9 Va. Admin. Code § 25-900-260

Current through Register Vol. 41, No. 4, October 8, 2024

Section 9VAC25-900-260 - Financial assurance requirements for term credits

A. For a nutrient credit-generating project generating term credits and required to submit and maintain financial assurance pursuant to 9VAC25-900-230, the owner shall demonstrate financial assurance using any one or a combination of the mechanisms specified in 9VAC25-900-290 through 9VAC25-900-330.

B. The financial assurance mechanism shall provide funding for the full amount of the cost estimate at all times.

C. The financial assurance mechanism used to provide evidence of the financial assurance shall ensure that the funds necessary will be available whenever they are needed.

D. The owner shall provide continuous financial assurance coverage for the term credit nutrient credit-generating project in accordance with this part until released by the department.

E. After submittal of a complete financial assurance mechanism, the department shall notify the owner of the tentative decision to approve or reject the financial assurance mechanism.

F. A financial assurance mechanism must be in a form that ensures that the department will receive proper notification in advance of any termination or revocation. The owner may, at their discretion and with prior approval of the department, replace the financial assurance or financial institution that issued the financial assurance. The owner shall provide the department with prior notice of its desire to replace the issuing institution and a draft of the new mechanism for review. The provisions of the new mechanism shall conform to the provisions of the former mechanism and this part.

9 Va. Admin. Code § 25-900-260

Derived From Virginia Register Volume 36, Issue 23, eff. 9/1/2020.

Statutory Authority: § 62.1-44.19:20 of the Code of Virginia.