Administrative Code

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Virginia Administrative Code
Title 9. Environment
Agency 25. State Water Control Board
Chapter 770. Virginia Financial Responsibility Requirements for Mitigation Associated with Tidal Dredging Projects

9VAC25-770-170. Incapacity of Financial Providers, Permittees.

A. A permittee shall notify the director by certified mail of the commencement of a voluntary or involuntary proceeding under Title 11 (Bankruptcy), U.S. Code, naming the permittee as debtor, within 10 days after commencement of the proceeding.

B. A permittee who fulfills the requirements of this chapter by obtaining a letter of credit, a surety bond, or a certificate of deposit will be deemed to be without the required evidence of financial responsibility in the event of bankruptcy of the issuing institution, or a suspension or revocation of the authority of the institution issuing a surety bond, letter of credit, or certificate of deposit to issue such mechanisms. The permittee shall establish other financial responsibility within 60 days of such event.

Statutory Authority

§ 62.1-44.15 of the Code of Virginia.

Historical Notes

Derived from Volume 20, Issue 23, eff. August 25, 2004.

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