Laserfiche WebLink
(k) A government agency may rovide a local government <br />guarantee for a disposal face ity of another government agency or <br />private company. <br />Authorit cited: Sections 40502 and 43601.5, Public Resources Code. <br />References: Sections 43500 through 43610.1,lic Resources Code, <br />r=Record Keeping-.. <br />(b) <br />(11) Local Government Financial Test. An operator using a <br />local government financial test sFiall maintain a co o the <br />information specified in 249. <br />(12) Local Government Guarantee. An operator using a <br />guarantee shall maintain ocumentation of the guarantor's <br />qualifications or providing a guarantee under X22249 and §22249.5. <br />TICLE 2. <br />§22249. <br />Test. (new <br />t <br />CI — FINANCIAL ASSURANCE MECHANISM <br />-CIWMB - Local Government Financial <br />(a) To pass the local government financial test, and to <br />demonstrate financial responsibility for postclosure maintenance <br />and/or corrective action costs, an operator or a guarantor shall be <br />a local government agency and shall meet the criteria of sections <br />(e),(f),(i) and (') based on financial statements prepared in <br />conformity with Generaiiy Accepted Accounting Principles for <br />governments and have its financial statements audited by an <br />independent certified public accountant. <br />(b) A local government is not eligible to assure its <br />obligations under section 22249 1F it: <br />(1) Is currently in default on any outstanding general <br />obligation bonds, or <br />(2) Has any outstandin eneral obligation bonds rated lower <br />than Baa as issue y Moody's or BBB as issued by standard and <br />Poor's, or <br />(3) Has operated at a deficit equal to five ercent or more <br />of total annuai revenue in each o -the past two isca years, or <br />5 <br />