2019 South Bend Financial Assurance Test Report

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SOLD)WASTE LAND DISPOSAL FACILITIES (cc)“Deficit”means total annual revenues minus total annual expenditures. (dd)“Total expenditures”means all expenditures,excluding capital outlays and debt repayment. (ee)“Total revenues”means revenues from all taxes and fees but does not include the proceeds from borrowing or asset sales,excluding revenues from funds managed by the local government permittee on behalf of a specific third party. (EE)Ifthe permittee using the local government financial test has a current bond rating ofBBB-as issued by Standard and Poor’s or Baa3 as issued by Moody’s for the permittee’s most recent bond issuance,the commissioner may request that the permittee submit the following information to the department on a quarterly basis until the bond rating is upgraded: (aa)The current bond rating of the most recent issuance. (bb)The name of the rating service. (cc)The date of issuance of the bond. (dd)The date of maturity of the bond. (ee)The last credit rating action. (if)An explanation of any events such as decrease in the bond ratings,as well as inclusion on a negative credit watch list. This quarterly update will supplement the record keeping and report requirements specified in item (iii). On the basis of the submitted information,if the commissioner finds that the permittee no longer meets the local government financial test requirements,the permittee shall provide alternate financial assurance in accordance with this rule. (ii)The local government permittee shall meet the following public notice component requirements: (AA)The local government permittee shall place a reference to the closure and post-closure care costs assured through the financial test into the local government permittee’s next comprehensive annual financial report (CAFR)at the time of the next required local government financial test annual submittal or before the initial receipt of waste at the facility,whichever is later.Disclosure must include the following: (aa)Nature and source of closure and post-closure care requirements. (bb)Reported liability at the balance sheet date. (cc)Estimated total closure and post-closure care cost remaining to be recognized. (dd)Percentage of landfill capacity used to date. (ee)Estimated landfill life in years. (BB)A reference to corrective action costs must be placed in the CAFR not later than one hundred twenty (120)days after the corrective action remedy has been selected in accordance with the requirements of 329 IAC 10-21-13. (CC)For the first year the financial test is used to assure costs at a particular facility,the reference may instead be placed in the facility’s operating record until issuance of the next available CAFR if timing does not permit the reference to be incorporated into the most recently issued CAFR or budget. (DD)For closure and post-closure costs,conformance with Government Accounting Standards Board Statement 18 assures compliance with this public notice component. (iii)The local government permittee shall meet the following record keeping and reporting requirements: (AA)The local government permittee shall place the following items in the facility’s operating record: (aa)A letter signed by the local government permittee’s chief financial officer that completes the following: (1)Lists all of the current cost estimates covered by a financial test as described in clause (C). (2)Provides evidence and certifies that the local government permittee meets the conditions of item (i)(AA)through (i)(CC). (3)Certifies that the local government permittee meets the conditions of item (ii)and clause (C). Indiana Administrative Code Page 253