Indiana Administrative Code › Title 329 - SOLID WASTE MANAGEMENT DIVISION › Article 3.1 - HAZARDOUS WASTE MANAGEMENT PERMIT PROGRAM AND RELATED HAZARDOUS WASTE MANAGEMENT › Rule 14 - Financial Requirements for Owners and Operators of Interim Status Hazardous Waste Treatment, Storage, and Disposal Facilities › Section 14-29 - Wording of instrument; letter-of-credit

Current through July 10, 2024
Authority: IC 13-14-8; IC 13-22-2-4
Affected: IC 13-22-2;
				  40 CFR
				  264.151(d)
Sec. 29.
A letter-of-credit, as specified in section 7 or 17 of this
				  rule,
				  329 IAC
				  3.1-15-4(e), or
				  329 IAC
				  3.1-15-6(e)  (see
				  329 IAC 3.1-15-10(d)
				   ), must be worded as follows except that
				  instructions in brackets are to be replaced with relevant information and the
				  brackets deleted:
Irrevocable Standby Letter-of-Credit
Commissioner
Indiana Department of Environmental Management
Dear Sir or Madam: We hereby establish our irrevocable
				  standby letter-of-credit no. _______ in your favor, at the request and for the
				  account of [owner's or operator's name and address] up to the aggregate amount
				  of [in words] 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 management laws as defined at IC
				13-11-2-71 as amended.".
This letter-of-credit is effective as of [date] and shall
				  expire on [date at least one (1) year later], but such expiration date shall be
				  automatically extended for a period of [at least one (1) year] on [date] and on
				  each successive expiration date, unless, at least one hundred twenty (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. In the event you are so
				  notified, any unused portion of the credit shall be available upon presentation
				  of your sight draft for one hundred twenty (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 standby trust fund of [owner's or operator's name] in accordance with your
				  instructions.
We certify that the wording of this letter-of-credit is
				  identical to the wording specified in 329 IAC 3.1-14-29 as such rule was
				  constituted on the date shown immediately below.
[Signature(s) and title(s) of official(s) of issuing
				  institution]
[Date]
This credit is subject to [insert "Article 5 of the Uniform
				  Commercial Code as adopted in IC 26-1-5.1-101 through IC 26-1-5.1-117 " or "the
				  current edition of the Uniform Customs and Practice for Documentary Credits,
				  published and copyrighted by the International Chamber of
				  Commerce"].