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Board of Supervisors -2- THE SOLID WASTE CLOSURE ENTERPRISE FUND Recently, the California Waste Management Board (CWMB) adopted new regulations which, in part, expanded the criteria of the financial mechanisms, including Enterprise Funds, used to meet Assembly Bill 2448 guidelines. The new criteria with respect to Enterprise Funds is as follows: 1. The Enterprise Fund (EF) must provide the same protection equal to a trust fund in ensuring that the assured amount of funds will be available in a timely manner for the purposes mandated by Assembly Bill 2448. 2. The revenue deposited into the EF is to be used exclusively for closure and postclosure activities, and is to remain inviolate against all other claims, including claims by the County of San Joaquin, the Board of Supervisors, and the creditors of the County of San Joaquin and the Board of Supervisors. 3. The CWMB is to be authorized to direct the County of San Joaquin to pay closure or postclosure maintenance if the CWMB determines that the County of San Joaquin has failed to per- form closure or postclosure maintenance activities covered by the EF. 4. When investing the revenue deposited into the EF, the County Treasurer shall exercise investment discretion similar to a trustee. 5. The County Auditor - Controller is to maintain and disburse the assured funds in conformance with applicable State regulations. 6. The EF is to meet other requirements that the CWMB determines are needed to ensure that the assured amount of funds will be available in a timely manner for closure and postclosure maintenance activities. The Department of Public Worxs believes that the proposed Resolution meets the above criteria, and that the CWMB, with the adoption of the Resolution, would deem the SWCEF adequate. The County Administrator's staff, County Counsel, and the County Auditor - Controller have reviewed the proposed Resolution and concur with the recommended course of action.