Oklahoma Administrative Code
Title 252 - Department of Environmental Quality
Chapter 653 - Aquifer Storage and Recovery
Subchapter 11 - Cost Estimates And Financial Assurance
Section 252:653-11-16 - Letter of credit
Current through Vol. 41, No. 13, March 15, 2024
(a) Letter of credit authorized. Financial assurance for closure and/or corrective action may be satisfied by obtaining an irrevocable standby letter of credit that conforms to the requirements of this Section.
(b) Submit letter of credit to DEQ. A copy of the letter of credit must be submitted to DEQ for approval.
(c) Acceptable issuing institutions. The issuing institution must be an entity that has the authority to issue letters of credit and whose letter of credit operations are regulated and examined by a federal or state agency.
(d) Documents to include. A letter from the owner/operator referring to the letter of credit by number and containing the following must be included with the letter of credit:
(e) Letter of credit requirements. The letter of credit must:
(f) Cancellation by issuing institution. The issuing institution may cancel the letter of credit by sending notice of cancellation by certified mail to the owner/operator and DEQ 120 days in advance of cancellation.
(g) New financial assurance required. If the letter of credit is canceled by the issuing institution, alternate financial assurance meeting the requirements of this Part must be obtained prior to the effective date of cancellation.