- (1) If credits are released prior to the construction of a bank, the department must require a financial assurance for construction.
- (2) The amount of the financial assurance must be sufficient to cover the estimated costs for construction of a portion of the bank site that the department determines is equivalent to the credits released prior to construction.
- (3) Construction cost estimates must be based on the costs of having an independent contractor perform the construction of the bank. The sponsor must provide the department with a written estimate from a qualified contractor.
- (4) The department shall authorize the release of the financial assurance mechanism for bank construction after the department has approved the as-built condition of the bank.
- (5) If the first release of credits will occur after construction is completed and the department has approved the as-built plans, the department may require a financial assurance that would be adequate to stabilize the bank site in the event of default by the sponsor.
[Statutory Authority: Chapter 90.84 RCW. WSR 09-19-013 (Order 04-13), § 173-700-352, filed 9/3/09, effective 10/4/09.]