Ariz. Admin. Code § R18-12-309 - Letter of Credit
A. Owners and
operators may satisfy the requirements of
R18-12-303 by obtaining an
irrevocable standby letter of credit that conforms to the requirements of this
Section. The issuing institution shall be an entity that has the authority to
issue letters of credit in this state and whose letter of credit operations are
regulated and examined by a federal or state agency.
B. The letter of credit shall be worded as
provided in
40 CFR
280.99(b), amended as of
October 13, 2015, except that instructions in brackets are to be replaced with
the relevant information and the brackets deleted.
C. Owners and operators who use a letter of
credit to satisfy the requirements of
R18-12-303 shall also establish a
standby trust fund when the letter of credit is acquired. Under the terms of
the letter of credit, all amounts paid pursuant to a draft by the Director
shall be deposited by the issuing institution directly into the standby trust
fund in accordance with instructions from the Director under
R18-12-322 . This standby trust
fund shall meet the requirements specified in
R18-12-313.
D. The letter of credit shall be irrevocable
with a term specified by the issuing institution. The letter of credit shall
provide that credit be automatically renewed for the same term as the original
term unless, at least 120 days before the current expiration date, the issuing
institution notifies the owner or operator by certified mail of its decision
not to renew the letter of credit. Under the terms of the letter of credit, the
120 days shall begin on the date when the owner or operator receives the
notice, as evidenced by the return receipt.
Notes
State regulations are updated quarterly; we currently have two versions available. Below is a comparison between our most recent version and the prior quarterly release. More comparison features will be added as we have more versions to compare.
No prior version found.