Indiana Administrative Code
Title 329 - SOLID WASTE MANAGEMENT DIVISION
Article 15 - WASTE TIRE MANAGEMENT
Rule 5 - Financial Assurance
Section 5-11 - Negotiable letter of credit
Universal Citation: 329 IN Admin Code 5-11
Current through March 20, 2024
Authority: IC 13-19-3-1; IC 13-20-14-6
Affected: IC 13-30-2; IC 36-9-30
Sec. 11.
(a) A waste tire transporter may comply with this rule by establishing a negotiable letter of credit on:
(1) forms provided by the
department; or
(2) other forms
approved by the department.
(b) All negotiable letters of credit must contain the following:
(1) The establishment
of credit in the amount of not less than ten thousand dollars
($10,000).
(2)
Irrevocability.
(3) An effective
period of at least one (1) year and automatic extensions thereafter for periods
of at least one (1) year unless the issuing institution provides written
notification of cancellation by certified mail to both the waste tire
transporter and the department at least one hundred twenty (120) days before
the effective date of cancellation.
(4) Provision that the issuing institution
shall make payments to the department in an amount equal to the amount of
credit required under subdivision (1), if notified in writing by the
commissioner that the waste tire transporter has failed to fulfill its
obligations under this article.
(c) The issuing institution must be an entity that has the authority to issue letters of credit and whose letters of credit operations are regulated and examined by a federal or state agency.
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