Section 329 IAC 15-5-11 - Negotiable letter of creditAuthority: IC 13-19-3-1; IC 13-20-14-6
Affected: IC 13-30-2; IC 36-9-30
Sec. 11.
(a) A waste tire transporter may comply with this rule by establishing a negotiable letter of credit on:(1) forms provided by the department; or(2) other forms approved by the department.(b) All negotiable letters of credit must contain the following: (1) The establishment of credit in the amount of not less than ten thousand dollars ($10,000).(3) An effective period of at least one (1) year and automatic extensions thereafter for periods of at least one (1) year unless the issuing institution provides written notification of cancellation by certified mail to both the waste tire transporter and the department at least one hundred twenty (120) days before the effective date of cancellation.(4) Provision that the issuing institution shall make payments to the department in an amount equal to the amount of credit required under subdivision (1), if notified in writing by the commissioner that the waste tire transporter has failed to fulfill its obligations under this article.(c) The issuing institution must be an entity that has the authority to issue letters of credit and whose letters of credit operations are regulated and examined by a federal or state agency.Solid Waste Management Board; 329 IAC 15-5-11; filed Oct 10, 2000, 3:10 p.m.: 24 IR 333; readopted filed Nov 30, 2006, 4:16 p.m.: 20061227-IR-329050168FRAReadopted filed Jul 18, 2012, 2:26 p.m.: 20120815-IR-329120206BFA; readopted filed Jun 6, 2018, 1:57 p.m.: 20180704-IR-329180170BFAFiled 11/28/2022, 10:42 a.m.: 20221228-IR-329170279FRA