An owner or operator of a solid waste disposal facility licensed under section 1310?N shall provide the department assurance of its financial ability to satisfy the estimated cost of corrective action for known releases from the facility and its financial capacity to satisfy the estimated cost of closure and postclosure care and maintenance at the facility for a period of at least 30 years after closure. The board may adopt rules that increase or decrease that postclosure care period, as long as those rules are consistent with applicable federal rules. The department may consider the use of more than one acceptable form of financial assurance per facility to satisfy the financial assurance requirement of this section. This section applies to all privately owned solid waste disposal facilities licensed by the department, including facilities licensed by the department before June 16, 1993. This section does not apply to a municipally owned or operated solid waste disposal facility that accepts exclusively special waste, construction and demolition debris, land-clearing debris or any combination of those types of waste or to a municipally owned or operated solid waste disposal facility licensed before June 16, 1993. [PL 2001, c. 575, §1 (AMD).]
1. Acceptable forms of financial assurance. Acceptable forms of financial assurance are:
A. A letter of credit; [PL 1993, c. 378, §9 (NEW).]
B. A surety bond; [PL 1993, c. 378, §9 (NEW).]
C. An escrow account; [PL 1993, c. 378, §9 (NEW).]
D. A reserve account calculated in a manner consistent with the United States Internal Revenue Code; [PL 1993, c. 378, §9 (NEW).]
E. An irrevocable trust account; or [PL 1993, c. 378, §9 (NEW).]
F. In the case of a municipal solid waste disposal facility, any of the allowable financial assurance mechanisms set forth in applicable federal rules. [PL 1993, c. 378, §9 (NEW).]

[PL 1993, c. 378, §9 (NEW).]

Terms Used In Maine Revised Statutes Title 38 Sec. 1310-Y

  • Amortization: Paying off a loan by regular installments.
  • Construction and demolition debris: means debris resulting from construction, remodeling, repair, and demolition of structures. See Maine Revised Statutes Title 38 Sec. 1303-C
  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Disposal: means the discharge, deposit, dumping, spilling, leaking or placing of hazardous, biomedical or solid waste, waste oil, refuse-derived fuel, sludge or septage into or on land, air or water and the incineration of solid waste, refuse-derived fuel, sludge or septage so that the hazardous, biomedical or solid waste, waste oil, refuse-derived fuel, sludge or septage or a constituent of the hazardous, biomedical or solid waste, waste oil, refuse-derived fuel, sludge or septage may enter the environment or be emitted into the air, or discharged into waters, including ground waters. See Maine Revised Statutes Title 38 Sec. 1303-C
  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.
  • Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
  • Solid waste: means useless, unwanted or discarded solid material with insufficient liquid content to be free-flowing, including, but not limited to, rubbish, garbage, refuse-derived fuel, scrap materials, junk, refuse, inert fill material and landscape refuse, but does not include hazardous waste, biomedical waste, septage or agricultural wastes. See Maine Revised Statutes Title 38 Sec. 1303-C
  • Solid waste disposal facility: means a solid waste facility for the incineration or landfilling of solid waste or refuse-derived fuel. See Maine Revised Statutes Title 38 Sec. 1303-C
  • Special waste: means any solid waste generated by sources other than domestic and typical commercial establishments that exists in such an unusual quantity or in such a chemical or physical state, or any combination thereof, that may disrupt or impair effective waste management or threaten the public health, human safety or the environment and requires special handling, transportation and disposal procedures. See Maine Revised Statutes Title 38 Sec. 1303-C
  • United States: includes territories and the District of Columbia. See Maine Revised Statutes Title 1 Sec. 72
  • Year: means a calendar year, unless otherwise expressed. See Maine Revised Statutes Title 1 Sec. 72
1-A. Substitute requirements. The department may substitute part of the acceptable forms of financial assurance under subsection 1 with one or more of the following requirements:
A. A current rating for its senior unsubordinated debt of AAA, AA, A or BBB as issued by Standard and Poor’s Corporation or Aaa, Aa, A or Baa as issued by Moody’s Investors Services, Inc.; [PL 2001, c. 575, §1 (NEW).]
B. A ratio of less than 1.5 comparing total liabilities to net worth; or [PL 2001, c. 575, §1 (NEW).]
C. A ratio of greater than 0.10 comparing the sum of net income plus depreciation, depletion and amortization, minus $10,000,000, to total liabilities. [PL 2001, c. 575, §1 (NEW).]

[PL 2001, c. 575, §1 (NEW).]

2. Report. An owner or operator of a solid waste disposal facility shall annually prepare a report containing a sworn statement providing the year-end balance of any escrow, trust or reserve account established under this section. That report must be submitted to the commissioner by March 31st of each year or such other date as the commissioner may designate.

[PL 1993, c. 378, §9 (NEW).]

SECTION HISTORY

PL 1993, c. 378, §9 (NEW). PL 1995, c. 44, §1 (AMD). PL 2001, c. 315, §4 (AMD). PL 2001, c. 575, §1 (AMD).
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