Louisiana Administrative Code › Title 33 - ENVIRONMENTAL QUALITY › Part V - Hazardous Wastes and Hazardous Materials › Subpart 1 - Department of Environmental Quality-Hazardous Waste › Chapter 37 - Financial Requirements › Section V-3703 - Definitions of Terms as Used in This Chapter

Current through Register Vol. 50, No. 6, June 20, 2024
A. General Terms
1.
Closure Plan
- the plan
				  for closure prepared in accordance with the requirements of LAC 33:V.Chapter
				  35.
2.
Current Closure
				  Cost Estimate
- the most recent of the estimates prepared in accordance
				  with LAC 33:V.3705.A-C.
3.
Current Post-Closure Cost Estimate
- the most recent of the
				  estimates prepared in accordance with LAC 33:V.3709.A-C.
4.
Parent Corporation
- a
				  corporation which directly owns at least 50 percent of the voting stock of the
				  corporation which is the facility owner or operator; the latter corporation is
				  deemed a subsidiary of the parent corporation.
5.
Post-Closure Plan
- the
				  plan for the post-closure care prepared in accordance with the requirements of
				  LAC 33:V.Chapter 35.
6. The
				  following terms are used in the specifications for the financial tests for
				  closure, post-closure care, and liability coverage. The definitions are
				  intended to assist in the understanding of these regulations and are not
				  intended to limit the meanings of terms in a way that conflicts with generally
				  accepted accounting practices.
a.
Assets
- all existing and all probable future economic benefits
				  obtained or controlled by a particular entity.
b.
Current Assets
- cash or
				  other assets, or resources commonly identified as those which are reasonably
				  expected to be realized in cash, or sold, or consumed during the normal
				  operating cycle of the business.
c.
Current Liabilities
- obligations whose liquidation is
				  reasonably expected to require the use of existing resources properly
				  classifiable as current assets or the creation of other current
				  liabilities.
d.
Independently Audited
- refers to an audit performed by an
				  independent certified public accountant in accordance with generally accepted
				  auditing standards.
e.
Liabilities
- probable future sacrifices of economic benefits
				  arising from present obligations to transfer assets or provide services to
				  other entities in the future as a result of past transactions or
				  events.
f.
Net Working
				  Capital
- current assets minus current liabilities.
g.
Net Worth
- total assets
				  minus total liabilities and is equivalent to owner's equity.
h.
Tangible Net Worth
- the
				  tangible assets that remain after deducting liabilities; such assets would not
				  include intangibles such as goodwill and rights to patents or
				  royalties.
7.
Current Plugging and Abandonment Cost Estimates
- most recent
				  cost estimates prepared in accordance with  40 CFR 144.62a, b, and c, required
				  by the Office of Conservation, or any other substantially equivalent state
				  program.
8.
Substantial
				  Business Relationship
- the extent of a business relationship necessary
				  under applicable state law to make a guarantee contract issued incident to that
				  relationship valid and enforceable. A
substantial business
				  relationship
must arise from a pattern of recent or ongoing business
				  transactions, in addition to the guarantee itself, such that a currently
				  existing business relationship between the guarantor and the owner or operator
				  is demonstrated to the satisfaction of the applicable administrative
				  authority.