Briar Creek Township, Columbia County

"The SEF, the owner shall provide financial security in the form and amount acceptable to the Township, in favor of the Township, to secure its obligations under this Subsection (h). i. The SEF Developer shall, at the time of submitting the Subdivision and Land Development (SALDO) application, provide the Township with an estimate of the cost of performing the decommissioning activities required herein. ii. The Township shall obtain an independent review of the estimate of the cost of performing the decommissioning activities. The Township shall establish the cost of performing the decommissioning activities based upon this review. iii. The SEF Developer/Owner shall be responsible for administrative, legal, and engineering costs incurred by the Township for such review. iv. As a condition of Zoning approval, no later than at the time of review of the SALDO plans by the Township, the SEF Developer shall enter into a Decommissioning Agreement with the Township outlining the responsibility of the parties under this Ordinance as to the Decommissioning of the SEF. v. The SEF Developer shall, upon receipt of SALDO approval, and not later than the start of any construction activities, provide the Township the decommissioning security. vi. The decommissioning security may be in the form of a surety bond guaranteed by a company listed in U.S. Treasury Circular 570, or a cash account or an irrevocable letter of credit on deposit with, or issued by a Federal or Commonwealth chartered lending institution which is insured by the Federal Deposit Insurance Corporation (FDIC in the amount of 110% of the total proposed decommission cost estimate and, in a form satisfactory to the Supervisors and the Township Solicitor. vii. On every 5th anniversary of the date of providing the decommissioning financial security, the SEF Owner shall provide an updated decommission cost estimate, utilizing the formula set forth above with adjustments for inflation and cost and value changes. The Township shall obtain an independent review of the estimate. The Township shall establish the cost of performing the decommissioning activities based upon this review. viii. If the decommissioning security amount increases, the SEF Owner shall remit the increased financial security to the Township within 30 days of the approval of the updated decommissioning security estimate by the Township. If the decommissioning security amount decreases by greater than 10%, the Township shall release from security any amounts held in excess of 110% of the updated decommission cost estimate. ix. The SEF Developer/Owner shall be responsible for administrative, legal, and engineering costs incurred by the Township for such review."