Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 807 - SOLID WASTE › Subpart G - SITE SPECIFIC RULES AND EXCEPTIONS NOT OF GENERAL APPLICABILITY › 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 reference to this letter of credit No. _____;
				  and
2. your signed statement
				  reading as follows: "I certify that the amount of the draft is payable pursuant
				  to regulations issued under authority of the Environmental Protection Act [415
				  ILCS 5 ] and 35 Ill. Adm. Code 807.664(e)."
This letter of credit is effective as of ____________
					 [date] and shall expire on __________[date at least one year later], but, such
					 expiration date shall 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__________[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 shall 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 shall duly honor such draft upon
					 presentation to us, and we shall deposit the amount of the draft directly into
					 the State of Illinois Landfill Closure and Post-Closure 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 807.Appendix A,
					 Illustration E as such regulations were 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"].