COMPLIANCE INFO_1978-1992 - Laserfiche WebLink

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Resolution No. FINANCIAL ASSURANCE •- • a R gulations") , Division 7, Chapter 5, Article 3.5, require operators of solid waste landfills to demonstrate the availability of financial resources to conduct closure and postclosure maintenance activities; and WHEREAS, Sections 18283 and 18285 of the Regulations specify an Enterprise Fund and related financial assurance mechanisms as acceptable mechanisms to demonstrate financial responsibility for financing the closure and postclosure maintenance of a solid waste landfill; now, therefore, BE IT RESOLVED BY THE COUNCIL OF THE CITY OF STOCKTON, AS FOLLOWS: 1. That the Finance Director of the City of Stockton is authorized and directed to establish and maintain an Enterprise Fund for the French Camp Landfill; 2. That the Finance Director is further directed to withdraw funds from the Enterprise Fund, for deposit into the financial assurance mechanism hereafter provided, sufficient to meet the requirements of sections 18282 and 18285 of the Regulations on a timely basis; 3. That the funds referred to in Section 2 above shall be deposited and retained by the Finance Department of the City of Stockton in a separate fund to be known as the French Camp Landfill Closure/ Postclosure Maintenance Fund and shall be used to pay only f or closure and postclosure maintenance of the Landfill; 4. That the Closure/ Postclosure Fund shall be and remain inviolate against all other claims, including claims of this City or its City Council or the creditors thereof, it being the intent of this Resolution that the mechanism established hereby will provide equivalent protection to a trust fund in ensuring that the assured amounts of funds will be available in a timely manner for closure and/or postclosure maintenance of the Landfill; CITY ATTY L..;Fs REVIEW- asm