1. A. If at any time a guarantee, letter of credit, certificate of deposit, or surety bond is drawn upon by instruction of the department and the department has expended all or part of the funds for containment and cleanup, the operator by the anniversary date of the financial mechanism from which the funds were drawn shall:

   1. 1. Replenish the value of financial assurance to equal the full amount of coverage required; or
   2. 2. Acquire another financial assurance mechanism for the amount by which the face value of the letter of credit, certificate of deposit, surety bond, or guarantee has been reduced.
2. B. For purposes of this section, the full amount of coverage required is the amount of coverage to be provided by 9VAC25-640-50. If a combination of mechanisms was used to provide the assurance funds which were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms.

Statutory Authority

§§ 62.1-44.15 and 62.1-44.34:16 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 17, Issue 10, eff. March 2, 2001; amended, Virginia Register Volume 25, Issue 2, eff. November 1, 2008; Volume 29, Issue 26, eff. October 10, 2013; Volume 39, Issue 5, eff. November 23, 2022.