(A)
(1) A
trust agreement for a trust fund as specified in paragraph (F) of rules
3745-27-15,
3745-27-16,
or paragraph (G) of rule
3745-27-18
of the Administrative Code, must be worded as follows on forms prescribed by
the director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted:
"Trust agreement" Trust agreement. The "agreement," entered
into as of [date] by and between [name of the owner or operator], a [state]
[corporation, partnership, association, proprietorship], the "grantor," and
[name of corporate trustee], ["incorporated in the state of __________ " or "a
national bank"], the "trustee."
Whereas, the Ohio Environmental Protection Agency, ("Ohio
EPA"), has established certain rules applicable to the grantor, requiring that
the owner or operator of a solid waste facility or a scrap tire transporter
provide assurance that funds will be available when needed for final closure,
post-closure care, or, corrective measures at the facility, or for scrap tire
transporter final closure.
Whereas, the grantor has elected to establish a trust to
provide all or part of such financial assurance for the facilities 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:
Section 1. Definitions. As
used in this agreement:
(a) The term
"grantor" means the owner or operator who enters into this agreement and any
successors or assigns of the grantor.
(b) The term "trustee" means the trustee who
enters into this agreement and any successor trustee.
(c) The term "director" means the director of
the Ohio EPA or his designee
environmental protection or the director's authorized
representative.
Section
2. Identification of facilities and cost estimates. This agreement
pertains to a solid waste facility or a scrap tire transporter and cost
estimates identified on attached schedule A [on schedule A, for each facility
and scrap tire transporter list the name, address, and the current final
closure, post-closure care, scrap tire transporter final closure, or corrective
measures cost estimates, or portions thereof, for which financial assurance is
demonstrated by this agreement].
Section
3. Establishment of fund. The grantor and the trustee hereby
establish a trust fund, the "fund," for the benefit of the Ohio EPA. The
grantor and the trustee intend that no third party 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. 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 will 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 Ohio EPA.
Section 4. Payment for final closure and
post-closure care, scrap tire transporter final closure, and corrective
measures. The trustee will make such payments from the fund as the director
will direct, in writing, to provide for the payment of the costs of final
closure, post-closure care, or corrective measures at the facility or scrap
tire transporter final closure covered by this agreement. The trustee will
reimburse the grantor or other persons as specified by the director from the
fund for final closure, post-closure care, scrap tire transporter final
closure, or corrective measures expenditures in such amounts as the director
will direct, in writing. In addition, the trustee will refund to the grantor
such amounts as the director specifies in writing. Upon refund, such funds will
no longer constitute part of the fund as defined herein.
Section 5. Payments comprising the fund.
Payments made to the trustee for the fund will consist of cash or securities
acceptable to the trustee.
Section
6. Trustee management. The trustee will 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 periodically, subject, however, to the provisions of this
section. In investing, reinvesting, exchanging, selling, and managing the fund,
the trustee will discharge
his
the trustee's 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 which persons of
prudence, acting in a like capacity and familiar with such matters, would use
in the conduct of an enterprise of a like character and with like aims; except
that:
(a) Securities or other obligations of
the grantor, or any other owner or operator of the facilities or scrap tire
transporter, or any of their affiliates as defined in the Investment Company
Act of 1940, as amended,
15 U.S.C.
section
80a-2(a), will not
be acquired or held, unless they are securities or other obligations of the
federal or a state government;
(b)
The trustee is authorized to invest the fund in time or demand deposits of the
trustee, to the extent insured by an agency of the federal or state
government;
(c) The trustee is
authorized to hold cash awaiting investment or distribution uninvested for a
reasonable time and without liability for the payment of interest
thereon.
Section 7.
Commingling and investment. The trustee is expressly authorized in its
discretion:
(a) To transfer periodically any
or all of the assets of the fund to any common, commingled, or collective trust
fund created by the trustee in which the fund is eligible to participate,
subject to all of the provisions thereof, to be commingled with the assets of
other trusts participating therein;
(b) To purchase shares in any investment
company registered under the Investment Company Act of 1940,
15 U.S.C. sections
80a-1 et seq., including one which may be
created, managed, underwritten, or to which investment advice is rendered or
the shares of which are sold by the trustee. The trustee may vote such shares
in its discretion.
Section
8. Express powers of trustee. 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:
(a) To sell, exchange, convey, transfer, or
otherwise dispose of any property held by it, by public or private sale. No
person dealing with the trustee will be bound to see to the application of the
purchase money or to inquire into the validity or expediency of any such sale
or other disposition;
(b) To make,
execute, acknowledge, and deliver any and all documents of transfer and
conveyance and any and all other instruments that may be necessary or
appropriate to carry out the powers herein granted;
(c) To register any securities held in the
fund in its own name or in the name of a nominee and to hold any security in
bearer form or in book entry, or to combine certificates representing such
securities with certificates of the same issue held by the trustee in other
fiduciary capacities, or to deposit or arrange for the deposit of such
securities in a qualified central depository even though, when so deposited,
such securities may be merged and held in bulk in the name of the nominee of
such depository with other securities deposited therein by another person, or
to deposit or arrange for the deposit of any securities issued by the United
States government, or any agency or instrumentality thereof, with a Federal
Reserve Bank, but the books and records of the trustee will at all times show
that all such securities are part of the fund;
(d) To deposit any cash in the fund in
interest-bearing accounts maintained or savings certificates issued by the
trustee, in its separate corporate capacity, or in any other banking
institution affiliated with the trustee, to the extent insured by an agency of
the federal or state government;
(e) To compromise or otherwise adjust all
claims in favor of or against the fund.
Section 9. Taxes and expenses. 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 will be paid from the fund. All
other expenses, proper charges, and disbursements, 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 all other proper charges and
disbursements of the trustee will be paid from the fund. Expenses, proper
charges, and disbursements include fees for legal services, rendered to the
trustee and the compensation of the trustee to the extent the grantor fails to
compensate the trustee pursuant to section 12.
Section 10. Annual valuation. The trustee
will annually, not later than thirty days prior to the anniversary date of the
establishment of the fund, furnish to the grantor and to the director a
statement confirming the value of the trust. Any securities in the fund will be
valued at market value as of no more than sixty days prior to the anniversary
date of establishment of the fund. The failure of the grantor to object in
writing to the trustee not later than ninety days after the statement has been
furnished to the grantor and the director will 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.
Section 11. Advice of
counsel. The trustee may periodically consult with counsel, who may be counsel
to the grantor, with respect to any question arising as to the construction of
this agreement or any action to be taken hereunder. The trustee will be fully
protected, to the extent permitted by law, in acting upon the advice of
counsel.
Section 12. Trustee
compensation. The trustee will be entitled to reasonable compensation from the
grantor for the trustee's services as agreed upon in writing periodically with
the grantor.
Section 13. Successor
trustee. 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 will have the same powers and duties as those conferred upon
the trustee hereunder. Upon the successor trustee's acceptance of the
appointment,
and upon the director's written
approval, the trustee will 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 specify the date on which it assumes administration of the trust
in a writing sent to the grantor, the director, and the present trustee by
certified mail
or any other form of mail accompanied by
a receipt not later than ten days before such change becomes effective.
The director's written approval must be given prior to
the ten days notice provided by the successor trustee. Any expenses
incurred by the trustee as a result of any of the acts contemplated by this
section will be paid as provided in section 9.
Section 14. Instructions to the trustee. All
orders, requests, and instructions by the grantor to the trustee will be in
writing, signed by such persons as are designated in the attached Exhibit A or
such other designees as the grantor may designate by amendment to Exhibit A.
The trustee will be fully protected in acting without inquiry in accordance
with the grantor's orders, requests, and instructions. All orders, requests,
and instructions by the director to the trustee will be in writing, signed by
the director, and the trustee will act and will be fully protected in acting in
accordance with such orders, requests, and instructions. The trustee will have
the right to assume, in the absence of written notice to the contrary, that no
event constituting a change or a termination of the authority of any person to
act on behalf of the grantor or the director hereunder has occurred. The
trustee will have no duty to act in the absence of such orders, requests, and
instructions from the grantor or the director except as provided for
herein.
Section 15. Notice of
nonpayment. The trustee will notify the grantor and the director by certified
mail not later than ten days after the expiration of the thirty-day period
following the anniversary of the establishment of the trust, if no payment is
received from the grantor during the period. After the pay-in period is
completed, the trustee is not required to send a notice of
nonpayment.
Section 16. Amendment
of agreement. This agreement may be amended by an instrument in writing
executed by the grantor, the trustee, and the director, or by the trustee and
the director if the grantor ceases to exist.
Section 17. Irrevocability and termination.
Subject to the right of the parties to amend this agreement as provided in
section 16, this trust will be irrevocable and will continue until termination
at the written agreement of the grantor, the trustee, and the director, or by
the trustee and the director if the grantor ceases to exist. Upon termination
of the trust, all remaining trust property, less final trust administration
expenses, will be delivered to the grantor, unless the trust is a standby trust
fund created in accordance with
paragraph (G), (H),
or (I) of rule
3745-27-15,
3745-27-16,
or paragraph (H), (I), or (J) of
3745-27-18
of the Administrative Code, in which case all remaining trust property, less
final trust administration expenses
a surety
bond guaranteeing payment into a trust fund, a surety bond guaranteeing
performance, or a letter of credit, in which case all remaining trust property,
less final trust administration expenses, will be delivered to the
provider of the financial assurance.
Section
18. Immunity and indemnification. The trustee will 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
directions by the grantor or the director issued in accordance with this
agreement. The trustee will 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 expenses reasonably incurred in its defense in the
event the grantor fails to provide such defense.
Section 19. Choice of law. This agreement
will be administered, construed, and enforced according to the laws of the
state of Ohio.
Section 20.
Interpretation. 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 will 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 as of the date first above written: the
parties below certify that the wording of this agreement is identical to the
wording specified in paragraph (A)(1) of rule 3745-27-17 of the Administrative
Code as such rule was constituted on the date first above written.
[Signature of grantor]
[Title]
Attest:
[Title]
[Seal]
[Signature of trustee]
Attest:
[Title]
[Seal]"
(2) The following is an example of the
certification of acknowledgment, which must accompany the trust agreement for a
trust fund as specified in paragraph (F) of rules
3745-27-15,
3745-27-16,
or in paragraph (G) of rule
3745-27-18
of the Administrative Code:
"State of _______________
County of ________________
On this [date], before me personally came [owner or operator]
to me known, who, being by me duly sworn, did depose and say that she/he
resides at [address], that she/he is [title] of [corporation], and the
corporation described in and which executed the above instrument; that she/he
knows the seal of said corporation; that the seal affixed to such instrument is
such corporate seal; that it was so affixed by order of the board of directors
of said corporation, and that she/he signed her/his name thereto by like
order.
[Signature of notary public]"
[Comment: As required in paragraph (F)(2) of rules
3745-27-15,
3745-27-16,
or paragraph (G)(2) of rule
3745-27-18
of the Administrative Code, the trust agreement must be accompanied by a formal
certification of acknowledgment. The previous paragraph is only an
example.]
(B) A
surety bond guaranteeing payment into a trust fund, as specified in paragraph
(G) of rules
3745-27-15,
3745-27-16,
or in paragraph (H) of rule
3745-27-18
of the Administrative Code, must be worded as follows on forms prescribed by
the director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted:
"Financial guarantee bond
Date bond executed: ______________
Effective date: ______________
Principal: [legal name and business address of owner or
operator]
Type of organization: [insert "individual," "joint venture,"
"partnership," or "corporation"]
State of incorporation: ______________
Surety(ies): [name(s) and business address(es)]
Name, address, and final closure, post-closure care, scrap tire
transporter final closure, or corrective measures amount(s) for each facility
or scrap tire transporter guaranteed by this bond [indicate final closure,
post-closure care, scrap tire transporter final closure, or corrective measures
amounts separately]:
$ ______________
Total penal sum of bond: $ ______________
Surety's bond number: ______________
Know all persons by these presents, that we, the principal and
surety(ies) hereto are firmly bound to the Ohio Environmental Protection Agency
("Ohio EPA"), 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 the surety(ies) 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 of liability is
indicated, the limit of liability shall be the full amount of the penal
sum.
Whereas, said principal is required to have an Ohio EPA
permit(s) or registration, in order to operate each solid waste facility
identified above, or a scrap tire transporter registration;
Whereas, said principal is required to provide financial
assurance for final closure, or final closure and post-closure care, or
post-closure care, or corrective measures of the facility or scrap tire
transporter final closure as a condition of Chapter 3734. of the Revised
Code;
Whereas said principal shall establish a standby trust fund in
accordance with rule
3745-27-15,
3745-27-16,
or
3745-27-18
of the Administrative Code,
Now, therefore, for solid waste facility, the conditions of the
obligation are such that if the principal shall faithfully, before the
beginning of final closure, post-closure care or corrective measures, of each
facility identified above, fund the standby trust fund in the amount identified
above for the facility,
Now, therefore, for a scrap tire transporter, the conditions of
the obligation are such that if the principal shall faithfully, before the
registration certificate expires, fund the
standby trust fund in the amount identified above for the scrap tire
transporter,
Or, if the principal shall fund the standby trust fund in such
an amount not later than fifteen days after an order to begin final closure is
issued by the director, or an Ohio court, or a U.S. district court, or other
court of competent jurisdiction, or not later than fifteen days after a notice
of revocation of the solid waste facility license or the denial, suspension, or
revocation of the registration certificate,
Or, if the principal shall provide alternate financial
assurance in accordance with rule
3745-27-15,
3745-27-16,
or
3745-27-18
of the Administrative Code, as applicable, and obtain the director's written
approval of such alternate financial assurance, not later than ninety days
after the first day that notice of cancellation has been received by both the
principal and the director from the surety(ies), then this obligation will be
null and void; otherwise it is to remain in full force and effect.
The surety(ies) shall become liable on this bond obligation
only when the principal has failed to fulfill the conditions described above.
Upon notification by the director that the principal has failed to perform as
guaranteed by this bond, the surety(ies) shall place funds in the amount
guaranteed for the facility or scrap tire transporter into the standby trust
fund as directed by the director.
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(ies) hereunder exceed the amount of
said penal sum.
The surety(ies) may cancel the bond by sending notice of
cancellation by certified mail or any other form of mail accompanied by a
receipt to the principal and to the director, provided, however, that
cancellation shall not occur during the one hundred twenty day period beginning
on the first day of receipt of the notice of cancellation by both the principal
and the director, as evidenced by the return receipt(s).
The principal may terminate this bond by sending written notice
to the surety(ies) and the director, provided,
however, that no such notice shall become effective until the surety(ies)
receive(s) written authorization for termination of the bond by the
director.
[The following paragraph is an optional rider that may be
included but is not required.]
Principal and surety(ies) hereby agree to adjust the penal sum
of the bond annually so that it guarantees a new final closure, post-closure
care, scrap tire transporter final closure, or corrective measures amount,
provided that the penal sum does not increase by more than twenty per cent in
any one year, and no decrease in the penal sum takes place without the written
permission of the director.
In witness whereof, the principal and surety(ies) have executed
this financial guarantee bond and have affixed their seals on the date set
forth above.
The persons whose signatures appear below hereby certify that
they are authorized to execute this surety bond on behalf of the principal and
surety(ies) and that the wording of this surety bond is identical to the
wording specified in paragraph (B) of rule 3745-27-17 of the Administrative
Code as such rule was constituted on the date this bond was executed.
Principal
Signature(s): ______________
Name(s) and title(s) [typed]: ___________
Corporate seal:
Corporate surety(ies)
Name and address: ______________
State of incorporation: ______________
Liability limit: $ ______________
Signature(s): ______________
Name(s) and title(s) [typed]: _________
Corporate seal:
[For every co-surety, provide signature(s), corporate seal, and
other information in the same manner as for surety above.]
Bond premium: $ ______________ "
(C) A surety bond guaranteeing performance of
final closure, post-closure care, scrap tire transporter final closure, or
corrective measures, as specified in paragraph (H) of rules
3745-27-15,
3745-27-16,
or paragraph (I) of rule
3745-27-18
of the Administrative Code, must be worded as follows on forms prescribed by
the director, except that instructions in brackets are to be replaced by the
relevant information and the brackets deleted:
"Performance bond
Date bond executed: ______________
Effective date: ______________
Principal: [legal name and business address of owner or
operator]
Type of organization: [insert "individual," "joint venture,"
"partnership," or "corporation"]
State of incorporation: ______________
Surety(ies): [name(s) and business address(es)]
Name, address, and final closure, post-closure care, scrap tire
transporter final closure, or corrective measures amount for each facility or
scrap tire transporter guaranteed by this bond [indicate final closure,
post-closure care, scrap tire transporter final closure, and corrective
measures amounts separately]: $ ______________
Total penal sum of bond: $ ______________
Surety's bond number: ______________
Know all persons by these presents, that we, the principal and
surety(ies) hereto are firmly bound to the Ohio Environmental Protection Agency
("Ohio EPA"), 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 the surety(ies) 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 of liability is
indicated, the limit of liability shall be the full amount of the penal
sum.
Whereas, said principal is required to have an Ohio EPA
permit(s) or registration in order to operate each solid waste facility or
scrap tire transporter identified above, and
Whereas said principal is required to provide financial
assurance for final closure, or final closure and post-closure care, or
post-closure care, or corrective measures as a condition of the permit(s) or
registration(s), and
Whereas said principal shall establish a standby trust fund as
is required when a surety bond is used to provide such financial
assurance;
Now, therefore, for a solid waste facility, the conditions of
this obligation are such that if the principal shall faithfully perform final
closure whenever required to do so, of each facility for which this bond
guarantees final closure, in accordance with the final closure
or
/post-closure care
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, for a solid waste facility, if the principal shall
faithfully perform post-closure care of each facility for which this bond
guarantees post-closure care, in accordance with the final closure
or
/post-closure care
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, for a solid waste facility, if the principal shall
faithfully perform corrective measures at each facility for which this bond
guarantees corrective measures in accordance with the corrective measures 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.
Now, for a scrap tire transporter, if the principal shall
faithfully perform the activities specified in paragraph (H)(4)(b) of rule
3745-27-15
of the Administrative Code for which this bond guarantees, 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 alternate financial
assurance as specified in rules
3745-27-15,
3745-27-16,
or
3745-27-18
of the Administrative Code and obtain the director's written approval of such
alternate financial assurance not later than ninety days after the date notice
of cancellation is received by both the principal and the director from
surety(ies), then this obligation will be null and void, otherwise it is to
remain in full force and effect.
The surety(ies) shall become liable on this bond obligation
only when the principal has failed to fulfill the conditions described
above.
[The following paragraph is only required for those solid waste
facilities required to conduct final closure activities and should not be
included in surety bonds for scrap tire transporters.]
Upon notification by the director that the principal has been
found in violation of the final closure requirements of [Insert "rule
3745-27-11
of the Administrative Code," if the facility is a municipal solid waste
landfill facility or scrap tire monocell facility, "rule
3745-29-11
of the Administrative Code," if the facility is an industrial solid waste
landfill facility, "rule
3745-30-09
of the Administrative Code," if the facility is a residual solid waste landfill
facility, "rule
3745-27-23
of the Administrative Code," if the facility is a solid waste transfer
facility, "Chapter 3745-560 of the Administrative Code," if the facility is a
composting facility, "rule
3745-27-53
of the Administrative Code," if the facility is a solid waste incinerator,
"rule
3745-27-66
of the Administrative Code," if the facility is a scrap tire storage or
recovery facility, or "rule
3745-27-73
of the Administrative Code," if the facility is a scrap tire monofill], for a
facility for which this bond guarantees performance of final closure, the
surety(ies) shall either perform final closure in accordance with the final
closure or
/post-closure care
plan and other permit or registration requirements or place the final closure
amount guaranteed for the facility into the standby trust fund as directed by
the director.
[The following paragraph is only required for sanitary landfill
facilities, because only they are required to conduct post-closure care
activities.]
Upon notification by the director that the principal has been
found in violation of the post-closure care requirements of rule
3745-27-14,
3745-29-14,
3745-30-10,
or
3745-27-74
of the Administrative Code, whichever is applicable, for a facility for which
this bond guarantees performance of post-closure care, the surety(ies) shall
either perform post-closure care in accordance with the final closure
or
/post-closure care
plan and other permit requirements or place the post-closure care amount
guaranteed for the facility into the standby trust fund as directed by the
director.
[The following paragraph is only required for municipal solid
waste landfill facilities, because only they are required to conduct corrective
measures activities.]
Upon notification by the director that the principal has been
found in violation of the corrective measures requirements of rule
3745-27-10
of the Administrative Code, for a facility for which this bond guarantees
performance of corrective measures, the surety(ies) shall either perform the
corrective measures in accordance with the corrective measures plan and other
permit requirements or place the corrective measures amount guaranteed for the
facility into the standby trust fund as directed by the director.
[The following paragraph is only required for scrap tire
transporters.]
Upon notification by the director that the principal has failed
to remove accumulations of scrap tires, delivered by the scrap tire transporter
to a location not authorized to receive scrap tires by paragraph (C)(1) of rule
3745-27-56
of the Administrative Code, or failed to remove and properly dispose of any
scrap tires which have been open dumped by the scrap tire transporter, or has
been found to be in violation of rule
3745-27-79
of the Administrative Code, the surety(ies) shall either perform the required
activities in accordance with applicable rules or place the amount guaranteed
for the scrap tire transporter into the standby trust fund as directed by the
director.
Upon notification by the director that the principal has failed
to provide alternate financial assurance as specified in rule
3745-27-15,
3745-27-16,
or
3745-27-18
of the Administrative Code and obtain written approval of such alternate
financial assurance from the director not later than ninety days after receipt
by both the principal and the director of a notice of cancellation of the bond,
the surety(ies) shall place funds in the amount guaranteed for the facility or
scrap tire transporter into the standby trust fund as directed by the
director.
The surety(ies) hereby waive(s) notification of amendments to
the final closure or
/post-closure care
plans
plan, permits, applicable laws,
statutes, rules, and regulations and agrees that no such amendment shall in any
way alleviate its (their) 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(ies) hereunder exceed the amount of
said penal sum.
The surety(ies) may cancel the bond by sending notice of
cancellation by certified mail or any other form of mail accompanied by a
receipt to the owner or operator and to the director, provided, however, that
cancellation cannot occur during the one hundred twenty day period beginning on
the first day of receipt of the notice of cancellation by both the principal
and the director, as evidenced by the return receipts.
The principal may terminate this bond by sending written notice
to the surety(ies) and the director, provided,
however, that no such notice shall become effective until the surety(ies)
receive(s) written approval for termination of the bond by the director.
[The following paragraph is an optional rider that may be
included but is not required.]
Principal and surety(ies) hereby agree to adjust the penal sum
of the bond annually so that it guarantees a new final closure, post-closure
care, scrap tire transporter final closure, or corrective measures amount,
provided that the penal sum does not increase by more than twenty per cent in
any one year, and no decrease in the penal sum occurs without the written
approval of the director.
In witness whereof, the principal and surety(ies) have executed
this performance bond and have affixed their seals on the date set forth
above.
The persons whose signatures appear below hereby certify that
they are authorized to execute this surety bond on behalf of the principal and
surety(ies) and that the wording of this surety bond is identical to the
wording specified in paragraph (C) of rule 3745-27-17 of the Administrative
Code, as such rule was constituted on the date this bond was executed.
Principal
Signature(s): ______________
Name(s) and title(s) [typed]: ______________
Corporate seal: ______________
Corporate surety(ies)
Name and address: ______________
State of incorporation: ______________
Liability limit: $ ______________
Signature(s): ______________
Name(s) and title(s) [typed]: ______________
Corporate seal:
[For every co-surety, provide signature(s), corporate seal, and
other information in the same manner as for surety above.]
Bond premium: $ ______________ "
(D) A letter of credit as specified in
paragraph (I) of rules
3745-27-15,
3745-27-16,
or paragraph (J) of rule
3745-27-18
of the Administrative Code must be worded as follows on forms prescribed by the
director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted [note: A letter of credit may
also contain provisions used by the issuing institution in its regular course
of business, provided that such provisions do not alter the terms and
conditions in this paragraph]:
"Irrevocable standby letter of credit
[Director]
Ohio Environmental Protection Agency
Dear sir or madam: We hereby establish our irrevocable standby
letter of credit no. __________ in your favor, at the request and for the
account of [owner's or operator's name and address] up to the aggregate amount
of [in words] U.S. dollars ($ __________ ), available upon presentation
of
(1) Your sight draft, bearing
reference to this letter of credit no. ______________, and
(2) Your signed statement reading as follows:
"I certify that the amount of the draft is payable pursuant to regulations
issued under the authority of Chapter 3734. of the Revised Code as amended."
This letter of credit is effective as of [date] and will expire
on [date of at least one year later], but such expiration date will be
automatically extended for a period of [at least one year] on [date] and on
each successive expiration date, unless, at least one hundred twenty days prior
to the current expiration date, we notify both you and [owner's or operator's
name] by certified mail or any other form of mail
accompanied by a receipt that we have decided not to extend this letter
of credit beyond the current expiration date. In the event that you are so
notified, any unused portion of the credit will be available upon presentation
of your sight draft for one hundred twenty days after the first day of receipt
by both you and [owner's or operator's name] as evidenced by the return
receipts.
Whenever this letter of credit is drawn under and in compliance
with the terms of this credit, we will duly honor such draft upon presentation
to us, and we will deposit the amount of the draft directly into the standby
trust fund by [owner's or operator's name] in accordance with your
instructions.
We certify that the wording of this letter of credit is
identical to the wording specified in paragraph (D) of rule 3745-27-17 of the
Administrative Code as such rule was constituted on the date shown immediately
below.
[Signature(s) and title(s) of official(s) of issuing
institution] [date]
This credit is subject to [insert "the most recent edition of
the "Uniform Customs and Practice for Documentary Credits," published by the
International Chamber of Commerce" or "The Uniform Commercial Code"]."
[Comment: In the event that the owner or operator ceases to
exist, any unused portion of the credit will be available for the one hundred
twenty day period after the date of receipt by the director, as evidenced by
the return receipt.]
(E) A certificate of insurance, as specified
in paragraph (J) of rules
3745-27-15,
3745-27-16,
or paragraph (K) of rule
3745-27-18
of the Administrative Code, must be worded as follows on forms prescribed by
the director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted:
"Certificate of insurance for final closure, post-closure care,
corrective measures, or scrap tire transporter final closure
Name and address of insurer
(Herein called the "insurer"): ______________
Name and address of insured
(Herein called the "insured"): ______________
Solid waste facilities
Facilities or scrap tire transporters covered: [list
for each facility or scrap tire transporter: name, address, county in which the
solid waste facility or scrap tire transporter is located, and the amount of
insurance for final closure, post-closure care, scrap tire transporter final
closure or corrective measures provided under the
insurance policy (these amounts
the aggregate amount for all
solid waste facilities or scrap tire
transporters covered 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 "final closure," "final closure and post-closure care," "post-closure
care," "corrective measures," or "scrap tire transporter final closure"] for
the facilities or scrap tire transporters identified above. The insurer further
warrants that such insurance policy conforms in
all respects with the requirements of paragraph (J) of rules
3745-27-15,
3745-27-16,
or paragraph (K) of rule
3745-27-18
of the Administrative Code, as applicable as such rules were constituted on the
date shown immediately below. It is agreed that any provision of the
insurance policy inconsistent with such
regulations is hereby amended to eliminate such inconsistency.
Whenever requested by the director of the Ohio Environmental
Protection Agency, the insurer agrees to furnish to the director a duplicate
original of the insurance policy listed above,
including all endorsements thereon.
I hereby certify that the wording of this certificate is
identical to the wording specified in paragraph (E) of rule 3745-27-17 of the
Administrative Code as such rule was constituted on the date shown immediately
below.
[Authorized signature for insurer]
[Name of person signing]
[Title of person signing]
Signature of witness or notary: ______________
[Date]"
(F)
A letter from the chief financial officer, as specified in paragraph (K) of
rules
3745-27-15,
3745-27-16,
or paragraph (L) of rule
3745-27-18
of the Administrative Code must be worded as follows on forms prescribed by the
director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted:
"Letter from chief financial officer
[Address to director, Ohio Environmental Protection
Agency.]
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, as specified in Chapter 3745-27 of the
Administrative Code.
[Fill out the following three paragraphs regarding
solid waste facilities or scrap tire
transporters and associated cost estimates. If your firm has no
solid waste facilities or scrap tire
transporters that belong in a particular paragraph, write "none" in the space
indicated. For each solid waste facility or
scrap tire transporter, include its name, address, county, and current final
closure, post-closure care, scrap tire transporter final closure, or corrective
measures cost estimates and any other environmental obligations, if any.
Identify each cost estimate as to whether it is for final closure, post-closure
care, scrap tire transporter final closure, or corrective measures.]
(1) This firm is the owner or operator of the
following solid waste facilities or scrap
tire transporters for which financial assurance for final closure, post-closure
care, corrective measures, or scrap tire transporter final closure is
demonstrated through the financial test specified in Chapter 3745-27 of the
Administrative Code or this firm is the owner or operator of the following
facilities for which financial assurance for any other environmental
obligations are assured by a financial test. The current final closure,
post-closure care, scrap tire transporter final closure, or corrective measures
cost estimates, and any other environmental obligations, provided for by a
financial test are shown for each solid waste facility or scrap tire
transporter: $ ______________.
(2)
This firm guarantees, through the corporate guarantee specified in Chapter
3745-27 of the Administrative Code, the final closure, post-closure care, or
corrective measures of the following facilities permitted by subsidiaries of
this firm or final closure for scrap tire transporters or this firm guarantees,
through the corporate guarantee, any other environmental obligations of the
following facilities permitted by subsidiaries of this firm. The current cost
estimates for the final closure, post-closure care, scrap tire transporter
final closure, or corrective measures, and any other environmental obligations,
so guaranteed are shown for each solid waste facility or scrap tire transporter
final closure: $ ______________.
(3) This firm is the owner or operator of the
following facilities or scrap tire transporters for which financial assurance
requirements for final closure, scrap tire transporter final closure,
post-closure care, or corrective measures or any other environmental
obligations are satisfied through a financial test other than that required by
chapter 3745-27 of the Administrative Code. The current final closure,
post-closure care, scrap tire transporter final closure, or corrective measures
cost estimates, or any other environmental obligations covered by such
financial assurance are shown for each facility or scrap tire transporter:
$ ______________.
This firm [insert "is required" or "is not required"] to file a
form 10k with the Securities and Exchange Commission (SEC) for the most recent
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 most recently
completed fiscal year, ended [date].
[Fill in Alternative I if the criteria of paragraph (K)(1)(a)
of rules
3745-27-15,
3745-27-16,
or paragraph (L)(1)(a) of rule
3745-27-18
of the Administrative Code are used. Fill in Alternative II if the criteria of
paragraph (K)(1)(b) of rules
3745-27-15,
3745-27-16,
or of paragraph (L)(1)(b) of rule
3745-27-18
of the Administrative Code are used.]
Alternative I
1. Sum
of current final closure, post-closure care, scrap tire transporter final
closure, or corrective measures cost estimates, and any other environmental
obligations assured by a financial test (total of all cost estimates shown in
the three paragraphs above): $ ________________.
*
2. Total liabilities [if any portion of the final
closure, post-closure care, scrap tire transporter final closure, or corrective
measures cost estimate 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 minus $10 million: $
__________________.
*
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 final closure, post-closure care, scrap tire transporter final
closure, or corrective measures cost estimates, and any other environmental
obligations assured by a financial test (total of all cost estimates shown in
the three 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 final closure, post-closure care, scrap tire
transporter final closure, and corrective measures 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 paragraph (F) of rule 3745-27-17 of the
Administrative Code as such rule was constituted on the date shown immediately
below.
[Signature]
[Name]
[Title]
[Date]"
(G) A corporate guarantee, as specified in
paragraph (K) of rules
3745-27-15,
3745-27-16,
or paragraph (L) of rule
3745-27-18
of the Administrative Code, must be worded as follows, except that instructions
in brackets are to be replaced with the relevant information and the brackets
deleted:
"Corporate guarantee for final closure, post-closure care,
corrective measures, or scrap tire transporter final closure.
Guarantee made this [date] by [name of guaranteeing entity], a
business corporation organized under the laws of the state of [insert name of
state], herein referred to as guarantor, to the Ohio Environmental Protection
Agency ("Ohio EPA"), obligee on behalf of our subsidiary [owner or operator] of
[business address].
Recitals
1. Guarantor
meets or exceeds the financial test criteria and agrees to comply with the
reporting requirements for guarantors as specified in paragraph (K) of rules
3745-27-15,
3745-27-16,
or paragraph (L) of rule
3745-27-18
of the Administrative Code.
2.
[Owner or operator] responsible for the following solid waste facility(ies) or scrap tire
transporter(s) covered by this guarantee: [List for each facility or scrap tire
transporter: name and address. Indicate for each whether guarantee is for final
closure, post-closure care, both, corrective measures, or for scrap tire
transporter final closure].
3.
Final closure
,
/post-closure
care,
plans or
corrective measures plans as used below refer to the plans maintained as
required by Chapter 3745-27 of the Administrative Code for the final closure,
post-closure care, and corrective measures of a facility, as identified
above.
4. For value received from
[owner or operator], guarantor guarantees to the Ohio EPA that in the event
that [owner or operator] fails to perform [insert "final closure,"
"post-closure care," "final closure
and
/post-closure care," or "corrective measures"] of
the above facility in accordance with the final closure
,
/post-closure
care
plans or
corrective measures plans and other permit requirements, as applicable, or, for
a scrap tire transporter, in the event the owner or operator fails to remove
and properly dispose of any accumulation of scrap tires delivered to a location
not authorized to receive scrap tires by paragraph (C)(1) of rule
3745-27-56
of the Administrative Code, or fails to remove and properly dispose of any
scrap tires which have been open dumped by the scrap tire transporter, or has
been found to be in violation of rule
3745-27-79
of the Administrative Code, the guarantor shall remove and properly dispose of
the scrap tires or establish a trust fund as specified in Chapter 3745-27 of
the Administrative Code, as applicable, in the name of [owner or operator] in
the amount of the current final closure, post-closure care, scrap tire
transporter final closure, or corrective measures cost estimates as specified
in Chapter 3745-27 of the Administrative Code.
5. Guarantor agrees that if, at the end of
any fiscal year before termination of this guarantee, the guarantor fails to
meet the financial test criteria, guarantor shall send notice to the director,
Ohio EPA, and to [owner or operator], not later than ninety days after the end
of such fiscal year, by certified mail or any other form of mail accompanied by
a receipt, that the guarantor intends to provide alternate financial assurance
as specified in Chapter 3745-27 of the Administrative Code, in the name of
[owner or operator]. Not later than one hundred twenty days after the end of
such fiscal year, the guarantor shall establish such alternate financial
assurance unless [owner or operator] has done so.
6. The guarantor agrees to notify the
director by certified mail or any other form of mail accompanied by a receipt,
of a voluntary or involuntary proceeding under "Title 11 (bankruptcy)," U.S.
Code, naming guarantor as debtor, not later than ten days after commencement of
the proceeding.
7. Guarantor agrees
that not later than thirty days after being notified by the director of a
determination that guarantor no longer meets the financial test criteria or
that
he
the
guarantor is disallowed from continuing as a guarantor of final closure,
post-closure care, corrective measures, or scrap tire transporter final
closure,
he
the
guarantor shall establish alternate financial assurance as specified in
Chapter 3745-27 of the Administrative Code, in the name of [owner or operator]
unless [owner or operator] has done so.
8. Guarantor agrees to remain bound under
this guarantee notwithstanding any or all of the following: amendment or
modification of the final closure
,
/post-closure
care
plan or
corrective measures plan, amendment or modification of the permit or
registration
certification, extension or
reduction of the time of performance of final closure, post-closure care, or
corrective measures, or any other modification or alteration of an obligation
of the owner or operator pursuant to Chapter 3745-27 of the Administrative
Code.
9. Guarantor agrees to remain
bound under this guarantee for so long as [owner or operator] shall comply with
the applicable financial assurance requirements of Chapter 3745-27 of the
Administrative Code for the above listed facilities or scrap tire transporter,
except that guarantor may cancel this guarantee by sending notice by certified
mail or any other form of mail accompanied by a receipt to the director and
[owner or operator], such cancellation to become effective not earlier than one
hundred twenty days after receipt of such notice by both Ohio EPA and [owner or
operator], as evidenced by the return receipts.
10. Guarantor agrees that if [owner or
operator] fails to provide alternate financial assurance as specified in
Chapter 3745-27 of the Administrative Code, and obtain written approval of such
alternate financial assurance from the director not later than ninety days
after a notice of cancellation by the guarantor is received by the director
from guarantor, guarantor shall provide such alternate financial assurance in
the name of [owner or operator].
11. Guarantor expressly waives notice of
acceptance of this guarantee by the Ohio EPA or by [owner or operator].
Guarantor also expressly waives notice of amendments or modifications of the
solid waste facility permit(s) or
registration(s) or the scrap tire transporter registration.
I hereby certify that the wording of this guarantee is
identical to the wording specified in paragraph (G) of rule 3745-27-17 of the
Administrative Code as such rule was constituted on the date first above
written.
Effective date: ______________
[Name of guarantor]
[Authorized signature for guarantor]
[Name of person signing]
[Title of person signing]
Signature of witness or notary: __________ "
(H) A letter from the chief
financial officer of a local government, as specified in paragraph (L) of rules
3745-27-15,
3745-27-16,
or in paragraph (M) of rule
3745-27-18
of the Administrative Code must be worded as follows on forms prescribed by the
director, except that instructions in brackets are to be replaced with the
relevant information and the brackets deleted:
[Comment: For the purposes of this rule, local government is
defined as a subdivision of the state of Ohio including, but not limited to, a
municipal corporation, a county, a township, a single or joint county solid
waste management district, or a solid waste management authority.]
"Letter from chief financial officer of a local
government
[Address to director, Ohio Environmental Protection
Agency.]
I am the chief financial officer of [name and address of local
government]. This letter is in support of this local government's use of the
financial test to demonstrate financial assurance, as specified in chapter
3745-27 of the Administrative Code.
[Fill out the following paragraphs regarding facilities and
scrap tire transporters and the associated cost estimates. If there are no
facilities or scrap tire transporters that belong in a particular paragraph,
write "none" in the space indicated. For each solid waste facility or scrap
tire transporter, include its name, address, county, and current final closure,
post-closure care, scrap tire transporter final closure, or corrective measures
cost estimates, and any other environmental obligations. Identify each cost
estimate as to whether it is for final closure, post-closure care, scrap tire
transporter final closure, or corrective measures, and all other environmental
obligations.]
(1) This local
government is the owner or operator of the following facilities or scrap tire
transporters for which financial assurance for final closure, post-closure
care, scrap tire transporter final closure, or corrective measures is
demonstrated through the financial test specified in chapter 3745-27 of the
Administrative Code or this local government is the owner or operator of the
following facilities for which financial assurance for any other environmental
obligations are assured by a financial test. The current final closure,
post-closure care, scrap tire transporter final closure, or corrective measures
cost estimates, and any other environmental obligations provided for by a test
are shown: $ ______________.
(2)
This local government is the owner or operator of the following facilities or
scrap tire transporter for which financial assurance requirements for final
closure, post-closure care, scrap tire transporter final closure, corrective
measures, or any other environmental obligations are satisfied through a
financial test other than that required by chapter 3745-27 of the
Administrative Code. The current final closure, post-closure care, scrap tire
transporter final closure, or corrective measures cost estimates, or any other
environmental obligations covered by such financial assurance are shown for
each facility or scrap tire transporter: $ ______________.
The fiscal year of this local government ends on [month, day].
The figures for the following items marked with an asterisk are derived from
this local government's independently audited, year-end financial statements
for the most recently completed fiscal year, ended [date]. [Comment: The
figures for the following items must be contained in the audited financial
statements from the most recently completed fiscal year.]
[Fill in Alternative I if the criteria of paragraph (L)(3)(a)
of rule
3745-27-15,
3745-27-16,
or paragraph (M)(3)(a) of rule
3745-27-18
of the Administrative Code are used. Fill in Alternative II if the criteria of
paragraph (L)(3)(b) of rule
3745-27-15,
3745-27-16,
or of paragraph (M)(3)(b) of rule
3745-27-18
of the Administrative Code are used.]
Alternative I
1. Sum
of current final closure, post-closure care, scrap tire transporter final
closure, or corrective measures cost estimates, and any other environmental
obligations assured by a financial test (total of all cost estimates shown in
the paragraphs above): $ ________________.
*
2. Sum of cash and marketable securities: $
____________________.
* 3. Total
expenditures: $ _________________________.
*
4. Annual debt service: $ ________________________
.
* 5. Long-term debt: $
___________________________.
* 6.
Capital expenditures: $ ________________________.
*
7. Total assured environmental costs: $ ______________
.
*
8. Total annual revenue: $
__________________.
Yes No
9. Is
line 2 divided by line 3 greater than or equal to 0.05 ?...
10. Is line 4 divided by line 3 less than or
equal to 0.20 ?...
11. Is line 5
divided by line 6 less than or equal to 2.00 ?...
12. Is line 7 divided by line 8 less than or
equal to 0.43 ?... If not, complete lines 13 and 14.
13. Multiply line 8 by 0.43 = $ __________.
This is the maximum amount allowed to assure environmental costs.
14. Line 13 subtracted from line 7 = $
__________. This amount must be assured by another financial assurance
mechanism listed in paragraphs (F), (G), (I), or (J), in rules
3745-27-15,
3745-27-16,
and paragraphs (G), (H), (J), or (K) in rule
3745-27-18
of the Administrative Code.
Alternative II
1. Sum
of current final closure, post-closure care, scrap tire transporter final
closure, corrective measures cost estimates, and any other environmental
obligations assured by a financial test (total of all cost estimates shown in
the paragraphs above): $ _______________.
2. Current bond rating of most recent
issuance and name of rating service: ______________.
3. Date of issuance of bond: _______________
.
4. Date of maturity of bond:
_______________.
5. Total assured
environmental costs: $ ______________.
*
6. Total annual revenue: $ ______________.
Yes No
7. Is
line 5 divided by line 6 less than or equal to 0.43 ?..... If not, complete
lines 8 and 9.
8. Multiply line 6
by 0.43 = $ _______________________.
This is the maximum amount allowed to assure environmental
costs.
9. Line 8 subtracted
from line 5 = $ __________________.
This amount must be assured by another financial assurance
mechanism listed in paragraphs (F), (G), (I), or (J), in rules
3745-27-15,
3745-27-16,
and paragraphs (G), (H), (J), or (K) in rule
3745-27-18
of the Administrative Code.
I hereby certify that the wording of this letter is identical
to the wording specified in paragraph (H) of rule 3745-27-17 of the
Administrative Code as such rule was constituted on the date shown immediately
below. I further certify the following:
(1) that the local government's financial
statements are prepared in conformity with generally accepted accounting
principles for governments;
(2)
that the local government has not operated at a deficit equal to five per cent
or more of total annual revenue in either of the past two fiscal
years;
(3) that the local government
is not in default on any outstanding general obligation bonds; and,
(4) that the local government does not have
outstanding general obligations rated less than BBB as issued by "Standard and
Poor's" or Baa as issued by "Moody's."
[Signature]
[Name]
[Title]
[Date]"
(I) An existing trust agreement with the
wording set forth in paragraphs (A)(1) and (A)(2) of this rule may be utilized
to satisfy the trust agreement wording requirements set forth in paragraphs
(A)(1) and (A)(2) of rule
3745-503-20
of the Administrative Code.
(J) An
existing surety bond guaranteeing payment into a trust fund with the wording
set forth in paragraph (B) of this rule may be utilized to satisfy the surety
bond guaranteeing payment into a trust fund wording requirements set forth in
paragraph (B) of rule
3745-503-20
of the Administrative Code.
(K) An
existing surety bond guaranteeing performance with the wording set forth in
paragraph (C) of this rule may be utilized to satisfy the surety bond
guaranteeing performance wording requirements set forth in paragraph (C) of
rule
3745-503-20
of the Administrative Code.
(L) An
existing letter of credit with the wording set forth in paragraph (D) of this
rule may be utilized to satisfy the letter of credit wording requirements set
forth in paragraph (D) of rule
3745-503-20
of the Administrative Code.
(M) An
existing certificate of insurance with the wording set forth in paragraph (E)
of this rule may be utilized to satisfy the certificate of insurance wording
requirements set forth in paragraph (E) of rule
3745-503-20
of the Administrative Code.
(N) An
existing letter from the chief financial officer with the wording set forth in
paragraph (F) of this rule may be utilized to satisfy the letter from the chief
financial officer wording requirements set forth in paragraph (F) of rule
3745-503-20
of the Administrative Code.
(O) An
existing corporate guarantee with wording set forth in paragraph (G) of this
rule may be utilized to satisfy the corporate guarantee wording requirements
set forth in paragraph (G) of rule
3745-503-20
of the Administrative Code.
(P) An
existing letter from the chief financial officer of a local government as set
forth in paragraph (H) of this rule may be utilized to satisfy the letter from
the chief financial officer of a local government wording requirements set
forth in paragraph (H) of rule
3745-503-20
of the Administrative Code.