Financial Assurance for Hazardous Waste Facilities - Irrevocable Standby Letter of Credit
This information is provided by the Nebraska Department of Environment and Energy to assist the public and regulated community.
Form #: 05-174G Financial Assurance Revised: 8/16/22


40 CFR § 264.151 (d) A letter of credit, as specified in § 264.143(d) or § 264.145(d) or § 265.143(c) or § 265.145(c), must be worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted:
Irrevocable Standby Letter of Credit

Nebraska Department of Environment and Energy
Director
P.O. Box 98922
Lincoln, NE 68509-8922

Dear Director:

We hereby establish our Irrevocable Standby Letter of Credit No.________ in your favor, at the request and for the account of [owner's or operator's name and address] up to the aggregate amount of [in words] U.S. dollars $_________________, available upon presentation by an authorized representative of the Department of Environment and Energy of,

1) Your sight draft, bearing reference to this letter of credit No.________________ , and
2) Your signed statement reading as follows: "I certify that the amount of the draft is payable pursuant to regulations issued under authority of the Resource Conservation and Recovery Act of 1976 as amended.''

This letter of credit is effective as of [date] and shall expire on [date at least 1 year later], but such expiration date shall be automatically extended for a period of [at least 1 year] on [date] and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify both you and [owner's or operator's name] by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. In the event you are so notified, any unused portion of the credit shall be available upon presentation of your sight draft for 120 days after the date of receipt by both you and [owner's or operator's name], as shown on the signed return receipts.

Whenever this letter of credit is drawn on under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of the draft directly into the standby trust fund of [owner's or operator's name] in accordance with your instructions.

We certify that the wording of this letter of credit is identical to the wording specified in 40 CFR 264.151(d) as such regulations were constituted on the date shown immediately below.

[Signature(s) and title(s) of official(s) of issuing institution] _________________________

___________________________________________________________________

[Date] ______________________________


This credit is subject to [insert "the most recent edition of the Uniform Customs and Practice for Documentary Credits, published by the International Chamber of Commerce,'' or "the Uniform Commercial Code''].




Produced by:

Nebraska Department of Environment and Energy
P.O. Box 98922
Lincoln, NE 68509-8922



phone (402) 471-2186




To view this, and other information related to our agency, visit our web site at http://dee.ne.gov/