South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-92 - UNDERGROUND STORAGE TANK CONTROL REGULATIONS › Part 280 - TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST) › Subpart H - FINANCIAL RESPONSIBILITY › Section 61-92.280.H.99 - LETTER OF CREDIT

Current through Register Vol. 48, No. 6, June 28, 2024
(a) An
				  owner or operator may satisfy the requirements of Section 280.93 by obtaining
				  an irrevocable standby letter of credit that conforms to the requirements of
				  this section. The issuing institution must be an entity that has the authority
				  to issue letters of credit in South Carolina and whose letter-of-credit
				  operations are regulated and examined by a federal or state agency.
(b) The letter of credit must be worded as
				  follows, except that instructions in brackets are to be replaced with the
				  relevant information and the brackets deleted:
IRREVOCABLE STANDBY LETTER OF CREDIT
[Name and address of issuing institution]
Department of Health and Environmental Control, Underground
					 Storage Tank Program, 2600 Bull Street, Columbia, SC, 29201
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 or operator name] of [address] up to the aggregate amount of [in
					 words] U.S. dollars ($[insert dollar amount]), 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 Subtitle I of the Solid Waste Disposal Act, as
				  amended, and the State Underground Petroleum Environmental Response Bank Act,
				  as amended."
This letter of credit may be drawn on to cover [insert:
					 "taking corrective action" and/or "compensating third parties for bodily injury
					 and property damage caused by" either "sudden accidental releases" or
					 "nonsudden accidental releases" or "accidental releases"] arising from
					 operating the underground storage tank(s) identified below in the amount of [in
					 words] $[insert dollar amount] per occurrence and [in words] $[insert dollar
					 amount] annual aggregate:
[List the number of tanks at each facility and the name(s)
					 and address(es) of the facility(ies) where the tanks are located. If more than
					 one instrument is used to assure different tanks at any one facility, for each
					 tank covered by this instrument, list the tank identification number provided
					 in the notification submitted pursuant to R.61-92.280.22, and the name and
					 address of the facility.]
The letter of credit may not be drawn on to cover any of
					 the following:
(a) Any obligation of
				  [insert owner or operator] under a workers' compensation, disability benefits,
				  or unemployment compensation law or other similar law;
(b) Bodily injury to an employee of [insert
				  owner or operator] arising from, and in the course of, employment by [insert
				  owner or operator];
(c) Bodily
				  injury or property damage arising from the ownership, maintenance, use, or
				  entrustment to others of any aircraft, motor vehicle, or watercraft;
(d) Property damage to any property owned,
				  rented, loaned to, in the care, custody, or control of, or occupied by [insert
				  owner or operator] that is not the direct result of a release from a petroleum
				  underground storage tank;
(e)
				  Bodily injury or property damage for which [insert owner or operator] is
				  obligated to pay damages by reason of the assumption of liability in a contract
				  or agreement other than a contract or agreement entered into to meet the
				  requirements of R.61-92.280.93.
This letter of credit is effective as of [date] and shall
					 expire on [date], but such expiration date shall be automatically extended for
					 a period of [at least the length of the original term] on [expiration date] and
					 on each successive expiration date, unless, at least 120 days before the
					 current expiration date, we notify [owner or operator and the Department] by
					 certified mail that we have decided not to extend this letter of credit beyond
					 the current expiration date. In the event that [owner or operator] is 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 [owner or
					 operator], as shown on the signed return receipt.
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 or operator] in accordance with your
					 instructions.
We certify that the wording of this letter of credit is
					 identical to the wording specified in R.61-92.280.99(b) as such regulations
					 were 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 "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"].