Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-31 - Wording of chief financial officer letters for corrective action, closure, or post-closure

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2; IC 13-22-8-1; IC
				  13-22-9-7
Affected: IC 13-22
Sec. 31.
A letter from the chief financial officer, as specified in
				  section 9 or 19 of this rule,
				  329 IAC
				  3.1-15-4(g), or
				  329 IAC
				  3.1-15-6(g),
				  329 IAC
				  3.1-15-10(f)), must be worded as
				  follows except that instructions in brackets are to be replaced with the
				  relevant information and the brackets deleted:
Letter from Chief Financial Officer
[Address to commissioner of the Indiana Department of
				  Environmental Management]
I am the chief financial officer of [name and address of
				  firm]. This letter is in support of this firm's use of the financial test to
				  demonstrate financial assurance, in accordance with
				  329
				  IAC 3.1-14 or
				  329
				  IAC 3.1-15.
[Complete the following four (4) paragraphs regarding
				  facilities and associated cost estimates. If your firm has no facilities that
				  belong in a particular paragraph, write "None" in the space indicated. For each
				  facility, include its U.S. EPA identification number, name, address, and
				  current corrective action, closure, and/or post-closure cost estimates.
				  Identify each cost estimate as to whether it is for corrective action, closure,
				  or post-closure care.]
1. This firm is
				the owner or operator of the following facilities for which financial assurance
				for corrective action, closure, or post-closure care is demonstrated through
				the financial test specified in
				329
				IAC 3.1-14 or
				329
				IAC 3.1-15. The current corrective action, closure
				and/or post-closure cost estimates covered by the financial test are shown for
				each facility: ______________.
2.
				This firm guarantees, through the guarantee specified in
				329
				IAC 3.1-14 or
				329
				IAC 3.1-15, the corrective action, closure, or
				post-closure care of the following facilities owned or operated by the
				guaranteed party. The current cost estimates for the corrective action,
				closure, or post-closure care so guaranteed are shown for each facility:
				_____________. The firm identified above is [insert either or both, as
				applicable: "the direct or higher tier parent corporation of the owner or
				operator" or "owned by the same parent corporation as the parent corporation of
				the owner or operator and receiving the following value in consideration of
				this guarantee _____________."].
3.
				In states other than Indiana, this firm, as owner or operator or guarantor, is
				demonstrating financial assurance for the corrective action, closure, or
				post-closure care of the following facilities either to the United States
				Environmental Protection Agency (U.S. EPA) or to an authorized state through
				the use of a financial test
				329
				IAC 3.1-14 or
				329
				IAC 3.1-15. at least equivalent to 40 CFR 264 Subpart
				H or 40 CFR 265 Subpart H. The current corrective action, closure, and/or
				post-closure cost estimates covered by such a financial test are shown for each
				facility: ____________.
4. This
				firm is the owner or operator of the following hazardous waste management
				facilities for which financial assurance for corrective action, closure, or, if
				a disposal facility, post-closure care is not demonstrated either to the U.S.
				EPA or a state through the financial test or any other financial assurance
				mechanism specified in 40 CFR 264 Subpart H and 40 CFR 265 Subpart H, or
				equivalent or substantially equivalent state mechanisms. The current corrective
				action, closure, and/or post-closure cost estimates not covered by such
				financial assurance are shown for each facility: ______________.
This firm [insert "is required" or "is not required"] to file
				  a Form 10K with the Securities and Exchange Commission (SEC) for the latest
				  fiscal year.
The fiscal year of this firm ends on [month, day]. The
				  figures for the following items marked with an asterisk (*) are derived from
				  this firm's independently audited, year-end financial statements for the latest
				  completed fiscal year, ended [date].
[Fill in Alternative I if the criteria of
				  329 IAC
				  3.1-15-4(g)(1)(A),
				  329 IAC
				  3.1-15-6(g)(1)(A),
				  329 IAC
				  3.1-14-9(a)(1), or
				  329
				  IAC 3.1-14-19(a)(1)  are used. Fill
				  in Alternative II if the criteria of
				  329 IAC
				  3.1-15-4(g)(1)(B),
				  329 IAC
				  3.1-15-6(g)(1)(B),
				  329 IAC
				  3.1-14-9(a)(2), or
				  329
				  IAC 3.1-14-19(a)(2)  are
				  used.]
Alternative I
1. Sum
				of current corrective action, closure, and post-closure cost estimates [total
				of all cost $_____ estimates shown in the four paragraphs above].
* 2. Total liabilities [if any portion of the
				corrective action, closure, or post-closure cost estimates is $_____ included
				in total liabilities, you may deduct the amount of that portion from this line
				and add that amount to lines 3 and 4].
*
				3. Tangible net worth. $_____
*
				4. Net worth. $_____
*
				5. Current assets. $_____
*
				6. Current liabilities. $_____
7. Net working capital [line 5 minus line 6].
				$_____
* 8. The sum of net income
				plus depreciation, depletion, and amortization. $_____
*
				9. Total assets in U.S. (required only if less than
				90% of firm's assets are located in the U.S.). $_____
YES NO
10.
				Is line 3 at least $10 million?
11.
				Is line 3 at least 6 times line 1?
12. Is line 7 at least 6 times line
				1?
* 13. Are at least 90% of firm's
				assets located in the U.S.? If not, complete line 14.
14. Is line 9 at least 6 times line
				1?
15. Is line 2 divided by line 4
				less than 2.0?
16. Is line 8
				divided by line 2 greater than 0.1?
17. Is line 5 divided by line 6 greater than
				1.5?
Alternative II
1. Sum
				of current corrective action, closure, and post-closure cost estimates [total
				of all cost $_____ estimates shown in the four paragraphs above].
2. Current bond rating of most recent
				issuance of this firm and name of rating service.
3. Date of issuance of bond.
4. Date of maturity of bond.
* 5. Tangible net worth (if any portion of
				the corrective action, closure, and post-closure cost estimates is included in
				"total liabilities" on your firm's financial statements, you may add the amount
				of that portion to this line). $_____
*
				6. Total assets in U.S. (required only if less than
				90% of firm's assets are located in the U.S.). $_____
YES NO
7.
				Is line 5 at least $10 million?
8.
				Is line 5 at least 6 times line 1?
*
				9. Are at least 90% of firm's assets located in the
				U.S.? If not, complete line 10.
10.
				Is line 6 at least 6 times line 1?
I hereby certify that the wording of this letter is identical
				  to the wording specified in 329 IAC 3.1-14-31 as such rule was constituted on
				  the date shown immediately below.
[Signature]
[Name]
[Title]
[Date]