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Virginia Administrative Code
Title 9. Environment
Agency 25. State Water Control Board
Chapter 650. Closure Plans and Demonstration of Financial Capability
11/21/2024

9VAC25-650-140. Drawing on financial assurance mechanism.

A. The department shall require the surety or institution issuing a letter of credit or certificate of deposit to submit to the department the amount of funds stipulated by the department, up to the limit of funds provided by the financial assurance mechanism when:

1. The owner or operator fails to establish alternate financial assurance within 60 days after receiving notice of cancellation of the surety bond, letter of credit or certificate of deposit; or

2. The conditions of subsection B of this section are satisfied.

B. The b department makes a final determination that a privately owned sewerage system has ceased operation.

Statutory Authority

§§ 62.1-44.15 and 62.1-44.18:3 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 18, Issue 4, eff. December 5, 2001; amended, Virginia Register Volume 39, Issue 5, eff. November 23, 2022.

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