Replenishment of Guarantees, Letters of Credit, or Surety Bonds

PURPOSE: This rule describes requirements that the owner or operator maintain financial responsibility mechanism at a fully funded level. (1) If at any time after a standby trust is funded upon the instruction of the director with funds drawn from a guarantee, letter of credit, or surety bond and the amount in the standby trust is reduced below the full amount of coverage required, the owner or operator, by the anniversary date of the financial mechanism from which the funds were drawn shall— (A) Replenish the value of financial assurance to equal the full amount of coverage required; or (B) Acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced. (2) For purposes of this rule, the full amount of coverage required is the amount of coverage to be provided by 10 CSR 26-3.093. If a combination of mechanisms was used to provide the assurance funds which were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms. AUTHORITY: section 319.114, RSMo 2000.* This rule originally filed as 10 CSR 20-11.111. Original rule filed Feb. 7, 1991, effective Aug. 30, 1991. Moved and amended: Filed April 15, 2011, effective Dec. 30, 2011. *Original authority: 319.114, RSMo 1989.