Section 22243 - CalRecycle - Letter of Credit (California Code of Regulations)

§ 22243. CalRecycle - Letter of Credit

(a) The institution issuing a letter of credit shall have the authority to issue letters of credit and its letter-of-credit operations shall be regulated and examined by a federal or state agency.

(b) The letter of credit shall be worded and completed, with appropriate amendments to identify that the mechanism is utilized for closure and/or postclosure maintenance and/or corrective action costs, as specified by form CalRecycle 101 (03/17) which is incorporated by reference. The original mechanism must be submitted to the CIWMB.

(c) The letter of credit shall be accompanied by a letter from the operator identifying the number, issuing institution, and date of issuance of the letter of credit and the name, address, solid waste information system number, and amount of funds assured by the letter of credit for closure and/or postclosure maintenance and/or corrective action for each solid waste landfill. If the letter of credit is for more than one coverage requirement and/or for more than one solid waste landfill, appropriate sublimits must also be clearly identified within the letter of credit.

(d) The letter of credit shall be irrevocable and shall be issued for a period of at least one year, except as noted in (d)(2).

(1) The letter of credit shall provide that the expiration date will be automatically extended for a period of at least one year, unless the issuing institution provides notice of termination as specified in § 22231.

(2) If an operator fails to demonstrate alternate coverage within 60 days after receiving a notice of termination, CalRecycle may allow an issuing institution an extension to the term of a letter of credit for a period of time shorter than one year.

(e) The issuing institution shall become liable under the terms of the letter of credit if CalRecycle determines that the operator has failed or is failing to perform closure or postclosure maintenance or corrective action activities as guaranteed by the mechanism.

(f) The operator may cancel the letter of credit only if alternate financial assurance is substituted as specified in § 22227 or if the operator is released from the requirements of this section in accordance with § 22235.

(1. New section filed 6-18-97; operative 7-18-97 (Register 97, No. 25). 2. Amendment of section heading and subsection (b) filed 2-25-2008; operative 2-25-2008 pursuant to Government Code section 11343.4(Register 2008, No. 9). 3. Change without regulatory effect amending section heading and subsections (b), (d)(2) and (e) and amending form CalRecycle (formerly CIWMB) 101 (incorporated by reference) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).)

Note: Authority cited: Section 40502, Public Resources Code. Reference: Sections 43103 and 43500- 43610, Public Resources Code.

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