D.C. Municipal Regulations (Last Updated: September 13, 2017) |
Title 20. ENVIRONMENT |
Chapter 20-67. UNDERGROUND STORAGE TANKS - FINANCIAL RESPONSIBILITY |
Section 20-6708. SURETY BONDS
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6708.1An owner may satisfy the requirements of § 6700 by obtaining a surety or performance bond that conforms to the requirements of this section.
6708.2The surety company issuing the bond shall be among those listed as acceptable sureties on federal bonds in the latest Circular 570 of the U.S. Department of the Treasury.
6708.3Each surety bond shall be provided in the form prescribed in Appendix 67-6 of this chapter.
6708.4Under the terms of the bond, the surety shall become liable on the bond obligation when the owner fails to perform as guaranteed by the bond. In all cases, the surety's liability is limited to the per-occurrence and annual aggregate penal sums set forth in § 6700.
6708.5The owner who uses a surety bond to satisfy the requirements of § 6700 shall establish a standby trust fund when the surety bond is acquired.
6708.6Under the terms of the bond, all amounts paid by the surety under the bond shall be deposited directly into the standby trust fund in accordance with instructions from the Director under § 6712. This standby trust fund shall meet the requirements specified in § 6711.