Section 329IAC16-11-4. Letter of credit for closure and cleanup

   An owner, operator, or registrant that chooses to meet the financial assurance requirement of this article through a letter of credit shall establish the letter of credit for financial assurance in accordance with the following requirements:

(1) Establish a letter of credit on forms:

(A) provided by the commissioner; or

(B) approved by the commissioner.

(2) All letters of credit must contain the following:

(A) The establishment of credit in the amount determined by section 1(b) of this rule.

(B) Irrevocability.

(C) An effective period of at least one (1) year and automatic extensions for periods of at least one (1) year unless the issuing institution provides written notification of cancellation by certified mail to both the owner, operator, or registrant, and the commissioner at least one hundred twenty (120) days before the effective date of cancellation.

(D) A provision that, upon written notice from the commissioner, the institution issuing the letter of credit will:

(i) state that the owner, operator, or registrant's obligations have not been fulfilled; and

(ii) if the owner, operator, or registrant has failed to close the facility, place the total penal sum of the bond into an account as directed by commissioner.

(Solid Waste Management Division; 329 IAC 16-11-4; filed Jan 23, 2015, 10:34 a.m.: 20150218-IR-329140019FRA)