Statutes, codes, and regulations
California Code Of Regulations
Title 14 - Natural ResourcesDivision 7 - Department of Resources Recycling and RecoveryChapter 6 - Permitting of Waste Tire Facilities and Waste Tire Hauler Registration and Tire Manifests
Article 9 - Financial Assurance Requirements for Closure of a Major Waste Tire Facility
Section 18476 - Letter of Credit

Cal. Code Regs. tit. 14 § 18476

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Current through Register 2024 Notice Reg. No. 25, June 21, 2024
Section 18476 - Letter of Credit
(a) An operator may establish a letter of credit to meet the requirements of this section. The issuing institution shall be an entity which has the authority to issue letters of credit and whose letter of credit operations are regulated and examined by a federal or state agency.
(b) The letter of credit shall be worded as specified by using form Cal-Recycle 143 "Irrevocable Letter of Credit for closure Costs" (03/17) which is incorporated herein by reference. (See Appendix A.)
(c) The letter of credit shall be accompanied by a letter from the operator identifying the number, issuing institution, and date of issuance of the letter of credit; and the name, address, facility number, and amount of funds assured by the letter of credit for closure for each major waste tire facility.
(d) An operator who uses a letter of credit to satisfy the requirements of this Article or the issuing institution shall also establish a depository trust fund which meets the requirements of section 18474 of this Article if:
(1) An operator fails to demonstrate alternate financial assurance within 60 days after receiving notice of cancellation of the mechanism; or
(2) An operator fails to perform closure in accordance with the applicable approved closure plan and permit requirements when required to do so by the Board or its designee.
(e) Under the terms of the letter of credit, all payments made from the letter of credit shall be deposited by the financial institution issuing the letter of credit, directly into the depository trust fund.
(f) The letter of credit shall:
(1) Be irrevocable and issued for a period of at least one year; and
(2) Provide that the expiration date will be automatically extended for a period of at least one year unless, at least 120 days before the current expiration date, the issuing institution notifies both the operator and the Board or its designee by certified mail of a decision not to extend the expiration date. Under the terms of the letter of credit, the 120 days shall begin on the date when both the operator and the Board or its designee have received the notice, as evidenced by the return receipts.

Cal. Code Regs. Tit. 14, § 18476

1. New section filed 2-10-92 as an emergency; operative 2-10-92 (Register 92, No. 21). A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-29-92 as an emergency; operative 6-8-92 (Register 92, No. 25). A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 9-28-92 as an emergency; operative 10-6-92 (Register 92, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-3-92 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 1-25-93 as an emergency; operative 2-2-93 (Register 93, No. 5). A Certificate of Compliance must be transmitted to OAL 6-2-93 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 1-25-93 order transmitted to OAL 5-26-93; disapproved by OAL on 6-22-93 (Register 93, No. 26).
6. New section filed 6-22-93 as an emergency; operative 6-22-93 (Register 93, No. 26). A Certificate of Compliance must be transmitted to OAL 10-20-93 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of HISTORY 4 (Register 93, No. 26).
8. Certificate of Compliance as to 6-22-93 emergency order including repealer and adoption of subsection (c), adoption of subsection (d), and relettering of former subsection (d) to (e), and relettering of former subsection (e) to (f) transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).
9. Change without regulatory effect amending subsection (b) filed 4-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 14).
10. Change without regulatory effect amending subsection (b) and amending form CalRecycle (formerly CIWMB) 143 (incorporated by reference) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).

Note: Authority cited: Sections 40502 and 42820, Public Resources Code. Reference: Section 42821, Public Resources Code.

1. New section filed 2-10-92 as an emergency; operative 2-10-92 (Register 92, No. 21). A Certificate of Compliance must be transmitted to OAL 6-9-92 or emergency language will be repealed by operation of law on the following day.
2. New section refiled 5-29-92 as an emergency; operative 6-8-92 (Register 92, No. 25). A Certificate of Compliance must be transmitted to OAL by 10-6-92 or emergency language will be repealed by operation of law on the following day.
3. New section refiled 9-28-92 as an emergency; operative 10-6-92 (Register 92, No. 40). A Certificate of Compliance must be transmitted to OAL by 2-3-92 or emergency language will be repealed by operation of law on the following day.
4. New section refiled 1-25-93 as an emergency; operative 2-2-93 (Register 93, No. 5). A Certificate of Compliance must be transmitted to OAL 6-2-93 or emergency language will be repealed by operation of law on the following day.
5. Certificate of Compliance as to 1-25-93 order transmitted to OAL 5-26-93; disapproved by OAL on 6-22-93 (Register 93, No. 26).
6. New section filed 6-22-93 as an emergency; operative 6-22-93 (Register 93, No. 26). A Certificate of Compliance must be transmitted to OAL 10-20-93 or emergency language will be repealed by operation of law on the following day.
7. Editorial correction of History 4 (Register 93, No. 26).
8. Certificate of Compliance as to 6-22-93 emergency order including repealer and adoption of subsection (c), adoption of subsection (d), and relettering of former subsection (d) to (e), and relettering of former subsection (e) to (f) transmitted to OAL 9-23-93 and filed 11-3-93 (Register 93, No. 45).
9. Change without regulatory effect amending subsection (b) filed 4-2-96 pursuant to section 100, title 1, California Code of Regulations (Register 96, No. 14).
10. Change without regulatory effect amending subsection (b) and amending form CalRecycle (formerly CIWMB) 143 (incorporated by reference) filed 12-11-2017 pursuant to section 100, title 1, California Code of Regulations (Register 2017, No. 50).