15A NCAC 02O .0504       REPLENISHMENT

(a)  The provisions for "Replenishment of Guarantees, Letters of Credit, or Surety Bonds" contained in 40 CFR 280.111 are hereby incorporated by reference including any subsequent amendments and editions.  Locations where this material is available are specified in Rule .0102 of this Subchapter.

(b)  If at any time after a standby trust is funded upon the instruction of the Department with funds drawn from a guarantee, letter of credit, or surety bond, and the amount in the standby trust is reduced to less than the amount for which the owner or operator is responsible per occurrence for third party claims, the owner or operator shall within 60 days from which the funds were drawn:

(1)           Replenish the value of financial assurance to equal the full amount of coverage required, or

(2)           Acquire another financial assurance mechanism for the full amount of coverage provided by the Standby Trust.


History Note:        Authority G.S. 143‑215.94H; 143‑215.94T; 150B‑21.6;

Eff. July 1, 1992.