COUNTY ADMINISTRATION OFFICE - R. ESPINOSA

Approval to record the transfer of Assigned Fund Balance to Restricted Fund Balance in the amount of $582,762.10 to meet the County's Obligation for post-closure financial assurance of Class 1 site at John Smith Landfill.

As a one of the final remaining steps to complete the re-permitting process for the Class I site at the John Smith Landfill, the County of San Benito is required to provide a financial assurance instrument to the California Department of Toxic Substance Control.

The total amount required will be approximately one half of $1,428.000 of which the County will transfer $582,762.10 from the Integrated Waste Assigned Fund Balance plus $131,237.90 that is currently held in a joint trust account with the City of Hollister for a total amount of $714,000.00 to the Restricted Fund Balance.

Should the Board approve the transfer by a four-fifth's (4/5) vote (please see attached Fun Balance Reclassification Form), staff will proceed to complete the required DTSC paperwork to complete the County's portion of the permitting process which will effectively terminate the County's continuing administrative commitment in this area.  The County shall continue to provide monitoring services as required.

The City of Hollister is responsible for placing on deposit the second portion of the financial assurance instrument.

It is respectfully recommended that the Board approve the transfer of Assigned Fund Balance to Restricted Fund Balance to meet the County's Obligation for post-closure financial assurance of Class 1 site at John Smith Landfill.