Financial Responsibility Requirements

Financial Responsibility Requirements. A. Persons who operate waste tire collection sites or waste tire processing facilities shall estimate the costs of processing and disposal of the maximum number of waste tires/processed tires expected on site before closure of the facility, and must update such estimates annually, unless an alternate schedule is approved by the Department. Cost estimates must be approved by the Department. The costs shall be based on a third party performing the work, reported on a per unit basis. Such persons shall provide the Department with proof of financial responsibility issued in the amount of such approved estimate for closure of the facility. Proof of financial responsibility may include the following financial instruments: escrow accounts, surety bonds, including performance bonds or financial guarantee bonds; irrevocable letters of credit; certificates of deposit; securities; and other documents, approved by the Department. The financial instruments shall be issued by a surety company or financial institution licensed to do business in the State of Mississippi. Persons operating an authorized solid waste management landfill which includes a waste tire collection site/waste tire processing facility as a part of their operations and whose proof of financial responsibility for closure of the landfill is deemed adequate by the Department to cover closure costs of the waste tire collection site/waste tire processing facility, may not be required to submit new documentation of financial responsibility. The Department may, in its discretion, exempt certain persons from these financial assurance requirements based on the duration of the proposed project and the quantity of tires to be managed by the project.