Current through August 26, 2024
(1) To use a letter of credit to meet the
financial responsibility requirements of s.
ATCP 93.705, an owner or operator shall obtain an
irrevocable standby letter of credit that conforms to the requirements of this
section. The issuing institution shall be authorized to issue letters of credit
in each state where the letters are used and the institution's letter of credit
operations shall be regulated and examined by a federal or state
agency.
(2) The letter of credit
shall be worded exactly as found in
40 CFR
280.99(b), except for the
following:
(a) The instructions in brackets
in the letter shall be replaced by the relevant information and the brackets
deleted.
(b) If financial
responsibility for aboveground tanks within the scope of this subchapter is
demonstrated using this method, all of the following changes shall be made:
1. Reference in the letter to underground
tanks shall be amended to refer to aboveground tanks.
2. Certification that wording is identical to
the wording required in
40 CFR
280.99(b) shall be deleted.
Note: A link to 40 CFR 280 is available at the
following EPA Web site: http://www.epa.gov/oust/fedlaws/cfr.htm.
(3)
(a) An
owner or operator who uses a letter of credit to satisfy the requirements of s.
ATCP 93.705 shall also establish a standby trust fund when
the letter of credit is acquired.
(b) Under the terms of the letter of credit,
all amounts paid pursuant to a draft by the department shall be deposited by
the issuing institution directly into the standby trust fund in accordance with
instructions from the department under s.
ATCP 93.747.
(c) This standby trust fund shall meet the
requirements for standby trust funds in s.
ATCP 93.725.
(4)
(a) The
letter of credit shall be irrevocable with a term specified by the issuing
institution.
(b) The letter of
credit shall provide that credit be automatically renewed for the same term as
the original term, unless, at least 120 days before the current expiration
date, the issuing institution notifies the owner or operator by certified mail
of its decision not to renew the letter of credit.
(c) Under the terms of the letter of credit,
the 120 days shall begin on the date the owner or operator receives the notice
as evidenced by the return receipt.
