§ 550.1495. How do I demonstrate financial solvency?
219 words·~1 min read·
/us/cfr/t30/s§ 550.1495·A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
(a)To demonstrate financial solvency under this part, you must submit an audited consolidated balance sheet, and, if requested by the BOEM bond-approving officer, up to 3 years of tax returns to BOEM using the U.S. Postal Service, private delivery, courier, or overnight delivery at:
(1)For Alaska OCS: BOEM Alaska OCS Region, 3801 Centerpoint Drive, Suite 500, Anchorage, AK 99503,
(907)334-5200.
(2)For Gulf of America and Atlantic OCS: BOEM Gulf of America OCS Region, 1201 Elmwood Park Boulevard, New Orleans, LA 70123-2394,
(800)200-4853.
(3)For Pacific OCS: BOEM Pacific OCS Region, 760 Paseo Camarillo, Suite 102 (CM 102), Camarillo, CA 93010,
(805)384-6305.
(b)You must submit an audited consolidated balance sheet annually, and, if requested, additional annual tax returns on the date BOEM first determined that you demonstrated financial solvency as long as you have active appeals, or whenever BOEM requests.
(c)If you demonstrate financial solvency in the current calendar year, you are not required to redemonstrate financial solvency for new appeals of orders during that calendar year unless you file for protection under any provision of the U.S. Bankruptcy Code (Title 11 of the United States Code), or BOEM notifies you that you must redemonstrate financial solvency. \[76 FR 64623, Oct. 18, 2011, as amended at 80 FR 57096, Sept. 22, 2015\]