South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-79 - Hazardous Waste Management Regulations › Part 61-79.261 - IDENTIFICATION AND LISTING OF HAZARDOUS WASTE › Subpart H - FINANCIAL REQUIREMENTS FOR MANAGEMENT OF EXCLUDED HAZARDOUS SECONDARY MATERIALS › Section 61-79.261.H.151 - Wording of the instruments › Appendix B

Current through Register Vol. 48, No. 6, June 28, 2024
SOUTH CAROLINA DEPARTMENT OF HEALTH AND ENVIRONMENTAL
						CONTROL BUREAU OF LAND AND WASTE MANAGEMENT
Financial Guarantee Bond
Date bond executed: ____________________________
Effective date: ____________________________
Principal: [legal name and business address of owner or
						operator] ____________________________
Type of Organization: [insert "individual," "joint
						venture," "partnership," or "corporation"]
____________________________
State of incorporation:
						____________________________
Surety(ies): [name(s) and business address(es)]
						____________________________
EPA Identification Number, name, address, and amount(s)
						for each facility guaranteed by this bond: ____________________________
Total penal sum of bond: $
						________________________
Surety's bond number: __________________________
Know All Persons By These Presents, That we, the
						Principal and Surety(ies) are firmly bound to the South Carolina Department of
						Health and Environmental Control, hereafter referred to as the "Department," in
						the event that the hazardous secondary materials at the reclamation or
						intermediate facility listed below no longer meet the conditions of the
						exclusion under section 261.4(a)(24), in the above penal sum for the payment of
						which we bind ourselves, our heirs, executors, administrators, successors, and
						assigns jointly and severally; provided that, where the Surety(ies) are
						corporations acting as co-sureties, we, the Sureties, bind ourselves in such
						sum "jointly and severally" only for the purpose of allowing a joint action or
						actions against any or all of us, and for all other purposes each Surety binds
						itself, jointly and severally with the Principal, for the payment of such sum
						only as is set forth opposite the name of such Surety, but if no limit of
						liability is indicated, the limit of liability shall be the full amount of the
						penal sum.
WHEREAS said Principal is required, under the South
						Carolina Hazardous Waste Management Regulation to have a permit or interim
						status in order to own or operate each facility identified above, or to meet
						conditions under section 261.4(a)(24),
WHEREAS said Principal is required to provide financial
						assurance as a condition of the permit or interim status or as a condition of
						an exclusion under R.61-79.261.4(a)(24),
WHEREAS said Principal shall establish a standby trust
						fund as is required when a surety bond is used to provide such financial
						assurance,
NOW, THEREFORE, the conditions of the obligation are such
						that if the Principal shall faithfully, before the beginning of final closure
						of each facility identified above, fund the standby trust fund in the amount(s)
						identified above for the facility,
OR, if the Principal shall satisfy all the conditions
						established for exclusion of hazardous secondary materials from coverage as
						solid waste under section 261.4(a)(24),
OR, if the Principal shall fund the standby trust fund in
						such amount(s) within fifteen (15) days after a final order to begin closure is
						issued by the Department or a U.S. district court or other court of competent
						jurisdiction,
OR, if the Principal shall provide alternate financial
						assurance, as specified in subpart H of R.61-79.261, as applicable, and obtain
						the Department 's written approval of such assurance, within ninety (90) days
						after the date notice of cancellation is received by both the Principal and the
						Department from the Surety(ies), then this obligation shall be null and void;
						otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond
						obligation only when the Principal has failed to fulfill the conditions
						described above. Upon notification by the Department that the Principal has
						failed to perform as guaranteed by this bond, the Surety(ies) shall place funds
						in the amount guaranteed for the facility(ies) into the standby trust fund as
						directed by the Department.
The liability of the Surety(ies) shall not be discharged
						by any payment or succession of payments hereunder, unless and until such
						payment or payments shall amount in the aggregate to the penal sum of the bond,
						but in no event shall the obligation of the Surety(ies) hereunder exceed the
						amount of said penal sum.
The Surety(ies) may cancel the bond by sending notice of
						cancellation by certified mail to the Principal and to the Department,
						provided, however, that cancellation shall not occur during the one hundred
						twenty (120) days beginning on the date of receipt of the notice of
						cancellation by both the Principal and the Department, as evidenced by the
						return receipts.
The Principal may terminate this bond by sending written
						notice to the Surety(ies), provided, however, that no such notice shall become
						effective until the Surety(ies) receive(s) written authorization for
						termination of the bond by the Department.
[The following paragraph is an optional rider that may be
						included but is not required.]
Principal and Surety(ies) hereby agree to adjust the
						penal sum of the bond yearly so that it guarantees a new amount, provided that
						the penal sum does not increase by more than twenty (20) percent in any one
						year, and no decrease in the penal sum takes place without the written
						permission of the Department.
IN WITNESS WHEREOF, the Principal and Surety(ies) have
						executed this Financial Guarantee Bond and have affixed their seals on the date
						set forth above.
The persons whose signatures appear below hereby certify
						that they are authorized to execute this surety bond on behalf of the Principal
						and Surety(ies) and that the wording of this surety bond is identical to the
						wording specified in section 261.151 Appendix B as such regulations were
						constituted on the date this bond was executed.
Principal
[Signature(s)]
[Name(s)]
[Title(s)]
[Corporate seal]
Corporate Surety(ies)
[Name and address]
State of incorporation:
						____________________________
Liability limit: $ ____________________________
[Signature(s)]
[Name(s) and title(s)]
[Corporate seal]
[For every co-surety, provide signature(s), corporate
						seal, and other information in the same manner as for Surety above.]
Bond premium: $
						____________________________