Indiana Administrative Code
Title 329 - SOLID WASTE MANAGEMENT DIVISION
Article 16 - ELECTRONICS WASTE MANAGEMENT
Rule 11 - Financial Assurance
Section 11-4 - Letter of credit for closure and cleanup
Universal Citation: 329 IN Admin Code 11-4
Current through March 20, 2024
Authority: IC 13-14-8-7; IC 13-15; IC 13-19-3
Affected: IC 13-14; IC 13-30-2; IC 36-9-30
Sec. 4.
An owner, operator, or registrant that chooses to meet the financial assurance requirement of this article through a letter of credit shall establish the letter of credit for financial assurance in accordance with the following requirements:
(1) Establish a letter of credit on forms:
(A)
provided by the commissioner; or
(B) approved by the commissioner.
(2) All letters of credit must contain the following:
(A) The establishment
of credit in the amount determined by section 1(b) of this rule.
(B) Irrevocability.
(C) An effective period of at least one (1)
year and automatic extensions for periods of at least one (1) year unless the
issuing institution provides written notification of cancellation by certified
mail to both the owner, operator, or registrant, and the commissioner at least
one hundred twenty (120) days before the effective date of
cancellation.
(D) A provision that,
upon written notice from the commissioner, the institution issuing the letter
of credit will:
(i) state that the owner,
operator, or registrant's obligations have not been fulfilled; and
(ii) if the owner, operator, or registrant
has failed to close the facility, place the total penal sum of the bond into an
account as directed by commissioner.
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