La. Admin. Code tit. 33 § VII-1399
SOLID WASTE FACILITY
TRUST AGREEMENT/STANDBY TRUST AGREEMENT
[Facility name, agency interest number, and permit number]
This Trust Agreement, the "Agreement," is entered into as of [date] by and between [name of permit holder or applicant], a [name of state] [insert "corporation," "partnership," "association," or "proprietorship"], the "Grantor," and [name of corporate trustee], [insert "incorporated in the state of" or "a national bank" or "a state bank"], the "Trustee."
WHEREAS, the Department of Environmental Quality of the State of Louisiana, an agency of the state of Louisiana, has established certain regulations applicable to the Grantor, requiring that a permit holder or applicant for a permit of a solid waste processing or disposal facility shall provide assurance that funds will be available when needed for [closure and/or post-closure] care of the facility;
WHEREAS, the Grantor has elected to establish a trust to provide all or part of such financial assurance for the facility identified herein;
WHEREAS, the Grantor, acting through its duly authorized officers, has selected [the Trustee] to be the trustee under this Agreement, and [the Trustee] is willing to act as trustee.
NOW, THEREFORE, the Grantor and the Trustee agree as follows:
As used in this Agreement:
This Agreement pertains to the facilities and cost estimates identified on attached Schedule A. [On Schedule A, list the site identification number, site name, facility name, facility permit number, and the annual aggregate amount of current closure and/or post-closure cost estimates, or portions thereof, for which financial assurance is demonstrated by this Agreement.]
The Grantor and the Trustee hereby establish a trust fund, the "Fund," for the benefit of the Louisiana Department of Environmental Quality. The Grantor and the Trustee intend that no third party shall have access to the Fund, except as herein provided. The Fund is established initially as consisting of the property, which is acceptable to the Trustee, described in Schedule B attached hereto. [Note: Standby Trust Agreements need not be funded at the time of execution. In the case of Standby Trust Agreements, Schedule B should be blank except for a statement that the Agreement is not presently funded, but shall be funded by the financial assurance document used by the Grantor in accordance with the terms of that document.] Such property and any other property subsequently transferred to the Trustee is referred to as the Fund, together with all earnings and profits thereon, less any payments or distributions made by the Trustee pursuant to this Agreement. The Fund shall be held by the Trustee, in trust, as hereinafter provided. The Trustee shall not be responsible nor shall it undertake any responsibility for the amount or adequacy of, nor any duty to collect from the Grantor, any payments necessary to discharge any liabilities of the Grantor established by the administrative authority.
The Trustee shall make payments from the Fund as the administrative authority shall direct, in writing, to provide for the payment of the costs of [closure and/or post-closure] care of the facility covered by this Agreement. The Trustee shall reimburse the Grantor or other persons as specified by the administrative authority from the Fund for [closure and/or post-closure] expenditures in such amounts as the administrative authority shall direct in writing. In addition, the Trustee shall refund to the Grantor such amounts as the administrative authority specifies in writing. Upon refund, such funds shall no longer constitute part of the Fund as defined herein.
Payments made to the Trustee for the Fund shall consist of cash or securities acceptable to the Trustee.
The Trustee shall invest and reinvest the principal and income of the Fund and keep the Fund invested as a single fund, without distinction between principal and income, in accordance with general investment policies and guidelines, which the Grantor may communicate in writing to the Trustee from time to time, subject, however, to the provisions of this Section. In investing, reinvesting, exchanging, selling, and managing the Fund, the Trustee shall discharge his duties with respect to the trust fund solely in the interest of the beneficiary and with the care, skill, prudence, and diligence under the circumstances then prevailing that persons of prudence, acting in a like capacity and familiar with such matters, would use in the conduct of an enterprise of like character and with like aims, except that:
The Trustee is expressly authorized, at its discretion:
Without in any way limiting the powers and discretion conferred upon the Trustee by the other provisions of this Agreement or by law, the Trustee is expressly authorized and empowered:
All taxes of any kind that may be assessed or levied against or in respect of the Fund and all brokerage commissions incurred by the Fund shall be paid from the Fund. All other expenses incurred by the Trustee in connection with the administration of this Trust, including fees for legal services rendered to the Trustee, the compensation of the Trustee to the extent not paid directly by the Grantor, and other proper charges and disbursements of the Trustee, shall be paid from the Fund.
The Trustee shall annually, at least 30 days prior to the anniversary date of establishment of the Fund, furnish to the Grantor and to the administrative authority a statement confirming the value of the Trust. Any securities in the Fund shall be valued at market value as of no more than 60 days prior to the anniversary date of establishment of the Fund. The failure of the Grantor to object in writing to the Trustee, within 90 days after the statement has been furnished to the Grantor and the administrative authority, shall constitute a conclusively binding assent by the Grantor, barring the Grantor from asserting any claim or liability against the Trustee with respect to matters disclosed in the statement.
The Trustee may from time to time consult with counsel, who may be counsel to the Grantor, with respect to any questions arising as to the construction of this Agreement or any action to be taken hereunder. The Trustee shall be fully protected, to the extent permitted by law, in acting upon the advice of counsel.
The Trustee shall be entitled to reasonable compensation for its services, as agreed upon in writing from time to time with the Grantor.
The Trustee may resign or the Grantor may replace the Trustee, but such resignation or replacement shall not be effective until the Grantor has appointed a successor trustee and this successor accepts the appointment. The successor trustee shall have the same powers and duties as those conferred upon the Trustee hereunder. Upon the successor trustee's acceptance of the appointment, the Trustee shall assign, transfer, and pay over to the successor trustee the funds and properties then constituting the Fund. If for any reason the Grantor cannot or does not act in the event of the resignation of the Trustee, the Trustee may apply to a court of competent jurisdiction for the appointment of a successor trustee or for instructions. The successor trustee shall, in writing, specify to the Grantor, the administrative authority, and the present Trustee, by certified mail 10 days before such change becomes effective, the date on which it assumes administration of the trust. Any expenses incurred by the Trustee as a result of any of the acts contemplated by this Section shall be paid as provided in Section 9.
All orders, requests, and instructions by the Grantor to the Trustee shall be in writing, signed by the persons designated in the attached Exhibit A or such other persons as the Grantor may designate by amendment to Exhibit A. The Trustee shall be fully protected in acting without inquiry in accordance with the Grantor's orders, requests, and instructions. All orders, requests, and instructions by the administrative authority to the Trustee shall be in writing and signed by the administrative authority. The Trustee shall act and shall be fully protected in acting in accordance with such orders, requests, and instructions. The Trustee shall have the right to assume, in the absence of written notice to the contrary, that no event constituting a change or termination of the authority of any person to act on behalf of the Grantor or administrative authority hereunder has occurred. The Trustee shall have no duty to act in the absence of such orders, requests, and instructions from the Grantor and/or administrative authority, except as provided for herein.
The Trustee shall notify the Grantor and the administrative authority, by certified mail, within 10 days following the expiration of the 30-day period after the anniversary of the establishment of the Trust, if no payment is received from the Grantor during that period. After the pay-in period is completed, the Trustee shall not be required to send a notice of nonpayment.
This Agreement may be amended by an instrument, in writing, executed by the Grantor, the Trustee, and the administrative authority, or by the Trustee and the administrative authority, if the Grantor ceases to exist.
Subject to the right of the parties to amend this Agreement, as provided in Section 16, this Trust shall be irrevocable and shall continue until terminated at the written agreement of the Grantor, the Trustee, and the administrative authority, or by the Trustee and the administrative authority, if the Grantor ceases to exist. Upon termination of the Trust, all remaining trust property, less final trust administration expenses, shall be delivered to the Grantor.
The Trustee shall not incur personal liability of any nature in connection with any act or omission, made in good faith, in the administration of this Trust, or in carrying out any direction by the Grantor or the administrative authority issued in accordance with this Agreement. The Trustee shall be indemnified and saved harmless by the Grantor or from the Trust Fund, or both, from and against any personal liability to which the Trustee may be subjected by reason of any act or conduct in its official capacity, including all reasonable expenses incurred in its defense in the event that the Grantor fails to provide such defense.
This Agreement shall be administered, construed, and enforced according to the laws of the state of Louisiana.
As used in this Agreement, words in the singular include the plural and words in the plural include the singular. The descriptive headings for each Section of this Agreement shall not affect the interpretation or the legal efficacy of this Agreement.
IN WITNESS WHEREOF, the parties have caused this Agreement to be executed by their respective officers duly authorized [and their corporate seals to be hereunto affixed] and attested to as of the date first above written. The parties below certify that the wording of this Agreement is identical to the wording specified in LAC 33:VII.1399.Appendix D, on the date first written above.
WITNESSES: GRANTOR:
_____________________ ____________________
_____________________ By:__________________
Its: _________________
[Seal]
TRUSTEE:
_____________________
By: _________________________________________
Its: _________________________________________
[Seal]
THUS DONE AND PASSED in my office in _________, on the ________ day of ________, 20 ________, in the presence of ______________ and ________________, competent witnesses, who hereunto sign their names with the said appearers and me, Notary, after reading the whole.
__________________
Notary Public
[Example of Formal Certification of Acknowledgement]
STATE OF LOUISIANA
PARISH OF _________________
BE IT KNOWN, that on this ________ day of __________, 20__, before me, the undersigned Notary Public, duly commissioned and qualified within the State and Parish aforesaid, and in the presence of the witnesses hereinafter named and undersigned, personally came and appeared ___________, to me well known, who declared and acknowledged that he had signed and executed the foregoing instrument as his act and deed, and as the act and deed of the ____________________, a corporation, for the consideration, uses, and purposes and on terms and conditions therein set forth.
And the said appearer, being by me first duly sworn, did depose and say that he is the ___________ of said corporation and that he signed and executed said instrument in his said capacity, and under authority of the Board of Directors of said corporation.
Thus done and passed in the State and Parish aforesaid, on the day and date first hereinabove written, and in the presence of ______________ and ________________, competent witnesses, who have hereunto subscribed their names as such, together with said appearer and me, said authority, after due reading of the whole.
WITNESSES:
___________________
___________________
NOTARY PUBLIC:
___________________
SOLID WASTE FACILITY
FINANCIAL GUARANTEE BOND
[Facility name, agency interest number, and permit number]
Date bond was executed: ________________________
Effective date:________________________________
Principal: [legal name and business address of permit holder or applicant]
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
State of incorporation:_______________________
Surety: [name and business address]
[facility name, site name, agency interest number, site identification number, facility permit number, and current closure and/or post-closure amount(s) for each facility guaranteed by this bond]
Total penal sum of bond: $_______________
Surety's bond number: __________________
Know All Persons By These Presents, That we, the Principal and Surety hereto, are firmly bound to the Louisiana Department of Environmental Quality 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 Sureties are corporations acting as co sureties, we the sureties bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit or liability is indicated, the limit of liability shall be the full amount of the penal sum.
WHEREAS, said Principal is required, under the Resource Conservation and Recovery Act as amended (RCRA) and the Louisiana Environmental Quality Act, R.S. 30:2001 et seq., to have a permit in order to own or operate the solid waste facility identified above; and
WHEREAS, the Principal is required by law to provide financial assurance for closure and/or post-closure care, as a condition of the permit; and
WHEREAS, said Principal shall establish a standby trust fund as is required by the Louisiana Administrative Code, Title 33, Part VII, 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 final closure of the facility identified above, fund the standby trust fund in the amount(s) identified above for the facility,
OR, if the Principal shall fund the standby trust fund in such amount(s) within 15 days after an order to close is issued by the administrative authority or a court of competent jurisdiction,
OR, if the Principal shall provide alternate financial assurance as specified in LAC 33:VII.1303 and obtain written approval from the administrative authority of such assurance, within 90 days after the date of notice of cancellation is received by both the Principal and the administrative authority from the Surety, then this obligation shall be null and void; otherwise it is to remain in full force and effect.
The Surety shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the administrative authority that the Principal has failed to perform as guaranteed by this bond, the Surety shall place funds in the amount guaranteed for the facility into the standby trust fund as directed by the administrative authority.
The Surety hereby waives notification or amendments to closure plans, permits, applicable laws, statutes, rules, and regulations, and agrees that no such amendment shall in any way alleviate its obligation on this bond.
The liability of the Surety 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 hereunder exceed the amount of the penal sum.
The Surety may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the administrative authority. Cancellation shall not occur before 120 days have elapsed beginning on the date that both the Principal and the administrative authority received the notice of cancellation, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety and to the administrative authority, provided, however, that no such notice shall become effective until the Surety receives written authorization for termination of the bond by the administrative authority.
Principal and Surety hereby agree to adjust the penal sum of the bond yearly in accordance with LAC 33:VII.1303, and the conditions of the solid waste facility permit so that it guarantees a new closure and/or post-closure amount, provided that the penal sum does not increase or decrease without the written permission of the administrative authority.
The Principal and Surety hereby agree that no portion of the penal sum may be expended without prior written approval of the administrative authority.
IN WITNESS WHEREOF, the Principal and the Surety have executed this FINANCIAL GUARANTEE BOND and have affixed their seals on the date set forth above.
Those persons whose signatures appear below hereby certify that they are authorized to execute this FINANCIAL GUARANTEE BOND on behalf of the Principal and Surety, that each Surety hereto is authorized to do business in the state of Louisiana, and that the wording of this surety bond is identical to the wording specified in LAC 33:VII.1399.Appendix E, effective on the date this bond was executed.
PRINCIPAL |
[Signature(s)] |
[Name(s)] |
[Title(s)] |
[Corporate seal] |
CORPORATE SURETIES |
[Name and address] |
State of incorporation: ______________ |
Liability limit: $____________ |
[Signature(s)] |
[Name(s) and title(s)] |
[Corporate seal] |
[This information must be provided for each cosurety] |
Bond Premium: $_______________ |
SOLID WASTE FACILITY
PERFORMANCE BOND
[Facility name, agency interest number, and permit number]
Date bond was executed:_______________________
Effective date: ______________________________
Principal: [legal name and business address of permit holder or applicant]
Type of organization: [insert "individual," "joint venture," "partnership," or "corporation"]
State of incorporation:_______________________
Surety: [name(s) and business address(es)]
[facility name, site name, agency interest number, site identification number, facility permit number, facility address, and closure and/or post-closure amount(s) for each facility guaranteed by this bond (indicate closure and/or post-closure costs separately)]
Total penal sum of bond: $_______________
Surety's bond number: __________________
Know All Persons By These Presents, That we, the Principal and Surety hereto are firmly bound to the Louisiana Department of Environmental Quality 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 Sureties are corporations acting as cosureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.
WHEREAS, said Principal is required, under the Resource Conservation and Recovery Act as amended (RCRA) and the Louisiana Environmental Quality Act, R.S. 30:2001 et seq., to have a permit in order to own or operate the solid waste facility identified above; and
WHEREAS, the Principal is required by law to provide financial assurance for closure and/or post-closure care, as a condition of the permit; and
WHEREAS, said Principal shall establish a standby trust fund as is required by the Louisiana Administrative Code, Title 33, Part VII, when a surety bond is used to provide such financial assurance;
THEREFORE, the conditions of this obligation are such that if the Principal shall faithfully perform closure, whenever required to do so, of the facility for which this bond guarantees closure, in accordance with the closure plan and other requirements of the permit as such plan and permit may be amended, pursuant to all applicable laws, statutes, rules, and regulations, as such laws, statutes, rules, and regulations may be amended;
AND, if the Principal shall faithfully perform post-closure care of each facility for which this bond guarantees post-closure care, in accordance with the closure plan and other requirements of the permit, as such plan and permit may be amended, pursuant to all applicable laws, statutes, rules, and regulations, as such laws, statutes, rules, and regulations may be amended;
OR, if the Principal shall provide financial assurance as specified in LAC 33:VII.1303 and obtain written approval of the administrative authority of such assurance, within 90 days after the date of notice of cancellation is received by both the Principal and the administrative authority, then this obligation shall be null and void; otherwise it is to remain in full force and effect.
The surety shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described hereinabove.
Upon notification by the administrative authority that the Principal has been found in violation of the closure requirements of LAC 33:Part VII, or of its permit, for the facility for which this bond guarantees performances of closure, the Surety shall either perform closure, in accordance with the closure plan and other permit requirements, or place the closure amount guaranteed for the facility into the standby trust fund as directed by the administrative authority.
Upon notification by the administrative authority that the Principal has been found in violation of the post-closure requirements of LAC 33:Part VII, or of its permit for the facility for which this bond guarantees performance of post-closure, the Surety shall either perform post-closure in accordance with the closure plan and other permit requirements or place the post-closure amount guaranteed for the facility into the standby trust fund as directed by the administrative authority.
Upon notification by the administrative authority that the Principal has failed to provide alternate financial assurance as specified in LAC 33:VII.1303 and obtain written approval of such assurance from the administrative authority during the 90 days following receipt by both the Principal and the administrative authority of a notice of cancellation of the bond, the Surety shall place funds in the amount guaranteed for the facility into the standby trust fund as directed by the administrative authority.
The Surety hereby waives notification of amendments to closure plans, permit, applicable laws, statutes, rules, and regulations, and agrees that no such amendment shall in any way alleviate its obligation on this bond.
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 hereunder exceed the amount of the penal sum.
The Surety may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the administrative authority. Cancellation shall not occur before 120 days have lapsed beginning on the date that both the Principal and the administrative authority received the notice of cancellation, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety and to the administrative authority, provided, however, that no such notice shall become effective until the Surety receives written authorization for termination of the bond by the administrative authority.
Principal and Surety hereby agree to adjust the penal sum of the bond yearly in accordance with LAC 33:VII.1303 and the conditions of the solid waste facility permit so that it guarantees a new closure and/or post-closure amount, provided that the penal sum does not increase or decrease without the written permission of the administrative authority.
The Principal and Surety hereby agree that no portion of the penal sum may be expended without prior written approval of the administrative authority.
IN WITNESS WHEREOF, the Principal and the Surety have executed this PERFORMANCE BOND and have affixed their seals on the date set forth above.
Those persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety, that each Surety hereto is authorized to do business in the state of Louisiana and that the wording of this surety bond is identical to the wording specified in LAC 33:VII.1399.Appendix F, effective on the date this bond was executed.
PRINCIPAL |
[Signature(s)] |
[Name(s)] |
[Title(s)] |
[Corporate seal] |
CORPORATE SURETY |
[Name and address] |
State of incorporation: ______________ |
Liability limit: $___________________ |
[Signature(s)] |
[Name(s) and title(s)] |
[Corporate seal] |
[For every cosurety, provide signature(s), corporate seal, and other information in the same manner as for Surety above.] |
Bond premium: $___________ |
SOLID WASTE FACILITY
IRREVOCABLE LETTER OF CREDIT
(For Closure and/or Post-Closure Care)
Secretary
Louisiana Department of Environmental Quality
Post Office Box 4313
Baton Rouge, Louisiana 70821-4313
Attention: Office of Environmental Services, Waste Permits Division
RE: [Facility name, agency interest number, and permit number]
Dear Sir:
We hereby establish our Irrevocable Standby Letter of Credit No. [number] in favor of the Department of Environmental Quality of the state of Louisiana at the request and for the account of [permit holder's or applicant's name and address] for the [closure and/or post-closure] fund for its [list facility name, site name, agency interest number, site identification number, facility permit number] at [location], Louisiana, for any sum or sums up to the aggregate amount of U.S. dollars $[amount] upon presentation of:
The Letter of Credit is effective as of [date] and will expire on [date], but such expiration date will be automatically extended for a period of at least one year on the above expiration date [date] and on each successive expiration date thereafter, unless, at least 120 days before the then-current expiration date, we notify both the administrative authority and [name of permit holder or applicant] by certified mail that we have decided not to extend this Letter of Credit beyond the then-current expiration date. In the event that we give such notification, any unused portion of this Letter of Credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by both the Department of Environmental Quality and [name of permit holder or applicant] as shown on the signed return receipts.
Whenever this Letter of Credit is drawn under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of the draft directly into the standby trust fund of [name of permit holder or applicant] in accordance with the administrative authority's instructions.
Except to the extent otherwise expressly agreed to, the [insert "the most recent edition of the Uniform Customs and Practice for Documentary Credits, published and copyrighted by the International Chamber of Commerce," or "the Uniform Commercial Code"], shall apply to this Letter of Credit.
We certify that the wording of this Letter of Credit is identical to the wording specified in LAC 33:VII.1399.Appendix G, effective on the date shown immediately below.
[Signature(s) and title(s) of official(s) of issuing institution(s)]
[Date]
SOLID WASTE FACILITY
CERTIFICATE OF INSURANCE FOR CLOSURE AND/OR POST-CLOSURE CARE
[Facility name, agency interest number, and permit number]
Name and Address of Insurer: ________________________
(hereinafter called the "Insurer")
Name and Address of Insured: ________________________
(hereinafter called the "Insured")
(Note: Insured must be the permit holder or applicant)
Facilities covered: [list the facility name, site name, agency interest number, site identification number, facility permit number, facility address, and amount of insurance for closure and/or post-closure care] (These amounts for all facilities must total the face amount shown below.)
Face Amount: ____________________
Policy Number: ____________________
Effective Date: ____________________
The Insurer hereby certifies that it has issued to the Insured the policy of insurance identified above to provide financial assurance for [insert "closure and/or post-closure care"] for the facilities identified above. The Insurer further warrants that such policy conforms in all respects to the requirements of LAC 33:VII.1303, as applicable, and as such regulations were constituted on the date shown immediately below. It is agreed that any provision of the policy inconsistent with such regulations is hereby amended to eliminate such inconsistency.
Whenever requested by the administrative authority, the Insurer agrees to furnish to the administrative authority a duplicate original of the policy listed above, including all endorsements thereon.
I hereby certify that the Insurer is admitted, authorized, or eligible to conduct insurance business in the state of Louisiana and that the wording of this certificate is identical to the wording specified in LAC 33:VII.1399.Appendix H, effective on the date shown immediately below.
[Authorized signature of Insurer]
[Name of person signing]
[Title of person signing]
Signature of witness or notary:_____________________
[Date]
SOLID WASTE FACILITY
LETTER FROM THE CHIEF FINANCIAL OFFICER
(Closure and/or Post-Closure)
Secretary
Louisiana Department of Environmental Quality
Post Office Box 4313
Baton Rouge, Louisiana 70821-4313
Attention: Office of Environmental Services,
Waste Permits Division
RE: [Facility name, agency interest number, and permit number]
Dear Sir:
I am the chief financial officer of [name and address of firm, which may be the permit holder, applicant, or parent corporation of the permit holder or applicant]. This letter is in support of this firm's use of the financial test to demonstrate financial responsibility for [insert "closure," and/or "post-closure," as applicable] as specified in LAC 33:VII.1303.
[Fill out the following three paragraphs regarding facilities and associated closure and post-closure cost estimates. If your firm does not have facilities that belong in a particular paragraph, write "None" in the space indicated. For each facility, list the facility name, site name, agency interest number, site identification number, and facility permit number.]
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 year, ended [date].
Closure and/or Post-Closure [Fill in Alternative I if the criteria of LAC 33:VII.1303.H.1.a are used.] | ||
Alternative I | ||
1. Sum of current closure and/or post-closure estimate (total all cost estimates shown above) | $ | |
*2. Tangible net worth | $ | |
*3. Total assets in U.S. (required only if less than 90 percent of firm's assets are located in the U.S.) | $ | |
YES | NO | |
4. Is line 2 at least $10 million? | ||
5. Is line 2 at least 6 times line 1? | ||
*6. Are at least 90 percent of the firm's assets located in the U.S.? If not, complete line 7. | ||
7. Is line 3 at least 6 times line 1? | ||
[Fill in Alternative II if the criteria of LAC 33:VII.1303.H.1.b are used.] | ||
Alternative II | ||
1. Sum of current closure and/or post-closure estimate (total all cost estimates shown above) | $ | |
*2. Tangible net worth | $ | |
*3. Net worth | $ | |
*4. Current liabilities | $ | |
*5. Total assets in U.S. (required only if less than 90 percent of firm's assets are located in the U.S.) | $ | |
YES | NO | |
6. Is line 4 divided by line 3 less than 1.5? | ||
7. Is line 2 at least $10 million? | ||
*8. Are at least 90 percent of the firm's assets located in the U.S.? If not, complete line 9. | ||
9. Is line 5 at least 6 times line 1? | ||
[Fill in Alternative III if the criteria of LAC 33:VII.1303.H.1.c are used.] | ||
Alternative III | ||
1. Sum of current closure and post-closure cost estimates (total of all cost estimates shown 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 closure and/or post-closure cost estimate is included in "total liabilities" on your firm's financial statement, you may add the amount of that portion to this line.) | $ | |
*6. Total assets in U.S. (required only if less than 90 percent of the 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 percent of the firm's assets located in the U.S.? If not, complete line 10. | ||
10. Is line 6 at least 6 times line 1? | ||
[Fill in Alternative IV if the criteria of LAC 33:VII.1303.H.1.d are used.] | ||
Alternative IV | ||
1. Sum of current closure and/or post-closure estimate (total all cost estimates shown above) | $ | |
*2. Tangible net worth | $ | |
*3. Current liabilities | $ | |
*4. The sum of net income plus depreciation, depletion, and amortization | $ | |
5. Line 4 minus $10 million | $ | |
*6. Total assets in U.S. (required only if less than 90 percent of firm's assets are located in the U.S.) | $ | |
YES | NO | |
7. Is line 5 divided by line 3 greater than 0.10? | ||
8. Is line 2 at least $10 million? | ||
*9. Are at least 90 percent of the firm's assets located in the U.S.? If not, complete line 10. | ||
10. Is line 6 at least 6 times line 1? | ||
(The following is to be completed by all firms providing the financial test.)
I hereby certify that the wording of this letter is identical to the wording specified in LAC 33:VII.1399.Appendix I.
[Signature of Chief Financial Officer for the Firm]
[Typed Name of Chief Financial Officer]
[Title]
[Date]
SOLID WASTE FACILITY
CORPORATE GUARANTEE FOR
CLOSURE
AND/OR POST-CLOSURE CARE
[Facility name, agency interest number, and permit number]
Guarantee made this [date] by [name of guaranteeing entity], a business corporation organized under the laws of the state of [insert name of state], hereinafter referred to as guarantor, to the Louisiana Department of Environmental Quality, obligee, on behalf of our subsidiary [insert the name of the permit holder or applicant] of [business address].
Recitals
[Fill in Paragraphs 3 and 4 below if the guarantee is for closure and/or post closure.]
I hereby certify that the wording of this guarantee is identical to the wording specified in LAC 33:VII.1399.Appendix J, effective on the date first above written.
Effective date:_________________
[Name of Guarantor]
[Authorized signature for guarantor]
[Typed name and title of person signing]
Thus sworn and signed before me this [date].
La. Admin. Code tit. 33, § VII-1399