N.M. Admin. Code § 20.9.10.20

Current through Register Vol. 35, No. 23, December 10, 2024

Section 20.9.10.20 - LOCAL GOVERNMENT RESERVE FUND

A local government may demonstrate financial assurance for closure, post-closure care, phase I and phase II assessments, and corrective action by establishing a reserve fund within its existing financial accounting system.

A. The reserve fund shall be created by resolution of the governing body specifying the use of funds only for purposes of closure, post-closure care, phase I and phase II assessments, or corrective action for the facility. The reserve fund shall specify that the funds shall be used for closure, post-closure care, phase I and phase II assessments and corrective action costs in compliance with 20.9.2 - 20.9.10 NMAC and orders issued pursuant to such rules by the secretary. In the case of closure, post-closure care, and phase I and phase II assessments for new facilities, the resolution shall be effective prior to the initial receipt of waste. In the case of corrective action, the resolution shall be effective not later than 120 days after the corrective action remedy has been approved by the secretary. The resolution shall specify withdrawals from the fund will shall only occur with approval by the secretary. Funding of the reserve fund shall be in conformance with the formulas specified for trust funds in 20.9.10.14 NMAC. The reserve fund shall be audited annually by the state auditor under the Single Audit Act.

B. The local government shall file a copy of the resolution with the department. The local government shall file audit reports of the reserve fund annually with the department.

N.M. Admin. Code § 20.9.10.20

20.9.10.20 NMAC - Rp, 20 NMAC 9.1.IX.906, 8/2/2007