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EBNR „�O M WASTE MANAGEM ff 9I 104194 71S <br />value of the polio. a suffident,to covet the remaining costs of dosure <br />or post-closure. Bare, acid if justification and docuaaanation of the cost <br />is placed in the operiting reeoid. The owner or operator must <br />document in the operating record that reinnbursemeat and Division <br />approval has been received. <br />(v) Each policy must contain a provision allowing assignment of the policy. <br />to a successor owner or operator. Such assignment may be conditional <br />upon consent of the Insurer, provided that such consent Is not <br />unreasonably refused. <br />(vi) The msuranc a policy must provide that the insurer may not cancel, <br />terminate or fail to renew the policy except for failure to pay the <br />premium. The automatic renewal of the policy avast, at a nsinimum, <br />provide th insured with the option of renewal at Uw face amount of the <br />expiring policy. If there is a failure to pay the premium, the insurer <br />may =el the policy by sending notice of cancellation by certified <br />mail to the owner nand operator and to the Division 120 days in advance <br />of cancellation. If the km= cancels the polity, the owner or operator <br />mist obtain alternate financial assurance as specified in this Rule. <br />(vii) For insurance policies providing cove2ge for post - closure care, <br />comnancing on the date that liability to malice paymem pursuant to the <br />policy accrues, the insurer shall thereafter annually increase the face <br />amount of the policy. Such increase must be equivalent to the face -' <br />aniount of the policy, less any payments made. nwItiplied by an amount <br />equivalent to 85 percent of the most recent invesunent rate or of the <br />equivalent coapontissue yield anmmcW . by .the U.S. Treasury for <br />26 -week Treasury securities. <br />( viii) The owner'or operator may catered the insvrmce policy only if alternate _ <br />financial assurance is subsdtated as specified in this Rule or if the - <br />owner or operator is no lower required to demonstrate financW <br />responsibility in accordance with the requirements of Pacagrapb (b)(2), <br />(c)(2) or (d)(2) of this Rale. <br />(E) Corporate Finanial Teat. <br />eel <br />r <br />Local Government Financial Test. An owner or operator of a MSWLF which <br />is a unit of local govern may satisfy the requirements of this P=Waph by <br />demaauratithg *a it moots the requirensents of the local govanag financial <br />test as specified in this -Part. Financial terms used in this Part are m be <br />interpreted consistent with gentrally accepted accounting principles. The text <br />consists of a financial component, a public notice component, and a record - <br />keepmg and rung component. A unit of local government sha11 satisfy <br />each of the three meats annually to pass the test. , <br />(i) Financial Component. In order to satisfy the .financial component of <br />the test, a unit of local government shall meet, the criteria of either (I) <br />or (I) of this Subpart and in addition shall meet the conditions outlined <br />in (HO of this Subpart. <br />(1) A ratio of the current cast estimates for closure, post•dosure, <br />corrective action, or the aura of the combination of such costs <br />to be covoved, and any other eavkonme mal obligates assured <br />by.a financial „test, to total - revenue [as .stated on the Local ..,; <br />Govaammt , _qommiss ion's Annual Financial . -JnfotmsWu ; <br />_ R406ii (AFlit) Pact 21 leas than or equal to 0.43; a ratio of <br />:oPu=duE cash Plus invesanaem (as stated on the AM Part T) . <br />to total operating =peodnturea (as Stated on the AFIR Part 4 <br />Page 114 <br />