9VAC25-650-140. Drawing on financial assurance mechanism

A. The department shall require the surety or institution issuing a letter of credit or certificate of deposit to submit to the department the amount of funds stipulated by the department, up to the limit of funds provided by the financial assurance mechanism when: 1. The owner or operator fails to establish alternate financial assurance within 60 days after receiving notice of cancellation of the surety bond, letter of credit or certificate of deposit; or 2. The conditions of subsection B of this section are satisfied. B. The b department makes a final determination that a privately owned sewerage system has ceased operation.