SENATE AMENDMENT
    Bill No. CS for CS for SB 1312
    Amendment No. ___   Barcode 755016
                            CHAMBER ACTION
              Senate                               House
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       04/29/2003 03:18 PM         .                    
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11  Senator Alexander moved the following amendment:
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13         Senate Amendment 
14         On page 22, line 21, through page 23, line 17, delete
15  those lines
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17  and insert:  
18         (2)  The department shall revise chapter 62-673,
19  Florida Administrative Code, to require the owner or operator
20  of a phosphogypsum stack management system to demonstrate
21  financial responsibility for the costs of terminal closure of
22  the phosphogypsum stack system in a manner that protects the
23  public health and safety.
24         (a)  The costs of terminal closure shall be estimated
25  based on the stack system configuration as of the end of its
26  useful life as determined by the owner or operator.
27         (b)  The owner or operator may demonstrate financial
28  responsibility by use of one or more of the following methods
29  either alone or in combination:  bond, letter of credit, cash
30  deposit arrangement, closure insurance, financial tests, or
31  corporate guarantee. For the purposes of this section, a "cash
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    4:45 PM   04/28/03                               s1312.nr17.Pb

SENATE AMENDMENT Bill No. CS for CS for SB 1312 Amendment No. ___ Barcode 755016 1 deposit arrangement" refers to a trust fund, business or 2 statutory trust, escrow account or similar cash deposit entity 3 whereby a fiduciary holds and invests funds deposited by the 4 owner or operator which funds shall be expended only for the 5 purpose of directly implementing all or some portion of 6 phosphogypsum stack system closure requirements of that 7 particular owner or operator. 8 (c) A trustee, escrow agent or other fiduciary of a 9 cash deposit arrangement authorized by this section shall have 10 no liability for any damage or loss of any kind arising out of 11 or caused by performance of duties imposed by the terms of the 12 applicable agreement except where such damage or loss is 13 directly caused by the gross negligence or criminal act of the 14 trustee, escrow agent, or other fiduciary. In performing its 15 duties pursuant to the applicable agreement, a trustee, escrow 16 agent or other fiduciary shall be entitled to rely upon 17 information and direction received from the grantor or the 18 department without independent verification unless such 19 information and direction is manifestly in error. 20 (d) To the extent that a cash deposit arrangement is 21 used to provide proof of financial responsibility for all or a 22 portion of closure costs, the trust, escrow, or cash 23 arrangement deposit entity shall be deemed to have assumed all 24 liability for such closure costs up to the amount of the cash 25 deposit, less any fees or costs of the trustee, escrow agent 26 or other fiduciary. 27 (e) Any funds maintained in a cash deposit arrangement 28 authorized by this section shall not be subject to claims of 29 creditors of the owner or operator and shall otherwise be 30 exempt from set off, execution, levy, garnishment, and similar 31 writs and proceedings. 2 4:45 PM 04/28/03 s1312.nr17.Pb
SENATE AMENDMENT Bill No. CS for CS for SB 1312 Amendment No. ___ Barcode 755016 1 (f) Any funds remaining in a trust, escrow account, or 2 other cash deposit arrangement after the purpose of such cash 3 deposit arrangement under this section has been accomplished 4 shall be returned to the grantor. 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 27 28 29 30 31 3 4:45 PM 04/28/03 s1312.nr17.Pb