Period of Coverage is original issuance date to current expiration date.
As nearly all letters of credit (LCs) are annual in nature, each year a new C.F.R. will be required. The new C.F.R. will keep the original issuance date and add a year (or 365 days, per the LC) for the new (extended) expiration date. (A bank may extend the life of a letter of credit without issuing an amendment (as this 'automatic extension' is written into the credit), but sometimes does.)
Verify current version of form part is used ("October 2019" version if signed after 10/13/2019)
Verify Institution can complete form
Verify facility and tanks at site have coverage. The following should match the state registration:
Facility identification number (FacID) (for facilities in Florida)
Number of regulated tanks (or list of tank identification numbers)
Letter of Credit Specific Guidance
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.
The wording that follows "This credit is subject to" may be more specific than either option offered, but may not include both options.
Letters of Credit (LCs) are 'evergreen' in nature. The original document will have an issue date and an expiration date (typically) one year later, with an automatic renewal condition.
As most banks do not issue amendments showing the extended expiration, the bank could be contacted to confirm the LC was extended.
An amendment will be required if any of the coverage changes.
Banks Using Security Paper
Although Rules 62-761.420 and 62-762.421, F.A.C., require the use of DEP Form 62-761.900(3) Part F for new instruments, the exact wording of DEP Form 62-761.900(3) Part F may substitute (removing header, footers and bracketed guidance) only when using security paper.
Follow the Letter of Credit Specific Guidance above to complete document.
Unsigned drafts of the letter of credit should be reviewed by DEP staff in Tallahassee before signing (to prevent changes to the required wording).
A copy of the Department’s ‘courtesy review’ e-mail may demonstrate to site inspectors that a draft has been reviewed.
Note: Form Part F can be photo-reduced to fit on a bank’s letterhead stationery.
What to Do with Completed Forms
An owner or operator must maintain financial responsibility records (the completed form parts with required supporting documentation) at the facility or at their business office.
If not kept at the facility, they shall be made available at the facility or another agreed upon location upon five business days notice by a department or county inspector.
Sunbiz – verify owner/operator’s legal name (including punctuation and abbreviations)
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