(a) Establishment. There is a Solid Waste Financial Assurance Fund.
(b) Purpose. The Solid Waste Financial Assurance Fund shall be used to:
(1) constitute the financial assurance required by federal regulation for closure and post- closure care of each municipal solid waste landfill owned or operated by the County, if necessary; or
(2) finance closure and post-closure care of each municipal solid waste landfill owned or operated by the County that is subject to the financial assurance requirements for closure and post-closure care under applicable federal regulations.
(c) Administration.
(1) If the Solid Waste Financial Assurance Fund is used for the purpose set forth in subsection (b)(1), Trustees designated by the County Executive shall administer the Fund, and the Fund shall be administered pursuant to a trust agreement meeting the requirements of federal regulation; and
(2) If the Solid Waste Financial Assurance Fund is used to finance closure and post-closure care under subsection (b)(2) and the funds accumulated in the Fund are insufficient to fully fund the estimated liability for closure and post-closure care recorded in the County's audited annual financial statements for the previous fiscal year, the budget submitted to the County Council for the next three fiscal years shall include an amount sufficient to fully fund the estimated liability by the end of the third fiscal year.
(1985 Code, Art. 6, § 5A-101) (Bill No. 39-93; Bill No. 91-10; Bill No. 76-12)