Section 140. Drawing on financial assurance mechanism

Latest version.

A. The board shall require the surety or institution issuing a letter of credit or certificate of deposit to submit to the board the amount of funds stipulated by the board, 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 board makes a final determination that a privately owned sewerage system has ceased operation.

Historical Notes

Derived from Volume 18, Issue 04, eff. December 5, 2001.

Statutory Authority

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

                    
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