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Banks Printing Letters of Credit on Security Paper

Banks using security paper or bank letterhead containing watermarks, etc., may copy approved wording and paste it into their computer system. Below, in the yellow highlighted box, is acceptable wording to be utilized in lieu of using DEP Form 62-701-900(5)(a). Pasting the exact wording will prevent typographical errors and editorial changes. Additions, deletions or alterations of the wording are not acceptable other than replacing [bracketed items] and blanks with appropriate information.

If your letter-of-credit computer system is isolated from the internet and you must manually retype the letter, please submit an unsigned draft of the retyped letter of credit to one of the contacts listed below so that we can conduct a courtesy review of the retyped letter. The on-line letter of credit form's multimedia features provide guidance on how some information needs to be entered. If bank policy prevents you from using the approved wording, kindly inform your client that you will not be able to meet this financial assurance need. We recommend banks writing amendments to letters of credit use the wording of the Letter of Credit Amendment example. The Letter of Credit Guidance page provides additional guidance.

Acceptable wording to be used in lieu of using DEP Form 62-701.900(5)(a), when using security paper:



ISSUING INSTITUTION:
[Legal name and address]

BENEFICIARY:
DIRECTOR, DIVISION OF WASTE MANAGEMENT
FLORIDA DEPARTMENT OF ENVIRONMENTAL PROTECTION
BOB MARTINEZ CENTER
2600 BLAIRSTONE ROAD MS 4548
TALLAHASSEE, FLORIDA 32399-2400

RE: STATE OF FLORIDA SOLID WASTE FACILITY IRREVOCABLE LETTER OF CREDIT TO DEMONSTRATE FINANCIAL ASSURANCE FOR [include appropriate term(s): "CLOSING" or "CLOSING AND LONG-TERM CARE" or "LONG-TERM CARE" and/or, when appropriate, "CORRECTIVE ACTION"]

DEAR SIR OR MADAM:

WE HEREBY ESTABLISH OUR IRREVOCABLE STANDBY LETTER OF CREDIT NO. _____ IN YOUR FAVOR, AT THE REQUEST AND FOR THE ACCOUNT OF [Legal Name of Owner or Operator] (HEREINAFTER THE "OWNER OR OPERATOR"), [Business Address of Owner or Operator], UP TO THE AGGREGATE AMOUNT OF [Amount in Words] U.S. DOLLARS ($_____), AVAILABLE UPON PRESENTATION 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 THE REQUIREMENTS OF RULE 62-701.630(6) OR 62-711.500(3), F.A.C."

THIS LETTER OF CREDIT IS EFFECTIVE AS OF [Date] AND SHALL EXPIRE ON [Date at least One Year later], BUT SUCH EXPIRATION DATE SHALL BE AUTOMATICALLY EXTENDED FOR A PERIOD OF [At Least One Year] ON [Date] AND ON EACH SUCCESSIVE EXPIRATION DATE, UNLESS, AT LEAST 120 DAYS BEFORE THE CURRENT EXPIRATION DATE, WE NOTIFY BOTH YOU AND THE OWNER OR OPERATOR 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 THE OWNER OR OPERATOR 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 THE OWNER OR OPERATOR, IN ACCORDANCE WITH YOUR INSTRUCTIONS.

THE PERSON WHOSE SIGNATURE APPEARS BELOW HEREBY CERTIFIES THAT THEY ARE AUTHORIZED TO EXECUTE THIS LETTER OF CREDIT AND THAT THE WORDING OF THIS LETTER OF CREDIT IS IDENTICAL TO THE WORDING AS ADOPTED AND INCORPORATED BY REFERENCE IN RULE 62-701.630(6)(a), F.A.C.


___________________   ________________
[Signature and Date]
[Type Name, Title, Telephone Number and E-mail Address]

THIS CREDIT IS SUBJECT TO [enter governing words, such as "THE MOST RECENT EDITION OF THE UNIFORM CUSTOMS AND PRACTICE FOR DOCUMENTARY CREDITS, PUBLISHED AND COPYRIGHTED BY THE INTERNATIONAL CHAMBER OF COMMERCE," or "THE UNIFORM COMMERCIAL CODE"].



Please contact any of the following for assistance:

Tor.Bejnar@dep.state.fl.us (850) 245-8743 (Solid Waste - South, Southeast and Southwest DEP District facilities)
Susan.F.Eldredge@dep.state.fl.us (850) 245-8740 (Solid Waste - Northeast, Northwest and Central DEP District facilities; and Used Oil facilities)

Edgar.Echevarria@dep.state.fl.us (850) 245-8793 Disponible para ayuda en espaƱol. (Hazardous Waste; Storage Tanks)

For information requests or document submittal, please contact:

Financial Assurance Subsection
Florida Department of Environmental Protection
2600 Blairstone Road MS 4548
Tallahassee, Florida 32399-2400


Last updated: September 25, 2017

Permitting and Compliance Assistance Program #850-245-8705 MS #4565

 

Division of Waste Management #850-245-8705 MS #4500
2600 Blair Stone Road, Tallahassee, Florida 32399-2400

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