Board Policy - Section Number: 09.08.01.00

Purpose

To allow franchised refuse collectors to provide cash deposits, letters of credit or payment bonds to Hillsborough County as assurance for payment of monthly disposal fees to Hillsborough County.

Policy

The Board of County Commissioners approves and adopt the policy which allows franchised refuse collectors to provide cash deposits, letters of credit or payment bonds as assurance for payment of monthly disposal fees, subject to the following:

1. A franchisee will have the option of posting a cash deposit, letter of credit or payment bond.
2. The letter of credit must be issued by a depository on the most current list of authorized financial institutions by the Florida Department of Insurance and Treasurer.
3. The payment bond must be issued by a surety authorized by the Florida Department of Insurance.
4. The letter of credit or payment bond must be irrevocable until all disposal fees due under the franchise agreement have been paid to the County.
5. The amount of the letter of credit or payment bond shall be based on a 60 day disposal fee period.
6. If the required disposal fee amount increases, an amended letter of credit of payment bond is required.
7. The letter of credit or payment bond must be approved by the Board of County Commissioners.

Responsibilities

The Solid Waste Department under direction of the County Administrator shall put into effect this policy.

Attachment

Procedures for the administration of Franchised Refunds Collectors Letters of Credit Payment Bonds