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III. FINANCIAL RESPONSIBILITY <br /> 1.0 FINANCIAL ASSURANCE NEEDS <br /> Closure/Postclosure Regulations specify that 30 years of annual <br /> cost be used to establish the postclosure cost estimate for <br /> financial assurance purposes. The table below shows the specific <br /> total amounts needed. <br /> Financial Assurance Needs <br /> Annual $ 54,080 <br /> (x 30 yrs. ) $1,622,400 <br /> TOTAL $1,622,400 <br /> 2 . 0 PROPOSED FINANCIAL ASSURANCE MECHANISM <br /> As of January_„ 1994 there was a balance of $514, 794 in the <br /> Postclosure fund. The County will collect the balance of $296,406 <br /> from tipping fees during calendar year 1994. <br /> Postclosure funds would be disbursed as needed throughout the <br /> postclosure maintenance period from the Solid Waste Enterprise Fund <br /> or the Postclosure Maintenance Fund. An engineer will inspect the <br /> site on a quarterly basis. Any deficiencies will be reported <br /> immediately and corrected as soon as possible. The party <br /> performing the work shall submit an invoice upon completion of the <br /> repair. The County will pay the invoice from the Postclosure <br /> Maintenance Fund upon completion of the repairs to the satisfaction <br /> of the County. <br /> 16 <br />