NR 667.0143(1)(c)(c) The owner or operator of a facility existing on August 1, 2017, may establish a trust fund to meet the financial assurance requirements in this section. If the value of the trust fund is less than the current closure cost estimate when a final approval of the license is granted for the facility, the owner or operator shall pay the difference into the trust fund within 60 days.
NR 667.0143(1)(d)(d) The owner or operator may accelerate payments into the trust fund or deposit the full amount of the closure cost estimate when establishing the trust fund. However, the owner or operator shall maintain the value of the fund at no less than the value that the fund would have if annual payments were made as specified in par. (b) or (c).
NR 667.0143(1)(e)(e) The owner or operator shall submit a trust agreement with the wording specified in s. NR 664.0151 (1) (a).
NR 667.0143(2)(2)Surety bond guaranteeing payment into a closure trust fund. Owners and operators can use the surety bond guaranteeing payment into a closure trust fund, as specified in s. NR 664.0143 (2), including the use of the surety bond instrument specified in s. NR 664.0151 (2) and the standby trust specified in s. NR 664.0143 (2) (c).
NR 667.0143(3)(3)Surety bond guaranteeing performance of closure. Owners and operators can use the surety bond guaranteeing performance of closure, as specified in s. NR 664.0143 (3), the submission and use of the surety bond instrument specified in s. NR 664.0151 (3).
NR 667.0143(4)(4)Closure letter of credit. Owners and operators can use the closure letter of credit specified in s. NR 664.0143 (4) and the submission and use of the irrevocable letter of credit instrument specified in s. NR 664.0151 (4).
NR 667.0143(5)(5)Closure insurance. Owners and operators can use closure insurance, as specified in s. NR 664.0143 (5), utilizing the certificate of insurance for closure specified s. NR 664.0151 (5).
NR 667.0143(6)(6)Corporate financial test. An owner or operator that satisfies the requirements of this section may demonstrate financial assurance up to the amount specified in this subsection:
NR 667.0143(6)(a)(a) Financial component.
NR 667.0143(6)(a)1.1. The owner or operator shall satisfy one of the following three conditions:
NR 667.0143(6)(a)1.a.a. A current rating for its senior unsecured debt of AAA, AA, A, or BBB as issued by Standard and Poor’s or Aaa, Aa, A, or Baa as issued by Moody’s Investors Services.
NR 667.0143(6)(a)1.b.b. A ratio of less than 1.5 comparing total liabilities to net worth.
NR 667.0143(6)(a)1.c.c. A ratio of greater than 0.10 comparing the sum of net income plus depreciation, depletion and amortization, minus $10 million, to total liabilities.
NR 667.0143(6)(a)2.2. The tangible net worth of the owner or operator shall be greater than:
NR 667.0143(6)(a)2.a.a. The sum of the current environmental obligations (see par. (b) 1. a.), including guarantees, covered by a financial test plus $10 million, except as provided in subd. 2.
NR 667.0143(6)(a)2.b.b. $10 million in tangible net worth plus the amount of any guarantees that have not been recognized as liabilities on the financial statements provided all of the environmental obligations (see par. (b) 1. a.) covered by a financial test are recognized as liabilities on the owner’s or operator’s audited financial statements and subject to the approval of the department.
NR 667.0143(6)(a)3.3. The owner or operator shall have assets located in the United States amounting to at least the sum of environmental obligations covered by a financial test as described in par. (b) 1. a.
NR 667.0143(6)(b)(b) Recordkeeping and reporting requirements.
NR 667.0143(6)(b)1.1. The owner or operator shall submit the following items to the department:
NR 667.0143(6)(b)1.a.a. A letter signed by the owner’s or operator’s chief financial officer that lists all the applicable current types, amounts and sums of environmental obligations covered by a financial test. These obligations include liability, closure, post-closure, and corrective action cost estimates required for hazardous waste treatment, storage and disposal facilities under ss. NR 664.0101, 664.0142, 664.0144, 664.0147, 665.0142, 665.0144, and 665.0147. The letter shall also provide evidence demonstrating that the firm meets the conditions of either par. (a) 1. a. or b. or (a) 1. c. and 2. and 3.
NR 667.0143(6)(b)1.b.b. A copy of the independent certified public accountant’s unqualified opinion of the owner’s or operator’s financial statements for the latest completed fiscal year. To be eligible to use the financial test, the owner’s or operator’s financial statements shall receive an unqualified opinion from the independent certified public accountant. An adverse opinion, disclaimer of opinion or other qualified opinion will be cause for disallowance, with the potential exception for qualified opinions provided in the next sentence. The department may evaluate qualified opinions on a case-by-case basis and allow use of the financial test in cases where the department deems that the matters which form the basis for the qualification are insufficient to warrant disallowing the test. If the department does not allow use of the test, the owner or operator shall provide alternate financial assurance that meets the requirements of this section within 30 days after the notification of disallowance.
NR 667.0143(6)(b)1.c.c. If the chief financial officer’s letter providing evidence of financial assurance includes financial data showing that the owner or operator satisfies par. (a) 1. b. or c. that are different from data in the audited financial statements referred to in subd. 1. b. or any other audited financial statement or data filed with the SEC, then a special report from the owner’s or operator’s independent certified public accountant to the owner or operator is required. The special report shall be based upon an agreed upon procedures engagement in accordance with professional auditing standards and shall describe the procedures performed in comparing the data in the chief financial officer’s letter derived from the independently audited, year-end financial statements for the latest fiscal year with the amounts in such financial statements, the findings of that comparison and the reasons for any differences.
NR 667.0143(6)(b)1.d.d. If the chief financial officer’s letter provides a demonstration that the firm has assured for environmental obligations as provided in par. (a) 2. b., then the letter shall include a report from the independent certified public accountant that verifies that all of the environmental obligations covered by a financial test have been recognized as liabilities on the audited financial statements, how these obligations have been measured and reported and that the tangible net worth of the firm is at least $10 million plus the amount of any guarantees provided.
NR 667.0143(6)(b)2.2. The owner or operator of a new facility shall submit the items specified in subd.1. to the department at least 60 days before placing waste in the facility.
NR 667.0143(6)(b)3.3. After the initial submission of items specified in subd. 1., the owner or operator shall send updated information to the department within 90 days following the close of the owner or operator’s fiscal year. The department may provide up to an additional 45 days for an owner or operator who can demonstrate that 90 days is insufficient time to acquire audited financial statements. The updated information shall consist of all items specified in subd.1.
NR 667.0143(6)(b)4.4. The owner or operator is no longer required to submit the items specified in this paragraph or comply with the requirements of this section if either:
NR 667.0143(6)(b)4.a.a. The owner or operator substitutes alternate financial assurance as specified in this section that is not subject to these recordkeeping and reporting requirements.
NR 667.0143(6)(b)4.b.b. The department releases the owner or operator from the requirements of this section, according to sub. (10).
NR 667.0143(6)(b)5.5. An owner or operator who no longer meets the requirements of par. (a) may not use the financial test to demonstrate financial assurance. Instead an owner or operator who no longer meets the requirements of par. (a), shall: