Section 93.755. Replenishment of guarantees, letters of credit, or surety bonds.

 

(1)  If at any time after a standby trust is funded upon the instruction of the department 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 shall comply with either sub. (2) or (3) by the anniversary date of the financial mechanism from which the funds were drawn.

(2)  The owner or operator shall replenish the value of financial assurance to equal the full amount of coverage required.

(3)  The owner or operator shall acquire another financial assurance mechanism for the amount by which funds in the standby trust have been reduced.

(4)  For purposes of this section, the full amount of coverage required is the amount of coverage to be provided under s. ATCP 93.705 . If a combination of mechanisms was used to provide the assurance funds that were drawn upon, replenishment shall occur by the earliest anniversary date among the mechanisms.

CR 07-029 : cr. Register November 2008 No. 635 , eff. 2-1-09; correction in (4) made under s. 13.92 (4) (b) 7. , Stats., Register December 2011 No. 672 ; correction in (4) made under s. 13.92 (4) (b) 7. , Stats., Register October 2013 No. 694 .