Ohio Admin. Code 3745-503-02 - Financial assurance - definitions
If a term used in this chapter is defined in rule 3745-500-02 of the Administrative Code, the definition in rule 3745-500-02 of the Administrative Code is applicable to this chapter unless the term is defined in this rule. As used in this chapter:
(A) [Reserved.]
(B) [Reserved.]
(C)
(1)
"Current assets" means cash or other assets or resources commonly identified as
those which are reasonably expected to be realized in cash or sold or consumed
during the normal operating cycle of a business.
(2) "Current liabilities" means obligations
the liquidation of which is reasonably expected to require either the use of
existing resources properly classifiable as current assets or the creation of
other current liabilities.
(D) [Reserved.]
(E) [Reserved.]
(F)
"Face
(1)
"Face
amount" means the total amount the insurer is obligated to pay under the
policy.
(2)
"Facility" means a solid waste facility.
(G) [Reserved.]
(H) [Reserved.]
(I) [Reserved.]
(J) [Reserved.]
(K) [Reserved.]
(L) "Local government" means a subdivision of
the state of Ohio including, but not limited to, a municipal corporation, a
county, a township, a single or joint county solid waste management district,
or a solid waste management authority.
(M) [Reserved.]
(N)
(1)
"Net working capital" means current assets minus current liabilities.
(2) "Net worth" means total assets minus
total liabilities and is equivalent to a person's equity.
(O) [Reserved.]
(P) "Parent corporation" means a corporation
or the ultimate corporation that directly owns at least fifty per cent of the
voting stock of the corporation that holds a permit or license issued in
accordance with applicable program chapters of the Administrative
Code.
(Q) [Reserved.]
(R) [Reserved.]
(S) [Reserved.]
(T) "Tangible net worth" means the tangible
assets that remain after deducting liabilities. For the purpose of this
definition "tangible assets" do not include such intangibles as goodwill and
rights to patents or royalties.
Notes
Promulgated Under: 119.03
Statutory Authority: 3734.02, 3734.12
Rule Amplifies: 3734.02, 3734.12
Prior Effective Dates: 04/02/2012
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