Section 20-6713. REPLENISHMENT OF GUARANTEES, LETTERS OF CREDIT, OR SURETY BONDS

 

6713.1If at any time after a standby trust is funded upon the instruction of the Director with funds drawn from a guarantee, letter of credit, or surety bond, and the amount in the standby trust is reduced below the full amount of coverage required, the owner shall do either of the following by the anniversary date of the financial mechanism from which the funds were drawn:

 

(a)Replenish the value of financial assurance to equal the full amount of coverage required; or

 

(b)Acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced.

 

6713.2For purposes of this section, the full amount of coverage required is the amount of coverage to be provided under § 6700. If a combination of mechanisms was used to provide the assurance funds which were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms.

 

 

authority

Section 13 of the District of Columbia Underground Storage Tank Management Act of 1990, effective March 8, 1991, as amended (D.C. Law 8-242; D.C. Official Code §§ 6-995.1 et seq. (1995 Repl.)); Mayor’s Order 98-58, dated April 17, 1998; Mayor's Order 91-160, dated October 9, 1991; the District of Columbia Water Pollution Control Act of 1984, effective March 16, 1985 (D.C. Law 5-188; D.C. Official Code § 6-921 (1995 Repl.)); and Mayor's Order 85-152, dated September 12, 1985.

source

Final Rulemaking published at 43 DCR 2799 (May 24, 1996), incorporating text of Proposed Rulemaking published at 42 DCR 5765 (October 20, 1995); as amended by Final Rulemaking published at 46 DCR 7699 (October 1, 1999).