Rule 63g. Section 280.99 is added as adopted from the July 15, 2015, EPA-UST rules as follows:
Section 280.99.
Irrevocable Standby Letter of Credit
[Name and address of issuing institution]
[Name and address of Director(s) of state implementing agency(ies)]
Dear Sir or Madam: We hereby establish our Irrevocable Standby Letter of Credit No. _____ in your favor, at the request and for the account of [owner or operator name] of [address] up to the aggregate amount of [in words] U.S. dollars ($ [insert dollar amount]), available upon presentation [insert, if more that 1 Director of a state implementing agency is a beneficiary, "by any 1 of you"] of
This letter of credit may be drawn on to cover [insert: taking corrective action" and/or "compensating third parties for bodily injury and property damage caused by" either "sudden accidental releases" or "nonsudden accidental releases" or "accidental releases"] arising from operating the UST(s) identified below in the amount of [in words] $ [insert dollar amount] per occurrence and [in words] $[insert dollar amount] annual aggregate:
[List the number of tanks at each facility and the name(s) and address(es) of the facility(ies) where the tanks are located. If more than 1 instrument is used to assure different tanks at any 1 facility, for each tank covered by this instrument, list the tank identification number provided in the notification submitted pursuant to 40 C.F.R. part 280.22, or the corresponding state requirement, and the name and address of the facility.]
The letter of credit may not be drawn on to cover any of the following:
This letter of credit is effective as of [date] and shall expire on [date], but such expiration date shall be automatically extended for a period of [at least the length of the original term] on [expiration date] and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify [owner or operator] by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. In the event that [owner or operator] is so notified, any unused portion of the credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by [owner or operator], as shown on the signed return receipt.
Whenever this letter of credit is drawn on under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of the draft directly into the standby trust fund of [owner or operator] in accordance with your instructions.
We certify that the wording of this letter of credit is identical to the wording specified in 40 C.F.R. part 280.99(b) as such regulations were constituted on the date shown immediately below.
[Signature(s) and title(s) of official(s) of issuing institution]
[Date]
This credit is subject to [insert "the most recent edition of the Uniform Customs and Practice for Documentary Credits, published and copyrighted by the Internal Chamber of Commerce," or "the Uniform Commercial Code"].
Mich. Admin. Code R. 29.2163g