D.C. Mun. Regs. tit. 20, r. 20-6713

Current through Register Vol. 71, No. 49, December 6, 2024

Rule 20-6713 - REPLENISHMENT OF GUARANTEES, LETTERS OF CREDIT, OR SURETY BONDS

6713.1

If at any time after a standby trust is funded with funds drawn from a guarantee, letter of credit, or surety bond, and the amount in the standby trust is reduced below the full amount of coverage required, the owner shall do either of the following by the anniversary date of the financial mechanism from which the funds were drawn:

(a) Replenish the value of financial assurance to equal the full amount of coverage required; or

(b) Acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced.

6713.2

For purposes of this section, the full amount of coverage required is the amount of coverage required under § 6700. If a combination of mechanisms was used to provide the assurance funds that were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms.

D.C. Mun. Regs. tit. 20, r. 20-6713

Final Rulemaking published at 43 DCR 2799 (May 24, 1996), incorporating text of Proposed Rulemaking published at 42 DCR 5765, 5781 (October 20, 1995); as amended by Final Rulemaking published at 46 DCR 7699 (October 1, 1999); amended by Final Rulemaking published at 67 DCR 1778 (2/21/2020)