The S.C. Solid Waste Policy and Management Act of 1991 requires that all permitted landfills, processing facilities, transfer stations, incinerators, composting facilities, and tire processors have a financial assurance mechanism in place to ensure that funds are available for clean-up of the facility at the time of closure and to cover any post-closure care that may be required. Financial assurance is also required for any corrective action at landfills where groundwater contamination has been detected. Financial assurance ensures proper long term financial planning by owner/operators so that sites will be closed properly and maintained and monitored in a manner that protects human health and the environment. The amount of financial assurance required is based on the current Department-approved closure and/or post-closure cost estimate. Owners/operators can select from a list of approved financial mechanisms that best suit their individual needs.
Types of financial assurance mechanisms accepted by the Department include Certificates of Deposit, Irrevocable Letters of Credit, Insurance, Surety Bonds Guaranteeing Payment or Performance, Trust Funds, Corporate Financial Tests, Local Government Financial Tests, and Local Government Guarantees. The required wording of the mechanisms is in Solid Waste Forms. For additional information, contact Lillian McFadden at (803) 898-0468.