NR 667.0147(7)(a)(a) Subject to par. (b) of this section, an owner or operator may meet the requirements of this section by obtaining a written guarantee, hereinafter referred to as guarantee. The guarantor shall be the direct or higher-tier parent corporation of the owner or operator, a firm whose parent corporation is also the parent corporation of the owner or operator or a firm with a substantial business relationship with the owner or operator. The guarantor shall meet the requirements for owners or operators in sub. (6) (a) and (b). The wording of the guarantee shall be identical to the wording specified in s. NR 664.0151 (8) (b). A certified copy of the guarantee shall accompany the items sent to the department as specified in sub. (6) (b). One of these items shall be the letter from the guarantor’s chief financial officer. If the guarantor’s parent corporation is also the parent corporation of the owner or operator, this letter shall describe the value received in consideration of the guarantee. If the guarantor is a firm with a “substantial business relationship” with the owner or operator, this letter shall describe this “substantial business relationship” and the value received in consideration of the guarantee. If the owner or operator fails to satisfy a judgment based on a determination of liability for bodily injury or property damage to third parties caused by sudden accidental occurrences arising from the operation guarantee or fails to pay an amount agreed to in settlement of claims arising from or alleged to arise from such injury or damage, the guarantor shall do so up to the limits of coverage.
NR 667.0147(7)(b)(b)
NR 667.0147(7)(b)1.1. In the case of corporations incorporated in the United States, a guarantee may be used to satisfy the requirements of this section only if the Attorneys General or Insurance Commissioners of the state in which the guarantor is incorporated, and each state in which a facility covered by the guarantee is located, have submitted a written statement to the department that a guarantee executed as described in this section and s. NR 664.0151 (8) (b) is a legally valid and enforceable obligation in that state.
NR 667.0147(7)(b)2.2. In the case of corporations incorporated outside the United States, a guarantee may be used to satisfy the requirements of this section only if:
NR 667.0147(7)(b)2.a.a. The non-U.S. corporation has identified a registered agent for service of process in each state in which a facility covered by the guarantee is located and in the state in which it has its principal place of business.
NR 667.0147(7)(b)2.b.b. The Attorney General or Insurance Commissioner of each state in which a facility covered by the guarantee is located and the state in which the guarantor corporation has its principal place of business, has submitted a written statement to the department that a guarantee executed as described in this section and s. NR 664.0151 (8) (b) is a legally valid and enforceable obligation in that state.
NR 667.0147 HistoryHistory: CR 16-007: cr. Register July 2017 No. 739, eff. 8-1-17; correction in (6) (b) 1. a., c. made under s. 35.17, Stats., and correction in (6) (b) 4. b., (7) made under s. 13.92 (4) (b) 7, Stats., Register July 2017 No. 739; correction in (6) (b) 4. b. made under s. 13.92 (4) (b) 7., Stats., Register December 2018 No. 756; CR 19-082: am. (6) (b) 4. b. Register August 2020 No. 776, eff. 9-1-20.
NR 667.0148NR 667.0148Incapacity of owners or operators, guarantors or financial institutions.
NR 667.0148(1)(1)An owner or operator shall notify the department by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 of the United States Code, naming the owner or operator as debtor, within 10 days after commencement of the proceeding. A guarantor of a corporate guarantee as specified in ss. NR 667.0143 (7) and 667.0147 (7) shall make such a notification if the guarantor is named as debtor, as required under the terms of the corporate guarantee (s. NR 664.0151 (8)).
NR 667.0148(2)(2)An owner or operator who fulfills the requirements of s. NR 667.0143 or 667.0147 by obtaining a trust fund, surety bond, letter of credit or insurance policy shall be deemed to be without the required financial assurance or liability coverage in the event of bankruptcy of the trustee or issuing institution, or a suspension or revocation of the authority of the trustee institution to act as trustee or of the institution issuing the surety bond, letter of credit or insurance policy to issue the instruments. The owner or operator shall establish other financial assurance or liability coverage within 60 days after such an event.
NR 667.0148 HistoryHistory: CR 16-007: cr. Register July 2017 No. 739, eff. 8-1-17.
NR 667.0151NR 667.0151Wording of the Instruments.
NR 667.0151(1)(1)The chief financial officer of an owner or operator of a facility with a standardized license who uses a financial test to demonstrate financial assurance for that facility shall complete a letter as specified in s. NR 667.0143 (6). The letter shall be worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted:
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 for closure costs, as specified in subch. H of ch. NR 667, Wis. Adm. Code. This firm qualifies for the financial test on the basis of having [insert “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” or “a ratio of less than 1.50 comparing total liabilities to net worth” or “a ratio of greater than 0.10 comparing the sum of net income plus depreciation, depletion and amortization, minus $10 million, to total liabilities.”] 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]. [If this firm qualifies on the basis of its bond rating, fill in the requested information: “This firm has a rating of its senior unsecured debt of” [insert the bond rating] “from” [insert “Standard and Poor’s” or “Moody’s”]. Complete Line 1. Total Liabilities below and then skip the remaining questions in the next section and resume completing the form at the section entitled Obligations Covered by a Financial Test or Corporate Guarantee.] [If this firm qualifies for the financial test on the basis of its ratio of liabilities to net worth, or sum of income, depreciation, depletion and amortization to net worth, please complete the following section.]
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[If the above figures are taken directly from the most recent audited financial statements for this firm insert “The above figures are taken directly from the most recent audited financial statements for this firm.” If they are not, insert “The following items are not taken directly from the firms most recent audited financial statements” [insert the numbers of the items and attach an explanation of how they were derived.]
[Complete the following calculations]
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[If you did not answer Yes to either of these two questions, you cannot use the financial test and need not complete this letter. Instead, you shall notify the department for the facility that you intend to establish alternate financial assurance as specified in s. NR 667.0143. The owner or operator shall send this notice by certified mail within 90 days following the close of the owner or operator’s fiscal year for which the year-end financial data show that the owner or operator no longer meets the requirements of this section. The owner or operator shall also provide alternative financial assurance within 120 days after the end of such fiscal year.]
Obligations Covered by a Financial Test or Corporate Guarantee
[On the following lines list all obligations that are covered by a financial test or a corporate guarantee extended by your firm. You may add additional lines and leave blank entries that do not apply to your situation.]
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Any financial assurance required under, or as part of an action undertaken under, the Comprehensive Environmental Response, Compensation and Liability Act.
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Any other environmental obligations that are assured through a financial test.
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[You must be able to answer Yes to both of these questions to use the financial test for this facility.]
I hereby certify that the wording of this letter is identical to the wording specified in s. NR 667.0151 as such rules were constituted on the date shown immediately below.
[Signature] _________________________