SOLID WASTE PROCESSING AND DISPOSAL
(Rule 1200-01-07-.03, continued)
letters of credit and whose letter-of-credit operations are regulated and examined by a Federal or State agency.
The wording of the letter of credit must be worded according to the wording provided by the Department through subparagraph (l) of this paragraph.
The letter of credit must be accompanied by a letter from the owner or operator referring to the letter of credit by number, issuing institution, and
Number, name, and address of the assured for closure and/or post-closure
facility, and of the facility
by the letter
The letter of credit must be
irrevocable and issued must provide that the
for a period of at expiration date
least 1 will be
automatically extended least 120 days before notifies both the owner
each year for a period of at least 1 year unless, at the current expiration date, the issuing institution or operator and the Commissioner by certified mail
of a decision not to extend the letter of credit, the 120 days will operator and the Commissioner the return receipts.
expiration date. begin on the date have received the
Under the terms of the when both the owner or notice, as evidenced by
The letter of credit must be issued in an amount at least equal to the current closure and/or post-closure cost estimate, except as provided in subparagraph (e) of this paragraph.
Whenever the current closure and/or post-closure cost estimate increases to an amount greater than the amount of the letter of credit, the owner or operator, within 60 days after the increase, must either cause the amount of the letter of credit to be increased so that it at least equals the current cost estimate and submit evidence of such increase to the Commissioner, or obtain other financial assurance as specified in this subparagraph to cover the increase. Whenever the current closure and/or post-closure cost estimate decreases, the amount of the letter of credit may be reduced to the amount of the current cost estimate following written approval by the Commissioner.
Following a final administrative determination that the owner or operator has failed to perform final closure and/or post-closure activities in accordance with the closure and/or post-closure plan and other permit requirements when required to do so, the Commissioner may draw on the letter of credit.
If the owner or operator does not establish alternate financial assurance as specified in this subparagraph and obtain written approval of such alternate assurance from the Commissioner within 90 days after receipt by both the owner or operator and the Commissioner of a notice from issuing institution that it has decided not extend the letter of credit beyond the current expiration date, the Commissioner will draw on the letter of credit. The Commissioner may delay the drawing if the issuing institution grants an extension of the term of the credit. During the last 30 days of any such extension the Commissioner will draw on the letter of credit if the owner or operator has failed to provide alternate financial assurance as specified in this part and obtain written approval of such assurance from the Commissioner.
May, 2010 (Revised)