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The DEP Form 62-701.900(5)(b), also known as the Solid Waste Facility Financial Guarantee Bond, plays a pivotal role in ensuring compliance with Florida's environmental regulations. This form is essential for any entity involved in the construction, operation, or closure of solid waste management facilities within the state. Specifically designed to provide financial assurance for required actions, it offers a structured process for securing the necessary funds for closing, long-term care, or corrective actions at these facilities. When a principal—be it a corporation, partnership, or sole proprietorship—submits this form, they are entering into a binding agreement with the Florida Department of Environmental Protection (FDEP). This agreement obligates the principal and their surety to ensure financial readiness for the actions outlined within the form. Critical details, including the specific nature of the guarantee, facility identification numbers, and total bond amounts, must be thoroughly filled out to comply with state regulations. By maintaining these requirements, the DEP ensures that environmental protections remain a priority, helping to safeguard public health and natural resources. Moreover, the form lays out clearly defined responsibilities for both the principal and the surety, ensuring that adequate funding is available should the principal fail to fulfill their obligations.
Dep 62 701 900 5 B Example
Mail Document and Notices to: |
DEP Form # |
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Solid Waste Financial Coordinator |
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Form Title SW Fac. Guarantee Bond |
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Florida Department of Environmental Protection |
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Form Effective [Effective Date] |
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2600 Blairstone Road MS 4548 |
Incorporated in Rule |
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Tallahassee, Florida |
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STATE OF FLORIDA
SOLID WASTE FACILITY FINANCIAL GUARANTEE BOND
The term "Required Action" as used in this document means closing,
Check Appropriate Box(es): Closing
Date bond executed:
Effective date:
Principal is a
Type of Legal Entity (e.g., corporation, limited liability company, partnership, sole proprietorship)
Principal:
Legal Name of Owner or Operator
Business Address of Owner or Operator
Surety(ies):
Name as listed on Treasury Circular 570
Business Address
State of Incorporation of Surety
List for each facility covered by this bond: FDEP identification number (WACS or EPA ID), facility name and site address.
Include facility amounts (the amount for each facility covered by this bond) only when more than one facility is covered by this bond.
Facility amount equals penal sum when not specified.
FDEP I.D. No. |
Facility Name and Site Address |
Total penal sum of bond: $
Surety's bond number:
Bond premium: $
DEP Form |
Page 1 of 3 |
Know All Persons By These Presents, That we, the Principal and Surety(ies) hereto are firmly bound to the Florida Department of Environmental Protection (hereinafter called FDEP), in the above penal sum for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Sureties are corporations acting as
WHEREAS, said Principal is required, under the Florida Solid Waste Management Act as amended, to have a permit in order to construct, operate or close each solid waste management facility identified above, and
WHEREAS, said Principal is required to provide financial assurance for the "Required Action," as a condition of the permit(s), and
WHEREAS, said principal shall establish a standby trust fund as is required when a surety bond is used to provide such financial assurance;
NOW, THEREFORE, the conditions of the obligation are such that if the Principal shall faithfully, before the beginning of Required Action(s) of each facility identified above, fund the standby trust fund in the amount identified above for the facility,
Or, if the Principal shall fund the standby trust fund in such amount within 15 days after an order to begin Required Action(s) is issued by the Secretary of the FDEP, or the Secretary's designee (the "designee"), or a U.S. district court or other court of competent jurisdiction,
Or, if the Principal shall provide alternate financial assurance and obtain the FDEP Secretary's, or designee's, written approval of such assurance, within 90 days after the date of notice of cancellation is received by both the Principal and the FDEP Secretary, or designee, from the Surety(ies), then this obligation shall be null and void, otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the FDEP Secretary, or designee, that the Principal has failed to perform as guaranteed by this bond, the Surety(ies) shall place funds in the amount guaranteed for the facility(ies) into the standby trust fund as directed by the FDEP Secretary, or designee.
The liability of the Surety(ies) shall not be discharged by any payment or succession of payments hereunder, unless and until such payment or payments shall amount in the aggregate to the penal sum of the bond, but in no event shall the obligation of the Surety(ies) hereunder exceed the amount of said penal sum.
The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the Secretary of the FDEP, or designee; however, cancellation shall not occur during the 120 days beginning on the date of receipt of the notice of cancellation by both the Principal and the FDEP Secretary, or designee, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety(ies); provided, however, that no such notice shall become effective until the Surety(ies) receive(s) written authorization for termination of the bond by the Secretary of the FDEP, or designee.
Principal and Surety(ies) hereby agree to adjust the penal sum of the bond yearly so that it guarantees new facility amount(s), provided that the penal sum does not increase by more than 20 percent in any one year, and no decrease in the penal sum takes place without the written permission of the FDEP Secretary, or designee.
DEP Form |
Page 2 of 3 |
IN WITNESS WHEREOF, the Principal and Surety(ies) have executed this Financial Guarantee Bond and have affixed their seals on the date set forth above.
The persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies), and that the wording of this surety bond is identical to the wording as adopted and incorporated by reference in Rule
PRINCIPAL
Signature of Authorized Representative of Principal
Type Name and Title
Telephone Number
Signature of Witness or NotaryDate
Printed Name of Witness or Notary Seal
CORPORATE SURETY(IES)
Provide the following for each surety
Surety Company
Liability Limit (for
(SEAL)
Signature of Authorized Representative of Surety (Attach Power of Attorney)
Type Name and Title
Address of Authorized Representative
Telephone Number
DEP Form |
Page 3 of 3 |
File Breakdown
| Fact Name | Details |
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| Form Title | Solid Waste Financial Guarantee Bond |
| Governing Law | Rule 62-701.630(6) of the Florida Administrative Code (F.A.C.) |
| Department Address | Florida Department of Environmental Protection, 2600 Blairstone Road MS 4548, Tallahassee, Florida 32399-2400 |
| Required Actions | Closing, Long-Term Care, or Corrective Action |
| Principal Entity Type | Can be a corporation, limited liability company, partnership, or sole proprietorship |
| Penal Sum | Total amount guaranteed under the bond |
| Surety's Responsibilities | Sureties must cover the amount guaranteed if the Principal fails to meet obligations |
Guide to Using Dep 62 701 900 5 B
Completing the Dep 62 701 900 5 B form requires careful attention to detail, as this form is essential for ensuring compliance with financial assurance requirements related to solid waste management in Florida. Proper completion will help facilitate the necessary approvals from the Florida Department of Environmental Protection (FDEP). Below are the steps to follow for filling out this form accurately.
- Start by clearly identifying the appropriate recipients for document mailing and notices. Address this to the SW Financial Coordinator at the FDEP, located at 2600 Blairstone Road, MS 4548, Tallahassee, Florida 32399-2400.
- Indicate the date the bond is executed, as well as the effective date of the bond.
- Specify the type of legal entity that the Principal is (e.g., corporation, limited liability company, partnership, or sole proprietorship).
- Enter the legal name of the owner or operator in the designated field.
- Fill in the business address of the owner or operator accurately.
- List the surety or sureties involved, including their name as it appears on Treasury Circular 570.
- Provide the business address of the surety.
- Note the state of incorporation for the surety.
- For each facility covered by the bond, include the FDEP identification number (WACS or EPA ID), facility name, and site address. If there is more than one facility, write the respective facility amounts, ensuring clarity on the penal sum when not specified.
- Calculate and list the total penal sum of the bond.
- Record the surety's bond number.
- Enter the bond premium amount.
- Next, sign and date the form in the designated areas. Ensure that an authorized representative of the Principal and each Surety is included.
- If applicable, add any additional surety companies and ensure their respective information and signatures are included. Attach additional pages if necessary.
Once all sections are filled out and verified for accuracy, submit the completed form as directed. It is important to keep a copy for your records. This will not only facilitate compliance but can also serve as a reference in future interactions with the FDEP.
Get Answers on Dep 62 701 900 5 B
What is the purpose of the DEP Form 62-701.900(5)(b)?
The DEP Form 62-701.900(5)(b) is essential for providing financial assurance to the Florida Department of Environmental Protection. This form is specifically used for solid waste management facilities to ensure that adequate funds are available for required actions such as closing a facility, long-term care, or corrective action. By completing this form, the Principal agrees to secure the necessary financial resources to address these critical activities, ensuring compliance with state regulations.
Who needs to fill out this form?
This form must be filled out by the Principal, which can be a legal entity such as a corporation, limited liability company, partnership, or sole proprietorship. Specifically, the owner or operator of a solid waste management facility that requires a permit from the Florida Department of Environmental Protection needs to complete this form. It is important that accurate information is provided, including the facility's names and addresses, to fulfill the legal obligations associated with the permit.
What are the key components of this form?
The key components of the DEP Form 62-701.900(5)(b) include:
- Identification of the Principal, including the legal name and business address.
- Details about the Surety, including their name and business address.
- Selection of the required action type: closing, long-term care, or corrective action.
- Listing of all facilities covered by the bond, along with their FDEP identification numbers and corresponding site addresses.
- Total penal sum of the bond and surety’s bond number.
These elements ensure that both the Principal and Surety understand their obligations and the scope of this binding agreement.
How does the cancellation process work for this bond?
The bond can be canceled by the Surety, but they must notify both the Principal and the Florida Department of Environmental Protection in writing. This notice must be sent by certified mail. Importantly, the cancellation will not take effect during the first 120 days after the notice is received by both parties. The Principal may also terminate the bond, but this action requires prior written authorization from the Secretary of the FDEP. Open communication between all parties is crucial during the cancellation process to ensure compliance with legal requirements.
Common mistakes
Completing the DEP Form # 62-701.900(5)(b) can be daunting, and mistakes can lead to delays or complications. One common error is neglecting to check all applicable boxes related to the required action, which includes closing, long-term care, and corrective action. By failing to indicate all that apply, individuals may inadvertently limit their financial obligations. It is crucial to review this section thoroughly before submitting the form.
Another frequent mistake is providing incomplete or incorrect information regarding the Principal's legal entity. This includes ensuring that the legal name, business address, and the type of legal entity are accurate. Wrong information can lead to misunderstandings and delays in processing. Always double-check these details and confirm they match your incorporation documents.
In many cases, people overlook the importance of the surety's information. Not supplying the surety's business address and Treasury Circular 570 listing can result in complications. This section is vital as it directly affects the recognition of the bond by the Florida Department of Environmental Protection. Verify this information to avoid potentially costly issues down the line.
Lastly, it’s essential not to forget to provide the total penal sum of the bond and ensure accuracy in the surety's bond number and bond premium. Mistakes in these areas can lead to significant financial implications and hamper the effectiveness of the bond. Review the calculations and confirm that all monetary amounts accurately reflect your obligations to avoid unnecessary confusion.
Documents used along the form
When utilizing the DEP Form #62-701.900(5)(b) for a solid waste financial guarantee bond, several additional documents may be required for compliance and processing. Each of these helps establish the necessary financial backing for the management of solid waste facilities. Below are some of the commonly used forms and documents that accompany this bond.
- Surety Bond Agreement: This document details the agreement between the principal and the surety company. It outlines the roles and responsibilities regarding the financial guarantee, ensuring that funds will be available for the required actions related to solid waste management.
- Standby Trust Agreement: A standby trust fund is often established to secure the funds needed for eventual closure or corrective actions. The agreement specifies how the trust will function, including who manages it and under what circumstances funds can be accessed.
- Proof of Insurance: Depending on the specific requirements, proof of liability insurance may be needed. This document verifies that the principal has coverage for any potential claims or damages that could arise during solid waste operations.
- Facility Operation Permits: These are necessary permits issued by the Florida Department of Environmental Protection. The operation permits ensure that each facility meets local and state regulatory standards before commencing or continuing operations.
- Financial Statements: Recent financial statements from the principal may be required to assess the financial stability of the entity. This helps demonstrate that the principal can fulfill the financial obligations outlined in the bond.
- Notices of Cancellation: If a surety company wishes to cancel the bond, it must provide written notice. This document is crucial for ensuring that all parties understand the bond's status and any subsequent actions that must be taken.
Using these supplementary documents along with the DEP Form #62-701.900(5)(b) helps ensure that all regulatory requirements are met and that solid waste facilities are properly managed and funded. Proper adherence to these requirements enhances both compliance and accountability in environmental management.
Similar forms
- DEP Form 62-701.900(6): This document also deals with financial assurance for solid waste facilities but is specifically for trust funds rather than bonds. It outlines requirements for establishing and maintaining a trust fund as a means of financial backup for waste management operations.
- DEP Form 62-701.900(1): Similar to the DEP 62 701 900 5 B form, this document is another guarantee mechanism for environmental compliance, specifically focusing on cost estimates and necessary financial assurances for closure and corrective actions at waste facilities.
- DEP Form 62-701.900(2): This form addresses letters of credit as a financial assurance method for solid waste facilities. It provides guidance on the procedures and requirements necessary to establish letters of credit for securing funds for closure and care of waste operations.
- DEP Form 62-701.900(3): This document involves financial assurance through insurance policies. Like the DEP 62 701 900 5 B form, it aims to ensure the financial capability of a facility to execute required actions related to solid waste management, but through insurance coverage instead of bonds.
- DEP Form 62-701.900(4): This form serves as a financial assurance alternative using self-insurance. While it operates under the same premise of ensuring financial preparedness for actions required at waste facilities, it relies on the facility’s own financial resources rather than third-party guarantees.
- FDEP Surety Bond Form: Although similar in intention, this general surety bond form is used across various FDEP permits and not limited to solid waste. It serves to provide a financial assurance method that can apply to different sectors, requiring compliance with set obligations.
- Environmental Compliance Guarantee Document: This document outlines obligations and financial guarantees for a variety of environmental compliance needs. It holds similarities to the DEP 62 701 900 5 B form in terms of the structured financial assurance needed for operations impacting the environment.
- Financial Responsibility Document for Hazardous Waste Facilities: This form focuses on ensuring that operators of hazardous waste facilities maintain financial assurance for closure and corrective activities, akin to the financial guarantees required by the DEP 62 701 900 5 B form within the realm of solid waste management.
Dos and Don'ts
When completing the DEP Form 62-701.900(5)(b), there are important guidelines to follow. Here are four key dos and don’ts to keep in mind:
- Do double-check your entries for accuracy. Ensure that names, addresses, and amounts are entered correctly to avoid delays.
- Do provide all required signatures. All appropriate representatives must sign the form to make it valid.
- Do include any necessary attachments. If there are additional sureties, provide the required details on a separate page as needed.
- Do keep copies of all submitted documents. This will help maintain a record should any questions arise in the future.
- Don’t leave any sections blank. Any incomplete information may lead to rejections or requests for resubmission.
- Don’t use fluid or erasing products on the form. Any alterations can compromise its validity and accuracy.
- Don’t forget to check for duplicate submissions. Submitting the same form multiple times can cause confusion and delays in processing.
- Don’t ignore deadlines for submission. Submitting on time is crucial to ensure compliance with state regulations.
Misconceptions
- Misconception 1: The DEP 62 701 900 5 B form is only for businesses.
- Misconception 2: Submitting the form guarantees immediate approval.
- Misconception 3: Only one bond is required, regardless of the number of facilities.
- Misconception 4: Once the bond is established, it cannot be altered.
- Misconception 5: Cancellation of the bond occurs immediately upon notification.
- Misconception 6: The Surety is always liable for the full amount of the bond.
This form is not limited to businesses alone. Individuals who own or operate solid waste facilities must also complete the form, regardless of the type of legal entity involved.
Submitting the form does not guarantee that your bond will be approved right away. The Florida Department of Environmental Protection (DEP) reviews all submissions and may require additional information before making a decision.
Each solid waste facility may require a separate bond or a combined financial guarantee. The requirements depend on the specifics of the operations and the facilities being managed.
The penal sum of the bond can be adjusted yearly to reflect changes in facility amounts, provided it does not increase by more than 20 percent in a single year. However, decreases in the penal sum need written permission from the DEP.
Cancelling the bond is a process that requires a 120-day notice to both the Principal and the DEP. During this period, the bond remains active, and cancellation cannot take effect.
The Surety's liability is limited to the amount designated in the bond. This means they are not automatically responsible for the entire penal sum unless otherwise specified in the document.
Key takeaways
- Understanding the Purpose: The DEP Form # 62-701.900(5)(b) is essential for solid waste facilities in Florida, serving as a financial guarantee bond to ensure compliance with regulatory obligations.
- Required Actions: Familiarize yourself with the term "Required Action," which includes closing, long-term care, corrective action, or combinations of these. Properly checking the relevant box ensures clarity in your intent.
- Identification of Principal: Clearly provide the legal name and business address of the owner or operator, ensuring that all details are accurate to avoid delays or issues.
- Incorporation of Surety: The surety, identified through Treasury Circular 570, must also be listed accurately. This includes their business address and state of incorporation.
- Total Penal Sum: Indicate the total penal sum of the bond. This amount represents the maximum liability, which is crucial for both the principal and surety to acknowledge.
- Establishment of Trust Funds: The principal must establish a standby trust fund for the amount identified in the bond. This step is mandatory for compliance with the Florida Solid Waste Management Act.
- Cancellation Procedures: Be aware of the cancellation process for both the principal and surety. Cancellation must follow specific guidelines, and notice should be provided in a timely manner to avoid complications.