LRB-1917/1
RCT:kjf:ph
2013 - 2014 LEGISLATURE
August 13, 2013 - Introduced by Representatives Murphy, Brooks, Tittl, Bies,
Bernier, Bernard Schaber and Ballweg, cosponsored by Senator Grothman.
Referred to Committee on Environment and Forestry.
AB286,1,3
1An Act to amend 289.41 (3) (a) 3.; and
to create 289.41 (3) (a) 4m. of the statutes;
2relating to: methods of establishing proof of financial responsibility for the
3closure and long-term care of a landfill.
Analysis by the Legislative Reference Bureau
Current law requires the owner of a landfill to maintain proof of financial
responsibility to ensure the availability of funds to cover the costs of closing the
landfill and maintaining the property after the landfill is closed. The Department
of Natural Resources (DNR) must approve the proof of financial responsibility.
Under current law, one method of providing proof of financial responsibility is
an established escrow account, which under DNR's rules may include securities
issued by the federal government.
Under this bill, an escrow account established by the owner of a landfill to
provide proof of financial responsibility may include debt securities issued by an
instrumentality of the federal government, as long as the securities have the highest
rating assigned by a nationally recognized rating agency, as well as securities issued
by the federal government.
Under current DNR rules, another method of providing proof of financial
responsibility is an irrevocable trust, which may include securities issued by the
federal government.
Under this bill, an irrevocable trust established by the owner of a landfill to
provide proof of financial responsibility may include securities issued by an
instrumentality of the federal government, as long as the securities have the highest
rating assigned by a nationally recognized rating agency as well as securities issued
by the federal government.
For further information see the local fiscal estimate, which will be printed as
an appendix to this bill.
The people of the state of Wisconsin, represented in senate and assembly, do
enact as follows:
AB286,1
1Section
1. 289.41 (3) (a) 3. of the statutes is amended to read:
AB286,2,72
289.41
(3) (a) 3. An established escrow account
, the assets of which may include
3securities issued by the federal government or debt securities that are issued by a
4commission, board, agency, or other instrumentality of the federal government and
5that have a rating that is the highest rating category assigned by Standard & Poor's
6Corporation, Moody's Investors Service, or other similar nationally recognized
7rating agency.
AB286,2
8Section
2. 289.41 (3) (a) 4m. of the statutes is created to read:
AB286,2,149
289.41
(3) (a) 4m. An irrevocable trust, the corpus of which may include
10securities issued by the federal government or debt securities that are issued by a
11commission, board, agency, or other instrumentality of the federal government and
12that have a rating that is the highest rating category assigned by Standard & Poor's
13Corporation, Moody's Investors Service, or other similar nationally recognized
14rating agency.
