Instructions for DEP Form 62-701.900(5)(A) "Solid Waste Facility Irrevocable Letter of Credit" - Florida

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Guidance & Notes for Irrevocable Letters of Credit
1. Standby Trust Fund Agreement:
Standby Trust Fund Agreement Form - 62-701.900(5)(h) must be submitted as required
when using a letter of credit.
2. Letter of Credit Cover Letter:
The cover letter is to be filled out by the Owner or Operator. The letter of credit form is
completed by the bank.
The FDEP I.D. number for solid waste facilities is the facility "WACS" number. Used oil
facilities use an EPA I.D. number. For assistance, try the appropriate Facility List (see
links at the end of this web page) or contact FDEP using the contacts on the
Forms web
page.
Facility name on the cover letter needs to match name on the FDEP permit application.
The site address is the address of the physical location of the facility; this address
cannot be a P.O. Box.
"Required Action" – Check "Closing" if the cost estimate includes a closing cost
estimate and check "Long-term Care" if the cost estimate includes a long-term care cost
estimate.
"Facility Amount" – include specific facility amounts only when more than one facility is
covered by this letter of credit.
Do not include separate closing and long-term care amounts when both are covered.
Signatory for the owner or operator should be the president of a corporation, managing
member of an LLC, or equivalent for entity type. If the name of the president (or
equivalent) is not found on the Florida Division of Corporations website (Sunbiz), or if
anyone else signs, additional documentation will be required. See
Delegation of
Authority Letter
for specific requirements. The signatory's title must match the title as
given on the Florida Division of Corporations web site or other documentation.
3. Letter of Credit:
Letter of credit must be on FDEP Form 62-701-900(5)(a) unless following
Banks
Printing Letters of Credit on Security Paper
guidance. Banks wishing to use institutional
letterhead may reduce the form’s size to fit the stationery’s available space.
Name of Issuing Institution identified in the Letter of Credit must be the legal name of
bank as identified by
FDIC
or other regulating agency. Use of fictitious or trademark
names on our forms is not allowed. If letterhead identifies only the trademark name,
include the legal name also.
Check the Closing, Long-term Care and/or Corrective Action box(es) for which there is
a corresponding required action amount (cost estimate) listed on the cover letter. Obtain
this information from the Owner or Operator or contact FDEP using the contact list on
the
Forms web
page.
Owner or Operator name must match (including punctuation and abbreviations) legal
entity name as identified on the Florida Division of Corporations website (Sunbiz). Use
the Sunbiz link to verify the Owner or Operator is a legal business entity with “Active"
status and that the name is entered exactly as listed. (The Owner or Operator name
does not, however, need to be written in all capital letters.) If Owner or Operator is a
sole proprietor, name must match the FDEP permit application.
Guidance & Notes for Irrevocable Letters of Credit
1. Standby Trust Fund Agreement:
Standby Trust Fund Agreement Form - 62-701.900(5)(h) must be submitted as required
when using a letter of credit.
2. Letter of Credit Cover Letter:
The cover letter is to be filled out by the Owner or Operator. The letter of credit form is
completed by the bank.
The FDEP I.D. number for solid waste facilities is the facility "WACS" number. Used oil
facilities use an EPA I.D. number. For assistance, try the appropriate Facility List (see
links at the end of this web page) or contact FDEP using the contacts on the
Forms web
page.
Facility name on the cover letter needs to match name on the FDEP permit application.
The site address is the address of the physical location of the facility; this address
cannot be a P.O. Box.
"Required Action" – Check "Closing" if the cost estimate includes a closing cost
estimate and check "Long-term Care" if the cost estimate includes a long-term care cost
estimate.
"Facility Amount" – include specific facility amounts only when more than one facility is
covered by this letter of credit.
Do not include separate closing and long-term care amounts when both are covered.
Signatory for the owner or operator should be the president of a corporation, managing
member of an LLC, or equivalent for entity type. If the name of the president (or
equivalent) is not found on the Florida Division of Corporations website (Sunbiz), or if
anyone else signs, additional documentation will be required. See
Delegation of
Authority Letter
for specific requirements. The signatory's title must match the title as
given on the Florida Division of Corporations web site or other documentation.
3. Letter of Credit:
Letter of credit must be on FDEP Form 62-701-900(5)(a) unless following
Banks
Printing Letters of Credit on Security Paper
guidance. Banks wishing to use institutional
letterhead may reduce the form’s size to fit the stationery’s available space.
Name of Issuing Institution identified in the Letter of Credit must be the legal name of
bank as identified by
FDIC
or other regulating agency. Use of fictitious or trademark
names on our forms is not allowed. If letterhead identifies only the trademark name,
include the legal name also.
Check the Closing, Long-term Care and/or Corrective Action box(es) for which there is
a corresponding required action amount (cost estimate) listed on the cover letter. Obtain
this information from the Owner or Operator or contact FDEP using the contact list on
the
Forms web
page.
Owner or Operator name must match (including punctuation and abbreviations) legal
entity name as identified on the Florida Division of Corporations website (Sunbiz). Use
the Sunbiz link to verify the Owner or Operator is a legal business entity with “Active"
status and that the name is entered exactly as listed. (The Owner or Operator name
does not, however, need to be written in all capital letters.) If Owner or Operator is a
sole proprietor, name must match the FDEP permit application.
The date the credit will automatically renew on (i.e., "Date" [blank] on the second line of
paragraph that starts "This letter of credit is effective as of…") must be the same date
identified as "Date at Least One Year Later."
The wording that follows "This credit is subject to" may be more specific than either
option offered, and may not include both options.
The FDEP Letter of Credit is an evergreen document; therefore, submission of a letter
of credit with the same document number as previously submitted is not appropriate.
We recommend the use of the
Letter of Credit Amendment
example to increase the
aggregate amount or for annual updates for banks wishing to document the automatic
extension of the instrument.
4. Amendment to Letter of Credit:
Amendments may only change items that are “blanks” on the FDEP form, and cannot
change other wording of the Letter of Credit. The use of the
Letter of Credit Amendment
example may prevent problems. We recommend draft amendments be sent for
courtesy review
prior to signing.
Contact information for the bank signatory must include a typed or legibly printed name
of the person. A telephone number or an e-mail address for the bank must be included.
Evidence of cost estimate approval is NOT authorization to reduce the aggregate
amount of a letter of credit. The Owner or Operator may send a request to an FDEP
financial contact
to reduce the aggregate amount when a cost estimate decreases.
Although a request may precede cost estimate approval, authorization to reduce the
aggregate amount will not be sent to the bank prior to the lower cost estimate being
approved by the permitting office or a facility's closure being certified and Department
approved.
To reduce the aggregate amount, the bank MUST receive prior written permission from
the FDEP Tallahassee Office in order to comply with FDEP regulations. Authorization
will be addressed to the bank and will specify the letter of credit to be changed.
Send original signature copies of all amendments, even ones considered "internal bank
use only." Each amendment should have a consecutive unique number.
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