Definitions for "FINANCIAL ASSURANCE"
Keywords:  closure, landfill, tdec, nmed, molycorp
Funding or enforceable pledges of funding used to guarantee performance of regulatory obligations in the event of default on such obligations by the permittee.
A financial arrangement between the operator and the State that guarantees the availability of funds which the State may use to close and provide post-closure care to a landfill if the operator fails to properly execute his responsibilities under the rules and the terms of his permit. TDEC Rule Chapter 1200-1-7-.01(1)
A mechanism used in conjunction with closure and post-closure cost estimates to ensure that adequate funding has been set aside to provide for the orderly, structured approach to the complete abandonment of hazardous waste operations and to prevent new Superfund sites.