Louisiana Administrative Code › Title 33 - ENVIRONMENTAL QUALITY › Part V - Hazardous Wastes and Hazardous Materials › Subpart 1 - Department of Environmental Quality-Hazardous Waste › Chapter 43 - Interim Status › Subchapter G - Financial Requirements › Section V-4399 - Definitions of Terms as Used in This Subpart

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.4381.
2.
Current
					 Closure Cost Estimate
- the most recent of the estimates prepared in
					 accordance with LAC 33:V.4401.
3.
Current Post-Closure Cost Estimate
- the most recent of the
					 estimates prepared in accordance with LAC 33:V.4405.
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 post-closure care prepared in accordance with the requirements of LAC
					 33:V.4389-4395.
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
- 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.
i.
Current
					 Plugging and Abandonment Cost Estimate
- the most recent of the
					 estimates prepared in accordance with the applicable Louisiana Department of
					 Natural Resources (LDNR) regulations.
7. Repealed.
8.
Current Plugging and Abandonment
					 Cost Estimate
- the most recent of the cost estimates prepared in
					 accordance with
					 40 CFR
					 144.62, Office of Conservation financial
					 assurance regulations, or other substantially equivalent state
					 programs.
9.
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 administrative authority.