(1) In order to be eligible for certification, pursuant to M.G.L. c. 111H, § 22, the applicant:
(a) shall demonstrate, to the Board's satisfaction that it has sufficient financial resources or is capable of obtaining sufficient financing to:
1. construct a facility with the characteristics set forth in the applicant's proposal, in accordance with a development contract executed pursuant to M.G.L. c. 111H, § 28; and
2. operate and maintain such a facility in compliance with all applicable statutes and regulations, and the comprehensive operating contract; and
3. satisfy the requirements of 345 CMR 1.91; and
4. provide assurance of financial responsibility in the event of accidents or malfunctioning at the facility, and provide for closure and post-closure observation and maintenance of the facility; and
(b) shall have:
1. For each of the past five years, at least two of the following three ratios:
a. a ratio of total liabilities to net worth less than 2.0; or
b. a ratio of the sum of net income plus depreciation, depletion and amortization to total liabilities greater than 0.1; or
c. a ratio of current assets to current liabilities greater than 1.5; and
2. A current rating for its most recent bond issuance (if any) of AAA, AA or A as issued by Standard and Poor or Aaa, Aa, or A as issued by Moody; and
3. Net working capital and tangible net worth each at least six times the sum of the closure and post-closure cost estimates contained in the proposal; and
4. Tangible net worth of at least $10 million; and
5. Assets in the United States amounting to at least six times the sum of the closure and post-closure estimates contained in the proposal; and
(c) shall demonstrate, to the Board's satisfaction, that it satisfies or is capable of satisfying, the financial requirements of 310 CMR 30.900.
(2) When evaluating whether an applicant satisfies the financial criteria of 345 CMR 3.12, the Board shall consider:
(a) the applicant's current assets and liabilities; and
(b) the applicant's short-term and long-term debt; and
(c) the applicant's credit rating; and
(d) any Form 10Ks and Form 10Qs that the Applicant has filed with the U.S. Securities and Exchange Commission, during the last five years; and
(e) if the applicant did not file Form 10Ks and Form 10Qs with the U.S. Securities and Exchange Commission during one or more of the past five years, audited financial statements prepared by a nationally recognized auditing firm for the past five fiscal years and quarterly financial reports for the past five years; and
(f) court decisions, decrees or agreements or administrative judgments that have been issued or pending proceedings, which could adversely affect the financial well-being of the applicant; and
(g) whether the applicant, affiliated entities, or principals have ever initiated bankruptcy proceedings, either voluntary or involuntary, as well as the time and performance of the applicant, affiliated entities or principals since the proceedings; and
(h) any additional information provided by the applicant or otherwise available to the Board.
(3) When determining whether an applicant satisfies the financial criteria of 345 CMR 3.12, the Board shall apply the most current accounting standards of the Financial Accounting Standard Board of the American Institute of Certified Public Accountants, and may utilize as guidance the most recent revision of the U.S. Nuclear Regulatory Commission's Safety Analysis Report, "Standard Format and Content of a License Application for a Low-Level Radioactive Waste Disposal Facility" (NUREG-1199).