ML21014A437

Reed College - Financial Assurance for Reed Institute Dba Reed College and Financial Statements for the Reed Institute June 30, 2020 and 2011 9

ML21014A437
Person / Time
Site:	Reed College
Issue date:	10/28/2020
From:	Newhouse J Reed College, Reed Institute
To:	Document Control Desk, Office of Nuclear Reactor Regulation
References
Download: ML21014A437 (4)

Text

REED COLLEGE Recd Research Reactor 3203 SE Woodstock Boulevard, Po11laml, Oregon 97202-8199 plume: 503 777~7222. emu,/: rcactor@reed. edu Oct. 28, 2020 ATTN: Document Control Desk U.S. Nuclear Regulatory Commission Washington, DC 20555-0001 Docket: 50-288 License No: R-112 Enclosed are the following I. Financial Assurance for Reed Institute dba Reed College

2. Financial Statements for The Reed Institute June 30, 2020 and 2011 9.

I declare under penalty of perjury that the foregoing is true and con-ect.

Executed on:

October 28. 2020 Jerry Newhouse Director, Reed Research Reactor CC Greg Casto, Chief, Non-Power Production and Utilization Facility Licensing Branch Travis Tate, Chief, Non-Power Production and Utilization Facility Oversight Branch

October 22, 2020 Financial Assurance for Cost of Decommissioning Activities Setf.:.Guarantee Agreement The guarantee is made by Reed College, a non-profit college, organized under the laws of the State of Oregon, herein referred to as the "guarantor" to the U.S. Nuclear Regulatory Commission (NRC), on behalf of the college as licensee.

Recitals

1. The guarantor has full authority and capacity to enter into this self-guarantee under the by-laws of the trustees of Reed College.

2. This self-guarantee is being issued to comply with regulations issued by the NRC, an agency of the U.S. Government, pursuant to the Atomic Energy Act of 1954, as amended, and the Energy Reorganization Act of 1974. NRC has promulgated regulations in Title 10, Chapter I of the Code of Federal Regulations, Part 50, which require that a holder of, or an applicant for, a materials license issued pursuant to IO CFR Part 50 provide assurance that funds will be available when needed for required decommissioning activities.

3. The self-guarantee is issued to provide financial assurance for decommissioning activities for the licenses and facilities shown.

License#

License description Certified amounts of 2018 Cost and estimates Docket#

R-112 Research and test reactor

$2,420,100 50-288 and related facilities located at Reed College Portland Oregon 97202 Subtotal

$2,420,100 25% Contingency fund

$605,025 Total Estimated Cost

$3,025,125

4. The Guarantor meets or exceeds the following financial test for a nonprofit College that issues bonds. Specifically, the most recent rating as of October 2019 for the college is Aa2NMIG 1 by Moody's Investor Services, and guarantor agrees to comply with all notification requirements as specified in 10 CFR Part 50, and Appendix A to IO CFR Part 30.

5. The guarantor does not have a parent company holding majority control of its voting stock.

6. Decommissioning activities as used below refer to activities required by 10 CF~

Part 50 for decommissioning of the facilities identified.

7. Pursuant to the guarantor's authority to enter into this guarantee, the guarantor guarantees to the NRC that the guarantor shall:

a. Carry out the required decommissioning activities, as required by the license listed above.

8. The guarantor agrees to submit audited financial statements annually within 90 days of the completion of the guarantor's fiscal year audit.

9. The guarantor agrees that if, at the end of any fiscal year before termination of this self-guarantee, it fails to meet the self-guarantee financial test criteria, it shall send in 90 days of the end of the fiscal year, by certified mail to the NRC, that it intends to provide alternative financial assurance as specified in IO CFR Part 30.

Within 120 days after the end of the fiscal year, the guarantor shall establish such financial assurance.

I 0. The guarantor agrees that if it determines, at any time, other than as described in Recital 9, that it no longer meets the self-guarantee financial test criteria or it is disallowed from continuing as a self-guarantor, it shall establish alternative financial assurance as specified in 10 CFR Part 50 within 30 days.

11. The guarantor as well as its successors and assigns, agrees to remain bound jointly and severely under this guarantee notwithstanding any or all of the following:

amendment or modification of the license or NRC approved decommission funding plan for that facility, the extension or reduction of the time of performance of required activities, or any other modification or alteration of an obligation of the licenses pursuant to 10 CFR Parts 50 and 70.

12. The guarantor agrees that it shall be liable for all litigation costs incurred by the NRC in any successful effort to enforce the agreement against the guarantor.

13. The guarantor agrees to remain bound under the self-guarantee for as long as it, as licensee, must comply with the applicable financial assurance requirements of 10 CFR Part 50, for the previously listed facilities, except that the guarantor may cancel this self-guarantee by sending notice by certified mail to the NRC, such cancellation to become effective not before an alternative financial assurance mechanism has been put in place by the guarantor.

14. The guarantor agrees that if it, as licensee, fails to provide alternative financial assurance as specified in 10 CFR Parts 50 and 70 and obtain written approval of such assurance from the NRC within 90 days after a notice of cancellation by the guarantor is received by the NRC from the guarantor, the guarantor shall make full payment under self-guarantee.

15. The guarantor expressly waives notice of acceptance of this self-guarantee by the NRC. The guarantor expressly waives notice of amendments or modifications of decommissioning requirements.

16. If the guarantor files financial reports with the U.S. Securities and Exchange Commission, then it shall promptly submit them to its independent auditor and to the NRC during each year in which this self-guarantee is in effect

17. The guarantor agrees that if, at any time before termination of this self-guarantee, its most recent bond issuance ceased to be rated in the category of "A" or above by either Standard & Poor's or Moody's, it shall provide notice in writing of such*

fact to NRC within 20 days of publication of the change by the rating service.

. I hereby certify that this self-guarantee is true and correct to the best of my knowledge.

Effective date October 22, 2020 Reed College by:

Lorraine Ateftn Vice Presid~ tanTre State of Oregon County of Multnomah

'rlt.

Signed before me this o'/1, o1

• aay of~

&c!)..O OFFICIAL STAMP PATRICIA BLESSINGTON HENEGHAN NOTARY PUBLIC-OREGON COMMISSION NO. 994288 MY COMMISSION EXPIRES DECEMBER 01, 2023