Section 900.712  Letter of Credit

a)         A lagoon owner may provide evidence of financial responsibility for closure of a livestock waste lagoon by obtaining an irrevocable standby letter of credit that conforms to the requirements of this Subpart and submitting the letter to the Department.

b)         The issuing institution must be an entity that has the authority to issue letters of credit and:

1)         whose letter of credit operations are regulated by the Illinois Commissioner of Banks and Real Estate; or

2)         whose deposits are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.

c)         The letter of credit made out to the Department must be accompanied by a letter from the lagoon owner referring to the letter of credit by number, issuing institution, and date and providing the following information: name and address of the lagoon site and the amount of funds assured for closure of the lagoon by the letter of credit.

d)         The letter of credit must be substantially in the form specified in Appendix A, Illustration B of this Part.