1. (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. (2) The letter of credit shall be worded exactly as found in 40 CFR 280.99 (b), except for the following:

   1. (a) The instructions in brackets in the letter shall be replaced by the relevant information and the brackets deleted.

   2. (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. 1. Reference in the letter to underground tanks shall be amended to refer to aboveground tanks.

      2. 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 Web site: hhttps://www.ecfr.gov/current/title-40/chapter-I/subchapter-I/part-280.

3. (3)

   1. (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.
   2. (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.
   3. (c) This standby trust fund shall meet the requirements for standby trust funds in s. ATCP 93.725.

4. (4)

   1. (a) The letter of credit shall be irrevocable with a term specified by the issuing institution.
   2. (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.
   3. (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.

History

History: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19.