Escrow Agreement DEPARTMENT OF ENVIRONMENTAL REGULATION
ESCROW AGREEMENT
MONROE COUNTY LANDFILLS
The Clerk of the Circuit Court Monroe County - Accounting
Department has established an interest - bearing escrow account with
the State Board of Administration, Agency Number 104035. The
beneficiary of this account is the Monroe County Board of County
Commissioners. The trustee of this account shall be the Monroe
County Clerk of the Circuit Court.
This account is an accumulative escrow account maintained for the
sole purpose of landfill closure and long -term care of the Key
Largo Landfill, Long Key Landfill, Cudjoe Key Landfill, according
to Rule 17- 701.076 (4) (d), F.A.C. (1989). The total amount of
money kept on deposit shall be determined by a Registered
Professional Engineer with the State of Florida, and approved by
the Department of Environmental Regulation.
Funds in this account will not be used for any other purpose other
than landfill closure and long -term care, and disbursements from
this escrow account shall be under the approval of the Board of
County Commissioners and the Clerk of the Circuit Court.
I have read this statement and fully understand its content.
• - Date :�,e, �l ,
• Ko age -
Clerk of •- Circuit Court
•449 ' i/e -Ln Date: -7
Charles P. Aguee , Manager
Municipal Servic District
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,,,,,,ssA Florida Department of Environmental Regulation
1bvin Towers Office Bldg. • 2600 Blair Scone Road • Tallahassee, Florida 32399 -2400
Lawton Chiles. Governor MEMORANDUM Carol N. Browner. Secretary
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TO: Solid Waste Management Facility Owners
APR 1TL'N
FROM: Rick Wilkins, Director }
Division of Waste Management �J "ow arti
DATE: March 19, 1991
SUBJECT: Financial Responsibility Agency Policy
I. Financial Test and Corporate Guarantee Filing Date for Local
Governments Using a Single Audit Accounting System
40 CFR 264.143(f) and 264.145(f), as adopted by reference in Rule
17- 701.076, F.A.C., allows owners and operators of solid waste
management facilities to use a financial test and corporate guarantee
to satisfy closure and /or long -term care financial assurance
requirements. Facilities using a financial test must update test
information annually within 90 days after the close of each succeeding
fiscal year. Local governments using a single audit accounting system
cannot meet the 90 day time period. The period of time from audit
inception to completion and issuance of financial statements can be up
to 180 days. The Department intends to amend the rule to correct this
problem. Until then, the following agency policy shall be in effect:
Rule 17- 701.076(6)(a), F.A.C. includes the use of a financial test and
corporate guarantee as an alternate method of establishing proof of
financial responsibility. Local governments using a single audit
accounting system and providing proof of financial responsibility using
a financial test must provide updated information required in 40 CFR
264.143(f) and 264.145(f) to the Department within 180 days after the
close of each succeeding fiscal year.
II. Financial Responsibility for Existing or Closed Landfills
Rule 17- 701.076, F.A.C., requires owners or operators of existing
. landfills to provide proof of financial responsibility for the costs of
closure of those facilities by October 1, 1990. Privately owned
landfills have been required to provide proof of financial
responsibility since 1985. However, government owned landfills have
not had this responsibility until the above date. It has become
apparent in cases of inactive or soon -to -close landfills that
compliance with the time requirements of this rule may impose an
unwarranted financial burden on local governments, while providing
little additional environmental protection. These local governments
have generally already made financial arrangements to fund the imminent
closure of their landfill. The Department intends to amend this rule
to address this problem. Until then, the following agency policy shall
be in effect:
MEMORANDUM
• March 19, 1991
Page two
1) Landfills which were closed prior to October 1, 1988 (the
effective date of Section 403.7125, F.S.), shall not be
required to comply with this rule.
2) Existing privately -owned landfills must continue to comply
with Rule 17- 701.076, F.A.C.
3) Existing government -owned landfills which are scheduled to
close after October 1, 1995 must comply with this rule by
October 1, 1990.
4) Existing government -owned landfills which are scheduled to
close on or before October 1, 1995 shall not be required to
comply with the provisions of Rule 17- 701.076, F.A.C.,
relating to the closing of the landfill. However, the local
government must document with specificity how it intends to
finance the closing of the landfill, and it must comply with
the requirements of 17- 701.076, F.A.C., for long -term care
costs by establishing an escrow account or other approved
alternate mechanism. If an escrow account is used, the
formula for annual payments into the escrow account outlined
in 17- 701.076(5)(d)1, F.A.C., shall be used. When using the
formula, CE is the current calculated long -term care costs
. estimate, and Y is the number of years remaining , before
October 1, 1995.
Many government -owned landfills will close portions of the landfill.
between now and October 1, 1995. For purposes of this policy, each
solid waste disposal unit which will be fully closed independent of
other solid waste disposal units should be treated as though it were a
landfill. For example, if Phase I of a landfill will close prior to
October 1, 1995, and Phase II of that landfill will close after October
1, 1995, then just the costs of long term care shall be provided for
Phase I by October 1995, while the costs of closure /long -term care
shall be provided for Phase II in accordance with the rule.
Nothing in this policy should be construed to prevent any local
government from providing financial responsibility for the full costs
of closure for landfills which will close before October 1, 1995. Nor
should this policy be construed as somehow weakening the closure
requirements of Rules 17- 701.070 -.075, F.A.C. All landfills must meet
these closure requirements even where proof of financial responsibility
is not required.
Finally, landfills which are operating or closing under a consent order
generally must comply with the requirements of the rule and this
policy. However, specific provisions of an established consent order
relating to financial responsibility shall take precedence over this
policy.
RGW /fwm
cc: Waste Program Administrators
Deputy Assistant Secretaries
0111' atlill � 7L.. �r�.c;:;d'tr.b•. ',f...V � #..;,, f..r,;1..,t1.... t' , ,
. y %SoIId Wa'sf e•20 •Y114 pi�i�i r�i 1' • n:.r;',.:: _ _ ��}},, "1
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6xpendlture
.Funds AYkllttlls!.... 14
FY 1991
Funds Available $1,700,000
Renewal & Replacement (Net) • $800,000
Revenue Bond lama 80
Total Funds Available $2,500,000
Rcqufcments
- Key Largn I.arwlflll rtn•urn 51.257.000
Cudjoe Key Landfill Closure • $1,027,320
Tool Requirements $2,284,520
FY 1993
Prior Year Pund Balance • 8215,480
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Funds Available SO
Renewal & Replacement (Net) • $300,000
Revenue Bond blue $1,449,720
Toial Funds Available $2,165,200
Requirements
Long Key Landfill Front GII 81,400,000
Key Largo Closure Maintenance $81,100
CudJue Key Ctueure Maintenance $34,000
Total Requirements $1,535,100
FY 1993 •
Prior Year Fund Balance $630,100
Funds Available 80
Renewal & Replacement (Net) • $500,d00
Revenue Bond Issue $0
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Total Funds Available $1,130,100
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Requirements
Lout; Koy Patna Cell M.4urua,w, 395,000
Long Key Rear Cell Closure 8900,000
Key Largo Closure Maintenance $81,100
CudJue Key Closure Maintenance 872,790
Total Requirements • 81,148,800
FY 1994 through FY 2011 •• •
Prior Year Pund Balance 80 • •
Finds Available 80
Renewal & Replacement (Net) • 8500,000
Total Funds Available i500,000
Requirements
Lohg Key Closure Maintenance $ 143,000
wy Iargnt'M oiraMalntftnanrA SR1,100
Cud* Key Closure Maintenance $72,700
Total Requirements $296,800
• Bond Counsel ruled Renewal & Replacement hands may be used for thin purpose.
'• Shown in 1990 dollar
Prepued By Public Finutclal Management, ln.'. 10/1/90
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