATE SEAL]
[For every cosurety, provide signature(s), corporate seal, and other information in the same manner as for Surety above.]
Bond premium: $________
A surety bond guaranteeing performance of contingency action, closure and/or postclosure care, as specified in part 7035.2735, must be worded as specified in this part, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted.
PERFORMANCE BOND
Date bond executed: ________________
Effective date: ___________________
Principal: [legal name and business address of owner or operator]
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
State of incorporation: ____________________
Surety(ies): [name(s) and business address(es)]
Identification number, name, address and contingency action, closure, and/or postclosure amount(s) for each facility guaranteed by this bond [indicate contingency action, closure, and postclosure amounts separately]: $________
Total penal sum of bond: $________
Surety's bond number: __________________
The Principal and Surety(ies) hereto are firmly bound to the Minnesota Pollution Control Agency (hereinafter called Agency), in the above penal sum for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as cosureties, we, the Sureties, bind ourselves in the sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of the sum only as is set forth opposite the name of the Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.
The Principal is required to provide financial assurance for closure; closure and postclosure care; closure and contingency action; or closure, postclosure care, and contingency action as a condition of the permit; and
The Principal shall establish a standby trust fund as is required when a surety bond is used to provide financial assurance.
The conditions of this obligation are such that if the Principal faithfully performs closure, whenever required to do so, of each facility for which this bond guarantees closure, in accordance with the closure plan and other requirements of the permit as the plan and permit may be amended, pursuant to all applicable laws, statutes, rules, and regulations, as these laws, statutes, rules, and regulations may be amended,
And, if the Principal faithfully performs postclosure care of each facility for which this bond guarantees postclosure care, in accordance with the postclosure plan and other requirements of the permit, as the plan and permit may be amended, pursuant to all applicable laws, statutes, rules, and regulations, as these laws, statutes, rules, and regulations may be amended,
And, if the Principal faithfully performs contingency action for each facility for which this bond guarantees contingency action, when required by and in accordance with the contingency action plan and other requirements of the permit, as the plan and permit may be amended, pursuant to all applicable laws, statutes, rules, and regulations, as such laws, statutes, rules, and regulations may be amended,
Or, if the Principal provides alternate financial assurance as specified in Minnesota Rules, parts 7035.2705 to 7035.2750, and obtains the Agency Commissioner's written approval of the assurance, within 90 days after the date notice of cancellation is received by both the Principal and the Agency Commissioner from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above.
Upon notification by the Agency Commissioner that the Principal has been found in violation of the closure requirements of Minnesota Rules, part 7035.2635 for a facility for which this bond guarantees performance of closure, the Surety(ies) shall place the closure amounts guaranteed for the facility into the standby trust fund as directed by the Agency Commissioner.
Upon notification by the Agency Commissioner that the Principal has been found in violation of the postclosure requirements of Minnesota Rules, part 7035.2655 for a facility for which this bond guarantees performance of postclosure care the Surety(ies) shall place the postclosure amount guaranteed for the facility into the standby trust fund as directed by the Agency Commissioner.
Upon notification by the Agency Commissioner that the Principal has been found in violation of contingency action requirements of Minnesota Rules, part 7035.2615 for a facility for which this bond guarantees performance of contingency action, the Surety(ies) shall place the contingency action amount guaranteed for the facility into the standby trust fund as directed by the Agency Commissioner.
Upon notification by the Agency Commissioner that the Principal has failed to provide alternate financial assurance as specified in Minnesota Rules, part 7035.2735 and obtain written approval of the assurance from the Agency Commissioner during the 90 days following receipt by both the Principal and Agency of a notice of cancellation of the bond, the Surety(ies) shall place funds in the amount guaranteed for the facility(ies) into the standby trust fund as directed by the Agency Commissioner.
The Surety(ies) hereby waive(s) notification of amendments to closure, postclosure, and contingency action plans, permits, applicable laws, statutes, rules, and regulations and agrees that no amendment shall in any way alleviate its (their) obligation on this bond.
The liability of the Surety(ies) shall not be discharged by any payment or succession of payments hereunder, unless and until the payment or payments shall amount in the aggregate to the penal sum of the bond, but in no event shall the obligation of the Surety(ies) hereunder exceed the amount of said penal sum.
The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the owner or operator and to the Agency Commissioner, provided however, that cancellation shall not occur during the 120 days beginning on the date of receipt of the notice of cancellation by both the Principal and the Agency Commissioner, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety(ies), provided, however, that no notice shall become effective until the Surety(ies) receive(s) written authorization for termination of the bond by the Agency Commissioner.
(The following paragraph is an optional rider that may be included but is not required.)
Principal and Surety(ies) agree to adjust the penal sum of the bond yearly so that it guarantees a new contingency action, closure, and postclosure amount, provided that the penal sum does not increase by more than 20 percent in any one year, and no decrease in the penal sum takes place without the written permission of the Agency Commissioner.
The Principal and Surety(ies) have signed this Performance Bond on the date set forth above.
The persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording in Minnesota Rules, part 7035.2805, subpart 4, as the rule was constituted on the date this bond was executed.
Principal
[SIGNATURE(S)]
[NAMES(S)]
[TITLE(S)]
[CORPORATE SEAL]
Corporate Surety(ies)
[NAME AND ADDRESS]
State of incorporation: ________________________
Liability limit: $________
[SIGNATURE(S)]
[NAME(S) AND TITLE(S)]
[CORPORATE SEAL]
[For every cosurety, provide signature(s), corporate seal, and other information in the same manner as for Surety above.]
Bond premium: $________
A letter of credit, as specified in part 7035.2745, must be worded as specified in this part, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted.
IRREVOCABLE STANDBY LETTER OF CREDIT
[Agency Commissioner]
Minnesota Pollution Control Agency
Dear Sir or Madam:
We hereby establish our Irrevocable Standby Letter of Credit No. _________ in your favor, at the request and for the account of [owner's or operator's name and address] up to the aggregate amount of [in words] U.S. dollars $___________, available upon presentation of:
This letter of credit is effective as of [date] and shall expire on [date at least one year later], but the expiration date shall be automatically extended for a period of [at least one year] on [date] and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify both you and [owner's or operator's name] by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. In the event you are so notified, any unused portion of the credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by you, as shown on the signed return receipt.
Whenever this letter of credit is drawn on under and in compliance with the terms of this credit, we shall duly honor the draft upon presentation to us and we shall deposit the amount of the draft directly into the standby trust fund of [owner's or operator's name] in accordance with your instructions.
We certify that the wording of this letter of credit is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 5, as the rules were constituted on the date shown immediately below.
[SIGNATURE(S) AND TITLE(S) OF OFFICIAL(S) OF ISSUING INSTITUTION]
[DATE]
This credit is subject to (insert "the most recent edition of the Uniform Customs and Practice for Documentary Credits, published by the International Chamber of Commerce," or "the Uniform Commercial Code published in chapter 336").
A letter from the chief financial officer of a private firm as specified in part 7035.2750 must be worded as specified in this subpart, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted.
LETTER FROM CHIEF FINANCIAL OFFICER
[Agency Commissioner]
Minnesota Pollution Control Agency
Dear Sir or Madam:
I am the chief financial officer of ______________. This letter is in support of this firm's use of the financial test to demonstrate financial assurance, as specified in Minnesota Rules, parts 7035.0300 to 7035.2875.
[Fill out the following four paragraphs regarding facilities and associated cost estimates. If your firm has no facilities that belong in a particular paragraph, write "None" in the space indicated. For each facility, include its identification number, name, address, and current corrective action, closure, or postclosure cost estimates. Identify each cost estimate as to whether it is for corrective action, closure, or postclosure care.]
_____
_____
_____
_____
This firm [insert "is required" or "is not required"] to file a form 10K with the Securities and Exchange Commission (SEC) for the latest fiscal year.
The fiscal year of this firm ends on [month, day]. The figures for the following items marked with a single asterisk are derived from this firm's independently audited, year-end financial statements for the latest completed fiscal year, ended [date].
I have enclosed with this letter the bonds that provide collateral for the [closure, postclosure care, corrective action] expenses that will be incurred at the sites listed in paragraphs numbered 1 and 2 above.
[Fill in Alternative I if the criteria of Minnesota Rules, part 7035.2750, item B, subitem (1), are used. Fill in Alternative II if the criteria of Minnesota Rules, part 7035.2750, item B, subitem (2), are used.]
Alternative I
| 1. | Sum of the current cost estimates (total of all cost estimates shown in the four numbered paragraphs above) | $_____ | ||
| Current values of the bonds used to demonstrate financial assurance: | ||||
| Maturity date | Estimated market values | Face values | ||
| 2. | Closure | _____ | $_____ | $_____ |
| 3. | Postclosure care | _____ | $_____ | $_____ |
| 4. | Corrective action | _____ | $_____ | $_____ |
| 5. | TOTALS | $_____ | $_____ |
[Indicate the source of the market value estimates and provide details of estimating methods]: _____
_____
| *6. | Total liabilities (if any portion of the cost estimates is included in total liabilities, you may deduct the amount of that portion from this line and add that amount to lines 7 and 8) | $_____ |
| *7. | Tangible net worth | $_____ |
| *8. | Net worth | $_____ |
| *9. | Current assets | $_____ |
| *10. | Current liabilities | $_____ |
| 11. | Net working capital (line 9 minus line 10) | $_____ |
| *12. | The sum of net income plus depreciation depletion and amortization | $_____ |
| *13. | Total assets in U.S. (required only if less than 90 percent of firm's assets are located in U.S.) | $_____ |
| YES | NO | ||
| 14. | Is the market value total on line 5 at least equal to the total costs listed in line 1 above? | _____ | _____ |
| 15. | Is line 8 at least $10,000,000? | _____ | _____ |
| 16. | Is line 8 at least six times line 1? | _____ | _____ |
| 17. | Is line 11 at least six times line 1? | _____ | _____ |
| *18. | Are at least 90 percent of the firm's assets located in the U.S.? If not, complete line 19. | _____ | _____ |
| 19. | Is line 13 at least six times line 1? | _____ | _____ |
| 20. | Is line 6 divided by line 8 less than 2.0? | _____ | _____ |
| 21. | Is line 12 divided by line 6 greater than 0.1? | _____ | _____ |
| 22. | Is line 9 divided by line 10 greater than 1.5? | _____ | _____ |
Alternative II
| 1. | Sum of the current cost estimates (total of all cost estimates shown in the four numbered paragraphs above) | $_____ | ||
| Current values of the bonds used to demonstrate financial assurance: | ||||
| Maturity date | Estimated market values | Face values | ||
| 2. | Closure | _____ | $_____ | $_____ |
| 3. | Postclosure care | _____ | $_____ | $_____ |
| 4. | Corrective action | _____ | $_____ | $_____ |
| 5. | TOTALS | $_____ | $_____ |
[Indicate the source of the market value estimates and provide details of estimating methods]: _____
_____
| 6. | Current bond rating of the most recent issuance of this firm and the name of the rating service: _____ _____ | |
| 7. | Date of issuance of bonds [if the bonds are different than those listed in lines 2 to 4]: _____ _____ | |
| 8. | Date of maturity of bonds [if different than lines 2 to 4]: _____ _____ | |
| *9. | Tangible net worth [if any portion of the corrective action, closure, or postclosure cost estimates is included in "total liabilities" on your firm's financial statements, you may add the amount of that portion to this line] | $_____ |
| *10. | Total assets in U.S. (required only if less than 90 percent of the firm's assets are located in the U.S.) | $_____ |
| YES | NO | ||
| 11. | Is the market value total on line 5 at least equal to the total costs listed in line 1 above? | _____ | _____ |
| 12. | Is line 9 at least $10,000,000? | _____ | _____ |
| 13. | Is line 9 at least six times line 1? | _____ | _____ |
| *14. | Are at least 90 percent of the firm's assets located in the U.S.? If not, complete line 5. | _____ | _____ |
| 15. | Is line 10 at least six times line 1? | _____ | _____ |
I hereby certify that the wording of this letter is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 6, as such rules were constituted on the date shown immediately below.
| _____ | |
| Signature | |
| _____ | |
| Typed name | |
| _____ | |
| Chief financial officer | |
| _____ | |
| Date |
A corporate guarantee, as specified in part 7035.2750, item C, must be worded as specified in this subpart, except that instructions in brackets must be replaced with relevant information and the brackets deleted.
CORPORATE GUARANTEE FOR CORRECTIVE ACTION, CLOSURE, OR POSTCLOSURE CARE
Guarantee made this [date] by [name of guaranteeing entity], a business corporation organized under the laws of the state of [insert name of state], herein referred to as guarantor, to the Minnesota Pollution Control Agency (Agency), obligee, on behalf of our subsidiary [facility owner or operator] of [business address].
Recitals:
I hereby certify that the wording of this guarantee is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 7, as such rules were constituted on the date first above written.
Effective date: _______________________
[NAME OF GUARANTOR]
[AUTHORIZED SIGNATURE FOR GUARANTOR]
[NAME OF PERSON SIGNING]
[TITLE OF PERSON SIGNING]
[SIGNATURE OF WITNESS OR NOTARY]
A letter from the head of an elected or publicly appointed body as specified in part 7035.2750 must be worded as specified in this subpart, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted.
LETTER FROM THE HEAD OF AN ELECTED OR PUBLICLY APPOINTED BODY
[Agency commissioner]
Minnesota Pollution Control Agency
Dear Sir or Madam:
I am the [chair, mayor] of [the ____________________ County Board of commissioners, city of __________________, the ____________________ landfill authority, the ________________ sanitary district]. This letter is in support of this [county's, city's, authority's, district's] use of the financial test to demonstrate financial assurance as specified in Rules, parts 7035.0300 to 7035.2875. This letter is to demonstrate financial assurance for the following sites:
Operator ___________________________
Name ___________________________
Address ___________________________
City ___________________________
Current cost estimates:
Closure _______________
Postclosure care _______________
Corrective action _______________
TOTAL _______________
Operator ___________________________
Name ___________________________
Address ___________________________
City ___________________________
Current cost estimates:
Closure _______________
Postclosure care _______________
Corrective action _______________
TOTAL _______________
Operator ___________________________
Name ___________________________
Address ___________________________
City ___________________________
Current cost estimates:
Closure _______________
Postclosure care _______________
Corrective action _______________
TOTAL _______________
I have enclosed with this letter the [bonds, warrant] that provide(s) collateral for the [closure, postclosure care, corrective action] expenses that will be incurred at the site(s) listed above.
Financial Test
| 1. | Sum of the current cost estimates (total of all cost estimates shown in the paragraphs above) | $_____ | ||
| Current value(s) of the [bonds, warrant] used to demonstrate financial assurance: | ||||
| Issuance and Maturity dates | Estimated market value(s) | Face value(s) | ||
| 2. | Closure | _____ | $_____ | $_____ |
| 3. | Postclosure care | _____ | $_____ | $_____ |
| 4. | Corrective action | _____ | $_____ | $_____ |
| 5. | TOTALS | $_____ | $_____ |
[Indicate the source of the market value estimates and provide details of estimating methods]: _____
_____
| 6. | Current bond rating of the most recent issuance of the county and the name of the rating service | _____ |
| 7. | Date of issuance of the bond | _____ |
| 8. | Date of maturity of the bond (if different than lines 2 to 4 above) | _____ |
| 9. | Total assessed value of the [county, city] | _____ |
| 10. | Limit on total debt, as calculated under Minnesota Statutes, section 475.53 | $_____ |
| 11. | Current total long-term debt | $_____ |
| 12. | Total ad valorem taxes levied for the current fiscal year | $_____ |
| 13. | Limit on current total ad valorem taxes, as calculated under Minnesota Statutes, section 275.51 | $_____ |
| YES | NO | ||
| 14. | Is line 10 minus line 11 greater than the total face value on line 5? | _____ | _____ |
| 15. | For bonds: Is the market value total on line 5 at least equal to line 1? | _____ | _____ |
| For warrants: Is the face value total on line 5 at least equal to line 1? | _____ | _____ | |
| 16. | Is line 13 minus line 12 greater than zero? | _____ | _____ |
| 17. | Will any circumstances expected in the coming year change the answers on lines 14 to 16? (provide evidence in support of this answer) | _____ | _____ |
I hereby certify that the wording of this letter is identical to the wording specified in Minnesota Rules, part 7035.2805, subpart 8, as such rules were constituted on the date shown below.
| _____ | |
| Signature | |
| _____ | |
| Typed name | |
| _____ | |
| (Chair, Mayor) | |
| _____ | |
| Date | |
| _____ | |
| Signature | |
| _____ | |
| Typed name | |
| _____ | _____ |
| (Auditor, City Manager) | (County, City) seal |
| _____ | |
| Date |
A resolution establishing a dedicated long-term care trust fund, as specified in part 7035.2720, must be worded as specified in this part, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted.
RESOLUTION ESTABLISHING A DEDICATED
LONG-TERM CARE TRUST FUND
WHEREAS the [county, city, authority] of [name], as [owner, operator] of the [facility name] mixed municipal solid waste land disposal facility, is required under Minnesota Statutes, section 116.07, subdivision 4h, and Minnesota Rules, part 7035.2695, to provide evidence of financial assurance for the [name(s)] mixed municipal solid waste land disposal facility, and the [county, city, authority] of [name] acknowledges the jurisdiction of the Minnesota Pollution Control Agency in this matter;
NOW THEREFORE BE IT RESOLVED that there is created in the [name] [county, city, authority] treasury a dedicated long-term care trust fund, and that money in this fund shall be held in trust and may only be used to pay for closure, postclosure care, or contingency actions as specified in Minnesota Rules, parts 7035.2605 to 7035.2655, and in the permit(s) that apply to the facility(ies) referenced above, and that deposits into the fund shall conform with the requirements of Minnesota Rules, part 7035.2720, and that no disbursements from the fund shall be made without the written permission of the commissioner of the Minnesota Pollution Control Agency, and that the [county, city, authority] of [name] is bound to reimburse the Minnesota Pollution Control Agency for any legal and administrative costs incurred in actions taken to force the [county, city, authority] to act on this resolution, and that the money needed to make such reimbursements shall not be taken from the dedicated long-term care trust fund, and that [name and title] and [his, her] successors in office shall be the fund's trustee and shall be responsible for making all reports required under Minnesota Rules, part 7035.2720.
_____
[title]
STATE OF MINNESOTA
[County, city, authority] of [name]
I, [name], [title] of [name] [county, city, authority] certify that the above resolution was adopted at the regular meeting of the [name] [county, city, authority] [name of appropriate body, e.g., Board of Commissioners] on the ____ day of _________, 20__.
| Attest: _____ | |
| [name] | |
| [title] |
Minn. R. agency 167, ch. 7035, SOLID WASTE MANAGEMENT FACILITIES FINANCIAL REQUIREMENTS, pt. 7035.2805
Statutory Authority: MS s 115.03; 116.07