Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 32 - VIRGINIA POLLUTANT DISCHARGE ELIMINATION SYSTEM (VPDES) PERMIT REGULATION › Part IX - Biosolids Program › Article 6 - Liability Requirements for Transport, Storage, and Land Application of Biosolids › Section 9VAC25-32-810 - Corporate guarantee

Current through Register Vol. 40, No. 24, July 15, 2024
A. A permit
					 holder or applicant may meet the requirements of this section by obtaining a
					 written guarantee, hereafter referred to as "guarantee." The guarantor must be
					 the direct or higher-tier parent corporation of the permit holder or the
					 applicant; a firm whose parent corporation is also the parent corporation of
					 the permit holder or applicant; or a firm with a substantial business
					 relationship with the permit holder or applicant. The guarantor must meet the
					 requirements for the permit holder or applicant as specified in
					 9VAC25-32-800. A certified copy of
					 the guarantee must accompany the items sent to the department as specified in
					 9VAC25-32-800 C. One of these items
					 must be the letter from the guarantor's chief financial officer. If the
					 guarantor's parent corporation is also the parent corporation of the permit
					 holder or the applicant, this letter must describe the value received in
					 consideration of the guarantee. If the guarantor is a firm with a substantial
					 business relationship with the permit holder or applicant, this letter must
					 describe this substantial business relationship and the value received in
					 consideration of the guarantee.
B.
					 If the permit holder or applicant fails to satisfy a judgment based on a
					 determination of liability for bodily injury or property damage to third
					 parties caused by the transport, storage, or land application of biosolids in
					 Virginia or fails to pay an amount agreed to in a settlement of claims arising
					 from or alleged to arise from such injury or damage, the guarantor will do so
					 up to the limits of coverage.
C.
					 The guarantee will remain in force unless the guarantor sends notice of
					 cancellation by certified mail to the permit holder or applicant and to the
					 department. Cancellation may not occur, however, during the 120 days beginning
					 on the date of receipt of the notice of cancellation by both the permit holder
					 or applicant and the department, as evidenced by return receipts.
D. If a guarantee is cancelled, the permit
					 holder or applicant shall, within 90 days following receipt of the cancellation
					 notice by the permit holder or applicant and the department, obtain alternate
					 financial assurance and provide evidence of that alternate financial assurance
					 to the department. If the permit holder or applicant fails to provide evidence
					 of alternate financial assurance within the 90-day period, the guarantor shall
					 provide that alternate financial assurance within 120 days following the close
					 of the guarantor's fiscal year; obtain alternate assurance acceptable to the
					 department; and provide evidence of the alternate assurance to the
					 department.
E. Recordkeeping and
					 reporting.
1. The permit holder or applicant
					 shall submit a signed original guarantee to the department along with the items
					 required under
					 9VAC25-32-800 C. The guarantee
					 shall be worded as specified on the Corporate Guarantee form.
2. The permit holder or applicant is no
					 longer required to maintain the items specified in
					 9VAC25-32-800 C when:
a. The permit holder or applicant substitutes
					 alternate financial assurance as specified in this section; or
b. The permit holder or applicant is released
					 from the requirements of this chapter.