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<br />.��JVA - aukja AA M A(;"ENT 01/04 /iii T1SA 132.1600
<br />V?
<br />(ii)
<br />(Iii)
<br />(iv)
<br />Columns a and b and Part 5 for municipalities or Part S
<br />excluding educational capital outlays for counties) greater than
<br />or equal to 0.05; and a ratio of annual debt service (a$ stated
<br />on the AFIR Part 4 Section A to total operating expenditum
<br />less than or equal to 0.20.
<br />(II) A current bond rating of Baa or above as issued by Moody's,
<br />BBB or above as issued by Standard & Poor's. BBB or above
<br />as issued by Fitch's, or 75 or above as issued by the Municipal
<br />Coin; a ratio of the current cost estimates for closure, post-
<br />closure, corrective action, or the sum of the combination of
<br />such costs to be covered, and any other environmental
<br />obligations assured by a financial test to total revenue less than
<br />or equal to ^.43.
<br />(III) A unit of local government must not have operated at a total
<br />operating fund deficit equal to five percent or more of total
<br />annual revenue in either of the past two fiscal years; it must
<br />not currently be in default on any outstanding general
<br />obligation bonds or any other long4mm obligations; and it
<br />must not have any outstanding general obligation bonds rated
<br />lower than Ban as issued by Moody's, BBB as issued by
<br />Standard & Poor's, BBB as issued by Filth'& or lower than 75
<br />as issued by the Municipal Council.
<br />Public Notice Component. In 3rder to satisfy the Public Notice
<br />Component of the tat, a unit of local government shall disclose its
<br />closure, post - closure, and corrective action cost estimates and relevant
<br />information in accordance with generally accepted accounting
<br />Principles- '
<br />Record - keeping and Repotting To demonstrate that, the
<br />unit of local government meets the requirements of this test, a letter
<br />signed by the unit of local goveinmeat's chief financial offim (CFO)
<br />and worded as specified in Part (e)(2XG) of this Rule shall be placed
<br />in the operating record in accordance with the deadlines of Subpart (iv)
<br />of this Part. The letter shall:
<br />(1) - List all the current cost estimates covered by a financial test,
<br />as described in Subpart (v) of this Part;
<br />(in Provide evidence and certify that the unit of local government
<br />mess
<br />the -conditions of either Subpart (j)(n or Q)(II) of this
<br />Part; and
<br />(III) Certify that the unit of local government meets the conditions
<br />of subpart (IXUD of this Part.
<br />In the case of -closure and post - closure care, the Chief Financial
<br />Officer's letter shall be placed in the operating record before the initial
<br />receipt of waste or by April 9, 1994, whichever is leer. In the case
<br />Of corrective action, the CFO's letter shall be placed in the operating
<br />record no later than 120 days aster the corrective action remedy has
<br />been selected in mordancx with the requireumb of Rule .1636.
<br />When calculating the "current coat estimates for closure, pm-'
<br />corrective action, or the sum of the combination of such costs to be
<br />Cove red, and any other environmental, obligations assured a financial
<br />test" • referred tom Part 0Ot of this Paragraph, the unit of local
<br />Sov= meat shall include cost is required for municipal solid
<br />waste management facilities under 15A NCAC 13B Section .1600, as
<br />well as cost estimates required for all other enviroamenfai obligations
<br />Page 115
<br />(v)
<br />4 .
<br />Columns a and b and Part 5 for municipalities or Part S
<br />excluding educational capital outlays for counties) greater than
<br />or equal to 0.05; and a ratio of annual debt service (a$ stated
<br />on the AFIR Part 4 Section A to total operating expenditum
<br />less than or equal to 0.20.
<br />(II) A current bond rating of Baa or above as issued by Moody's,
<br />BBB or above as issued by Standard & Poor's. BBB or above
<br />as issued by Fitch's, or 75 or above as issued by the Municipal
<br />Coin; a ratio of the current cost estimates for closure, post-
<br />closure, corrective action, or the sum of the combination of
<br />such costs to be covered, and any other environmental
<br />obligations assured by a financial test to total revenue less than
<br />or equal to ^.43.
<br />(III) A unit of local government must not have operated at a total
<br />operating fund deficit equal to five percent or more of total
<br />annual revenue in either of the past two fiscal years; it must
<br />not currently be in default on any outstanding general
<br />obligation bonds or any other long4mm obligations; and it
<br />must not have any outstanding general obligation bonds rated
<br />lower than Ban as issued by Moody's, BBB as issued by
<br />Standard & Poor's, BBB as issued by Filth'& or lower than 75
<br />as issued by the Municipal Council.
<br />Public Notice Component. In 3rder to satisfy the Public Notice
<br />Component of the tat, a unit of local government shall disclose its
<br />closure, post - closure, and corrective action cost estimates and relevant
<br />information in accordance with generally accepted accounting
<br />Principles- '
<br />Record - keeping and Repotting To demonstrate that, the
<br />unit of local government meets the requirements of this test, a letter
<br />signed by the unit of local goveinmeat's chief financial offim (CFO)
<br />and worded as specified in Part (e)(2XG) of this Rule shall be placed
<br />in the operating record in accordance with the deadlines of Subpart (iv)
<br />of this Part. The letter shall:
<br />(1) - List all the current cost estimates covered by a financial test,
<br />as described in Subpart (v) of this Part;
<br />(in Provide evidence and certify that the unit of local government
<br />mess
<br />the -conditions of either Subpart (j)(n or Q)(II) of this
<br />Part; and
<br />(III) Certify that the unit of local government meets the conditions
<br />of subpart (IXUD of this Part.
<br />In the case of -closure and post - closure care, the Chief Financial
<br />Officer's letter shall be placed in the operating record before the initial
<br />receipt of waste or by April 9, 1994, whichever is leer. In the case
<br />Of corrective action, the CFO's letter shall be placed in the operating
<br />record no later than 120 days aster the corrective action remedy has
<br />been selected in mordancx with the requireumb of Rule .1636.
<br />When calculating the "current coat estimates for closure, pm-'
<br />corrective action, or the sum of the combination of such costs to be
<br />Cove red, and any other environmental, obligations assured a financial
<br />test" • referred tom Part 0Ot of this Paragraph, the unit of local
<br />Sov= meat shall include cost is required for municipal solid
<br />waste management facilities under 15A NCAC 13B Section .1600, as
<br />well as cost estimates required for all other enviroamenfai obligations
<br />Page 115
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