Illinois Administrative Code
Title 35 - ENVIRONMENTAL PROTECTION
Part 811 - STANDARDS FOR NEW SOLID WASTE LANDFILLS
Subpart G - FINANCIAL ASSURANCE
Section 811.715 - Self-Insurance for Non-Commercial Sites
Current through Register Vol. 48, No. 38, September 20, 2024
a) Definitions. The following definitions are intended to assist in the understanding of this Part and are not intended to limit the meanings of terms in any way that conflicts with generally accepted accounting principles:
"Assets" means all existing and all probable future economic benefits obtained or controlled by a particular entity.
"Current assets" means cash or other assets or resources commonly identified as those that are reasonably expected to be realized in cash or sold or consumed during the normal operating cycle of the business.
"Current liabilities" means obligations whose liquidation is reasonably expected to require the use of existing resources properly classifiable as current assets or the creation of other current liabilities.
"Generally accepted accounting principles" means the accounting and auditing standards of the American Institute of Certified Public Accountants and the Governmental Accounting Standards Board that are incorporated by reference in 35 Ill. Adm. Code 810.104.
"Gross Revenue" means total receipts less returns and allowances.
"Independently audited" refers to an audit performed by an independent certified public accountant in accordance with generally accepted auditing standards.
"Liabilities" means probable future sacrifices of economic benefits arising from present obligations to transfer assets or provide services to other entities in the future as a result of past transactions or events.
"Net working capital" means current assets minus current liabilities.
"Net worth" means total assets minus total liabilities and is equivalent to owner's equity.
"Tangible net worth" means tangible assets less liabilities; tangible assets to not include intangibles such as goodwill and rights to patents or royalties.
b) Information to be Filed. An owner or operator may satisfy the financial assurance requirements of this Part by providing the following:
c) Bond Without Surety. An owner or operator utilizing self-insurance must provide a bond without surety on the forms specified in Appendix A, Illustration G. The owner or operator must promise to pay the current cost estimate to the Agency unless the owner or operator provides closure and post-closure care in accordance with the closure and post-closure care plans.
d) Gross Revenue Test. The owner or operator must demonstrate that less than one-half of its gross revenues are derived from waste disposal operations. Revenue is "from waste disposal operations" if it would stop upon cessation of the owner or operator's waste disposal operations.
e) Financial Test
f) Updated Information
g) Qualified Opinions. If the opinion required by subsections (e)(2)(B) and (e)(2)(C) includes an adverse opinion or a disclaimer of opinion, the Agency must disallow the use of self-insurance. If the opinion includes other qualifications, the Agency must disallow the use of self-insurance if:
h) Parent Corporation. An owner or operator may satisfy the financial assurance requirements of this Part by either of the following means: