Today's Law As Amended


Add To My Favorites | print page

AB-467 Integrated waste management: landfill closure program.(2001-2002)



As Amends the Law Today


SECTION 1.

 Chapter 2.6 (commencing with Section 48200) is added to Part 7 of Division 30 of the Public Resources Code, to read:

CHAPTER  2.6. Landfill Closure Loan Program
48200.
 The Legislature hereby finds that some solid waste landfill operators, particularly those of older-technology, unlined landfills located in rural areas, want to pursue early landfill closure as it is not economically feasible to upgrade their landfills to current environmental design standards, even though there may be significant landfill capacity remaining. The Legislature declares that it is necessary to establish a financial assistance program to assist these operators in early closure of their landfills.
48201.
 For the purposes of this chapter, “program” means the Landfill Closure Loan Program.
48202.
 (a) The Legislature hereby establishes the Landfill Closure Loan Program to provide financial assistance to operators of older-technology, unlined landfills, who want to pursue early landfill closure in order to mitigate potential environmental problems.
(b) The board may expend funds from the Integrated Waste Management Fund, upon appropriation by the Legislature, to make loans to operators of solid waste landfills to assist them in the early closure of their landfills. In granting loans, the board shall give highest priority to operators of small, rural, unlined landfills that, if not closed, would represent the most serious potential threat to the public health and safety, or the environment, in the opinion of the board.
(c) The board may expend money in the fund, upon appropriation by the Legislature, for program administration.
(d) All funds received from the operation of the program, including, but not limited to, principal repayments, recovery of collection costs, income earned on any asset recovered pursuant to loan default, and funds collected through foreclosure actions, shall be deposited in the fund and may be used for purposes authorized by this chapter.
(e) The board may set aside moneys in the fund for the purposes of paying costs necessary to protect the state’s position as a lender-creditor. These costs shall include, but not be limited to, foreclosure expenses, environmental reports, auction fees, title searches, appraisals, real estate brokerage fees, attorney fees, mortgage payments, insurance payments, utility costs, repair costs, removal and storage costs for repossessed equipment and inventory, and expenditures to purchase a senior lien in foreclosure or bankruptcy proceedings.
48204.
 Loans made pursuant to this chapter shall be subject to all of the following requirements:
(a) The terms of any approved loan shall be specified in a loan agreement between the borrower and the board. All money received as repayment on a loan shall be deposited in the fund.
(b) The board shall approve only those loan applications that demonstrate the applicant’s financial ability to repay the loan.
(c) Loans may be made only to applicants who are using trust funds or enterprise funds as financial assurance mechanisms to finance landfill closure and postclosure maintenance and who are in compliance with financial assurance requirements for landfill closure and post-closure maintenance.
(d) The term of any loan made pursuant to this section shall be not more than 10 years.
(e) The interest rate of any loan made pursuant to this section may be zero percent.
(f) The board may not finance more than five hundred thousand dollars ($500,000) for each landfill closure project.
(g) The Department of Finance may audit the expenditure of the proceeds of any loan made pursuant to this chapter.
48205.
 The board, the California Pollution Control Financing Authority, the Treasurer, and other appropriate state officers and agencies shall, to the extent feasible and as appropriate, coordinate activities that will leverage financing for the program and encourage joint activities to protect the public health and the environment.
48206.
 The board shall adopt regulations to implement this chapter.
48207.
 (a) (1) Except as provided in paragraph (2), this chapter shall become inoperative on July 1, 2012, and as of January 1, 2013, is repealed, unless a later enacted statute, that becomes effective on or before January 1, 2013, deletes or extends the dates when it becomes inoperative and is repealed.
(2) The repeal of this chapter pursuant to paragraph (1) does not extinguish any loan obligation or the authority of the state to pursue appropriate action for the collection of a loan.