D Wording for Certificates of Deposit

Section 326 Section 326.APPENDIX D   Wording for Certificates of Deposit A certificate of deposit, as specified in 32 Ill. Adm. Code 326.120, shall contain the following provisions, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted: CERTIFICATE OF DEPOSIT [Name and address of financial institution] Certificate of Deposit [insert date] No. _____ [insert  $ amount] [Licensee name and address] has deposited not subject to check [spell out dollar amount] Dollars [insert numerical value $      ] payable to the Illinois Emergency Management Agency (hereinafter called the Agency) [insert number of months] months after date, upon presentation of this certificate properly endorsed.  The funds are deposited for the purpose of providing financial assurance for the cost of reclamation as required by 32 Ill. Adm. Code 326. Accordingly, this certificate shall be renewed automatically unless (a) [financial institution] receives written notice from the Agency of (1) the default of [licensee] on these obligations, (2) the termination of the facility license, or (3) the substitution of another financial assurance arrangement; or (b) [financial institution] provides a minimum of 180 days written notice of its decision not to renew as provided in the Agency's rules.  In the event the Agency notifies [financial institution] that [licensee] has not complied with its reclamation obligations under the Agency's rules or its obligation to provide replacement financial assurance acceptable to the Agency, [financial institution] shall pay the amount deposited to the Agency. [Financial institution] waives all rights of lien which it has or might have against this certificate. The deposit documented in this certificate is insured by the Federal Deposit Insurance Corporation. _______________________ (Cashier)