COUNTY OF ALBEMARLE
Financial Assurance for School Board Underground Storage Tanks
Approval of Local Government Guarantee Without Standby Trust to provide financial assurance to DEQ for School Board underground storage tanks
Tucker, Davis, Wiggans
LEGAL REVIEW: Yes
February 1, 2006
ACTION: X INFORMATION:
The Department of Environmental Quality regulates underground storage tanks (UST’s). Localities are required to submit annual reports to DEQ regarding the status of the UST’s and to provide financial assurance that all requirements will be met. Some of the regulated UST’s are controlled by the School Board and the Vehicle Maintenance Facility. DEQ is requesting the County to provide a Local Government Guarantee Without Standby Trust on behalf of the Albemarle County School Board to assure that the School facilities will comply with DEQ regulations.
3.1: Make the County a safe and healthy community in which citizens feel secure to live, work and play
Although not required in the past, DEQ is requesting that the School Board provide a separate financial assurance that it will comply with DEQ regulations regarding UST’s. The most cost-effective form of financial assurance acceptable to DEQ is a Local Government Guarantee Without Standby Trust provided by the County on the School Board’s behalf. The proposed financial guarantee is attached (Attachment A). The Albemarle County School Board is referenced as the “Operator” and the County is the “Guarantor”. The document requires the County to assure that the UST’s meet all DEQ requirements if the School Board fails to do so.
There is no budget impact beyond current obligation because all funding for UST maintenance is provided to the School Board by the County.
Staff recommends that the Board authorize the County Executive to execute the attached Local Government Guarantee Without Standby Trust in a form approved by the County Attorney
A – Local Government Guarantee (Appendix G)
Return to regular agenda