For the fiscal year ending December 31, 2008, 2009, and 2010, Respondent Parent and/or Respondent did not have tangible net worth at least six times the sum of the current post-closure cost estimates and current plugging and abandonment cost estimates as required by 6 NYCRR § 373-2.8(f)(5)(a)&(b). For the fiscal year ending December 31, 2008, 2009, and 2010, Respondent did not pass the financial test as specified 6 NYCRR § 373-2.8(f)(5). Respondent shall maintain continuous and timely financial assurance for post-closure care at the Facility as required by its NYS permit which incorporates by reference the requirements of 6 NYCRR § 373-2.8
Respondent failed to submit updated information on its financial test and corporate guarantee to NYSDEC by March 31, 2011, ninety days after the end of its fiscal year on December 31, 2010. On or about August 5, 2011, Respondent substituted a letter of credit in place of the financial test and corporate guarantee in order to satisfy its RCRA C financial assurance requirements.
EPA requires Respondent to maintain valid financial assurance for post closure care at the Brockport Facility as required by Module II-H of the NYS Permit which requires compliance with 6 NYCRR § 373-2.8(f).