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SOLID WASTE PROCESSING AND DISPOSAL

CHAPTER 1200-01-07

(Rule 1200-01-07-.03, continued)

I.

Two of the following three ratios: a ratio of total liabilities to net worth less than a 2.0; a ratio of the sum of net income plus depreciation, depletion and amortization to total liabilities greater than 0.1; and a ratio of current assets to current liabilities greater than 1.5; and

May, 2010 (Revised)

II.

Net working capital and tangible net worth each at least six times the sum of the current closure and post-closure cost estimates and current plugging and abandonment cost estimates; and

III.

Tangible net worth of at least $10 million; and

IV.

Assets located in the United States amounting to at least 90 percent of total assets or at least six times the sum of the current closure and post-closure cost estimates and the current plugging and abandonment cost estimates.

The owner or operator must have:

I.

A current rating for his most recent bond issuance of AAA, AA, A, or BBB as issued by Standard and Poor’s or Aaa, Aa, A or Baa as issued by Moody’s; and

II.

Tangible net worth at least six times the sum of the current closure and post-closure cost estimates and the current plugging and abandonment cost estimates; and

III.

Tangible net worth of at least $10 million; and

IV.

Assets located in the United States amounting to at least 90 percent of total assets or at least six times the sum of the current closure and post-closure cost estimates and the current plugging and abandonment cost estimates.

(II)

  • (ii)

    The phrase “current closure and post-closure cost estimates” as used in this part refers to the cost estimates required to be shown in the letter from the owner’s or operator’s chief financial officer worded as required at subparagraph (l) of this paragraph.

  • (iii)

    To demonstrate that he meets this test, the owner or operator must submit the following items to the Commissioner:

  • (I)

    A letter signed by the owner’s or operator’s chief financial officer and worded as required in subparagraph (l) of this paragraph; and

  • (II)

    A copy of the independent certified public accountant’s report on examination of the owner’s or operator’s financial statements for the latest completed fiscal year; and

  • (III)

    A special report from the owner’s or operator’s independent certified public accountant to the owner or operator stating that:

    • I.

      He has compared the data which the letter from the chief financial officer specifies as having been derived from the independently audited, year-end financial statements for the

47

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