South Carolina Code of Regulations
Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL
Subchapter 61-79 - Hazardous Waste Management Regulations
Part 61-79.261 - IDENTIFICATION AND LISTING OF HAZARDOUS WASTE
Subpart H - FINANCIAL REQUIREMENTS FOR MANAGEMENT OF EXCLUDED HAZARDOUS SECONDARY MATERIALS
Section 61-79.261.H.151 - Wording of the instruments
Appendix B
SOUTH CAROLINA DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL BUREAU OF LAND AND WASTE MANAGEMENT
Financial Guarantee Bond
Date bond executed: ____________________________
Effective date: ____________________________
Principal: [legal name and business address of owner or operator] ____________________________
Type of Organization: [insert "individual," "joint venture," "partnership," or "corporation"]
____________________________
State of incorporation: ____________________________
Surety(ies): [name(s) and business address(es)] ____________________________
EPA Identification Number, name, address, and amount(s) for each facility guaranteed by this bond: ____________________________
Total penal sum of bond: $ ________________________
Surety's bond number: __________________________
Know All Persons By These Presents, That we, the Principal and Surety(ies) are firmly bound to the South Carolina Department of Health and Environmental Control, hereafter referred to as the "Department," in the event that the hazardous secondary materials at the reclamation or intermediate facility listed below no longer meet the conditions of the exclusion under section 261.4(a)(24), in the above penal sum for the payment of which we bind ourselves, our heirs, executors, administrators, successors, and assigns jointly and severally; provided that, where the Surety(ies) are corporations acting as co-sureties, we, the Sureties, bind ourselves in such sum "jointly and severally" only for the purpose of allowing a joint action or actions against any or all of us, and for all other purposes each Surety binds itself, jointly and severally with the Principal, for the payment of such sum only as is set forth opposite the name of such Surety, but if no limit of liability is indicated, the limit of liability shall be the full amount of the penal sum.
WHEREAS said Principal is required, under the South Carolina Hazardous Waste Management Regulation to have a permit or interim status in order to own or operate each facility identified above, or to meet conditions under section 261.4(a)(24),
WHEREAS said Principal is required to provide financial assurance as a condition of the permit or interim status or as a condition of an exclusion under R.61-79.261.4(a)(24),
WHEREAS said Principal shall establish a standby trust fund as is required when a surety bond is used to provide such financial assurance,
NOW, THEREFORE, the conditions of the obligation are such that if the Principal shall faithfully, before the beginning of final closure of each facility identified above, fund the standby trust fund in the amount(s) identified above for the facility,
OR, if the Principal shall satisfy all the conditions established for exclusion of hazardous secondary materials from coverage as solid waste under section 261.4(a)(24),
OR, if the Principal shall fund the standby trust fund in such amount(s) within fifteen (15) days after a final order to begin closure is issued by the Department or a U.S. district court or other court of competent jurisdiction,
OR, if the Principal shall provide alternate financial assurance, as specified in subpart H of R.61-79.261, as applicable, and obtain the Department 's written approval of such assurance, within ninety (90) days after the date notice of cancellation is received by both the Principal and the Department from the Surety(ies), then this obligation shall be null and void; otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond obligation only when the Principal has failed to fulfill the conditions described above. Upon notification by the Department that the Principal has failed to perform as guaranteed by this bond, the Surety(ies) shall place funds in the amount guaranteed for the facility(ies) into the standby trust fund as directed by the Department.
The liability of the Surety(ies) shall not be discharged by any payment or succession of payments hereunder, unless and until such payment or payments shall amount in the aggregate to the penal sum of the bond, but in no event shall the obligation of the Surety(ies) hereunder exceed the amount of said penal sum.
The Surety(ies) may cancel the bond by sending notice of cancellation by certified mail to the Principal and to the Department, provided, however, that cancellation shall not occur during the one hundred twenty (120) days beginning on the date of receipt of the notice of cancellation by both the Principal and the Department, as evidenced by the return receipts.
The Principal may terminate this bond by sending written notice to the Surety(ies), provided, however, that no such notice shall become effective until the Surety(ies) receive(s) written authorization for termination of the bond by the Department.
[The following paragraph is an optional rider that may be included but is not required.]
Principal and Surety(ies) hereby agree to adjust the penal sum of the bond yearly so that it guarantees a new amount, provided that the penal sum does not increase by more than twenty (20) percent in any one year, and no decrease in the penal sum takes place without the written permission of the Department.
IN WITNESS WHEREOF, the Principal and Surety(ies) have executed this Financial Guarantee Bond and have affixed their seals on the date set forth above.
The persons whose signatures appear below hereby certify that they are authorized to execute this surety bond on behalf of the Principal and Surety(ies) and that the wording of this surety bond is identical to the wording specified in section 261.151 Appendix B as such regulations were constituted on the date this bond was executed.
Principal
[Signature(s)]
[Name(s)]
[Title(s)]
[Corporate seal]
Corporate Surety(ies)
[Name and address]
State of incorporation: ____________________________
Liability limit: $ ____________________________
[Signature(s)]
[Name(s) and title(s)]
[Corporate seal]
[For every co-surety, provide signature(s), corporate seal, and other information in the same manner as for Surety above.]
Bond premium: $ ____________________________
