Laserfiche WebLink
issued by either Moody's Investor Service or Standard and Poor's Corporation; <br />(B) the applicant has a tangible net worth of at least $10 million, a ratio of total liabilities to <br />net worth of 2.5 times or less, and a ratio of current assets to current liabilities of 1.2 <br />times or greater; or <br />(C) the applicant's fixed assets in the United States total at least $20 million, and the <br />applicant has a ratio of total liabilities to net worth of 2.5 times or less, and a ratio of <br />current assets to current liabilities of 1.2 times or greater. <br />(4) The applicant submits: <br />(A) financial statements for the most recently completed fiscal year accompanied by a report <br />prepared by an independent certified public accountant in conformity with generally <br />accepted accounting principles and containing the accountant's audit opinion or review <br />opinion of the financial statements with no adverse opinion; <br />(B) unaudited financial statements for completed quarters in the current fiscal year; and <br />(C) additional unaudited information as requested by the Department. <br />(b) The Permit Board may accept a written guarantee for an applicant's self -bond from a parent corporation <br />guarantor, if the guarantor meets the conditions of § 4305(a)(1)-(4) as if it were the applicant. Such a <br />written guarantee shall be referred to as a "corporate guarantee". The terms of the corporate guarantee shall <br />provide for the following: <br />(1) if the applicants fails to complete the reclamation plan, the guarantor shall do so or the guarantor <br />shall be liable under the indemnity agreement to provide funds to the Commission sufficient to <br />complete the reclamation plan, but not to exceed the bond amount; <br />(2) the corporate guarantee shall remain in force unless the guarantor sends notice of cancellation by <br />certified mail to the applicant and to the Department at least 90 days in advance of the cancellation <br />date, and the Permit Board accepts the cancellation; <br />(3) the cancellation may be accepted by the Permit Board if the applicant obtains suitable replacement <br />bond before the cancellation date or if the lands for which the self -bond, or portion thereof, was <br />accepted have not been disturbed; <br />(4) the Permit Board may accept a written guarantee for an applicant's self -bond from any corporate <br />guarantor, whenever the applicant meets the conditions of § 4305(a)(1)-(2) and (4), and the <br />guarantor meets the conditions of § 4305(a)(1)-(4). Such a written guarantee shall be referred to <br />as a "non -parent corporate guarantee." The terms of this guarantee shall provide for compliance <br />with the conditions of § 4305(b)(1)-(4). The Department or Permit Board may require the <br />applicant to submit any information specified in § 4305(a)(3) in order to determine the financial <br />capabilities of the applicant. <br />(c) For the Permit Board to accept an applicant's self -bond, the total amount of the outstanding and proposed <br />self -bonds of the applicant for surface coal mining and reclamation operations shall not exceed 25 percent <br />of the applicant's tangible net worth in the United States. For the Permit Board to accept a corporate <br />guarantee, the total amount of the parent corporation guarantor's present and proposed self -bonds and <br />guaranteed self -bonds for surface coal mining and reclamation operations shall not exceed 25 percent of the <br />guarantor's tangible net worth in the United States. For the Permit Board to accept a non -parent corporate <br />guarantee, the total amount of the non -parent corporate guarantor's present and proposed self -bonds and <br />guaranteed self -bonds shall not exceed 25 percent of the guarantor's tangible net worth in the United States. <br />