Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 811 - STANDARDS FOR NEW SOLID WASTE LANDFILLS › Subpart G - FINANCIAL ASSURANCE › Appendix A - Financial Assurance Forms › ILLUSTRATION E - Irrevocable Standby Letter of Credit

Current through Register Vol. 48, No. 28, July 12, 2024
IRREVOCABLE STANDBY LETTER OF CREDIT
Director
Illinois Environmental Protection Agency
C/O Bureau of Land #24
Financial Assurance Program
1021 North Grand Avenue East
Post Office Box 19276
Springfield, Illinois 62794-9276
Dear Sir or Madam:
We have authority to issue letters of credit. Our
					 letter-of-credit operations are regulated by the Illinois Department of
					 Financial and Professional Regulation or our deposits are insured by the
					 Federal Deposit Insurance Corporation. (Omit language that does not
					 apply.)
We hereby establish our Irrevocable Standby Letter of
					 Credit No. ___________ in your favor, at the request and for the account of
					 _____________________________ up to the aggregate amount of _________________
					 U.S. dollars ($ ________________ ) available upon presentation of:
1. your sight draft, bearing references to
				  this letter of credit No. _______________ ; and
2. your signed statement reading as follows:
				  "I certify that the amount of the draft is payable under regulations issued
				  under authority of the Environmental Protection Act [415 ILCS 5] and 35 Ill.
				  Adm. Code 811.713(e)."
This letter of credit is effective as of _____________
					 [date] and will expire on _________ [date] at least one year later]; but that
					 expiration date will be automatically extended for a period of [at least one
					 year] on ___________ [date] and on each successive expiration date, unless, at
					 least 120 days before the current expiration date, we notify both you and
					 _____________________________________ [owner's or operator's name] by certified
					 mail that we have decided not to extend this letter of credit beyond the
					 current expiration date. The 120 days will begin on the date when both the
					 ________________________ [owner's or operator's name] and the IEPA have
					 received the notice, as evidenced by the return receipts. In the event you are
					 so notified, any unused portion of the credit will be available upon
					 presentation of your sight draft for 120 days after the date of receipt by both
					 you and ________________ [owner's or operator's name], as shown on the signed
					 return receipts.
Whenever this letter of credit is drawn on, under and in
					 compliance with the terms of this credit, we will duly honor that draft upon
					 presentation to us, and we will deposit the amount of the draft directly into
					 the State of Illinois Landfill Closure and Post-Closure or Corrective Action
					 Fund in accordance with your instructions.
We certify that the wording of this letter of credit is
					 identical to the wording specified in 35 Ill. Adm. Code 811. Appendix A,
					 Illustration E as that regulation was constituted on the date shown
					 below.
Signature
					 ______________________________________________________________
Typed Name
					 ____________________________________________________________
Title
					 ___________________________________________________________________
Date
					 __________________________________________________________________
Name and address of issuing institution
					 ________________________________________
This credit is subject to ___________________ [insert "the
					 most recent edition of the Uniform Customs and Practice for Documentary
					 Credits, published and copyrighted by the International Chamber of Commerce" or
					 "the Uniform Commercial Code"] _________________.