Section 39-7417 - FINANCIAL ASSURANCE FOR CLOSURE, POST CLOSURE CARE AND CORRECTIVE ACTION(1) Applicability. These requirements shall apply to new MSWLF units, existing MSWLF units and lateral expansions except as exempted in 40 CFR 258.1(d) and 258.70(a).(2) The requirements of this section are effective April 9, 1995, except for MSWLF units meeting the conditions of 40 CFR 258.1(f)(1), in which case the effective date is October 9, 1995, or at such later date upon subsequent amendment of 40 CFR 258.70 through 258.74.(3) All MSWLF units shall be underwritten by financial assurance provisions as provided by the following: (a) Closure as provided in 40 CFR 258.71;(b) Post closure care as provided in 40 CFR 258.72; and(c) Corrective action as provided in 40 CFR 258.73.(4) The financial assurance mechanisms provided for MSWLF units shall include any mechanism or a combination of mechanisms meeting the criteria of 40 CFR 258.74.(5) Counties may use available borrowing capability through registered warrants for a prearranged amount and preapproved by a lending institution as a financial mechanism to assure assessment monitoring and corrective action needs.(6) Subdivisions of the state may use any method provided by law to meet the requirements of this section.(7) MSWLF units owned or operated by subdivisions of the state that qualify under 40 CFR 258.74(f) may include any mechanism allowed to them upon adoption and publication.(8) Financial assurance funds for MSWLF units not located on federal or state lands shall be deposited in a county trust fund in the county in which the MSWLF unit is located. The county shall act as the trustee for the trust funds, and as named coprincipal for surety bonds, letters of credit, and insurance. As trustee, the county may require an independent audit of the adequacy of the financial assurance but shall not become liable for financial assurance except in the case of default as otherwise defined by federal and state law.[39-7417, added 1992, ch. 331, sec. 1, p. 989; am. 1993, ch. 139, sec. 18, p. 363; am. 1994, ch. 75, sec. 10, p. 170.]