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Virginia Administrative Code
Title 9. Environment
Agency 20. Virginia Waste Management Board
Chapter 170. Transportation of Solid and Medical Wastes on State Waters
11/21/2024

9VAC20-170-370. Replenishment of letters of credit or surety bonds.

A. If at any time after a standby trust is funded upon the instruction of the director with funds drawn from a letter of credit or surety bond, and the amount in the standby trust is reduced below the full amount of coverage required, the owner or operator providing the mechanism shall by the anniversary date of the financial mechanism from which the funds were drawn:

1. Replenish the value of the financial responsibility mechanism to equal the full amount of coverage required; or

2. Acquire another financial responsibility mechanism for the amount by which funds in the standby trust have been reduced.

B. For purposes of this section, the full amount of coverage required is the amount of coverage to be provided under 9VAC20-170-300, if the owner or operator is demonstrating for cleanup or containment, or 9VAC20-170-340 A if the owner or operator is demonstrating financial responsibility for liability coverage. If a combination of mechanisms was used to provide the financial responsibility funds that were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms.

Statutory Authority

§§ 10.1-1402 and 10.1-1454.1 of the Code of Virginia.

Historical Notes

Derived from Virginia Register Volume 19, Issue 19, eff. July 2, 2003.

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