ATCP 93.720(1)(1) To use a letter of credit to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain an irrevocable standby letter of credit that conforms to the requirements of this section. The issuing institution shall be authorized to issue letters of credit in each state where the letters are used and the institution’s letter of credit operations shall be regulated and examined by a federal or state agency. ATCP 93.720(2)(a)(a) The instructions in brackets in the letter shall be replaced by the relevant information and the brackets deleted. ATCP 93.720(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.720(2)(b)1.1. Reference in the letter to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.720(3)(a)(a) An owner or operator who uses a letter of credit to satisfy the requirements of s. ATCP 93.705 shall also establish a standby trust fund when the letter of credit is acquired. ATCP 93.720(3)(b)(b) Under the terms of the letter of credit, all amounts paid pursuant to a draft by the department shall be deposited by the issuing institution directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747. ATCP 93.720(4)(a)(a) The letter of credit shall be irrevocable with a term specified by the issuing institution. ATCP 93.720(4)(b)(b) The letter of credit shall provide that credit be automatically renewed for the same term as the original term, unless, at least 120 days before the current expiration date, the issuing institution notifies the owner or operator by certified mail of its decision not to renew the letter of credit. ATCP 93.720(4)(c)(c) Under the terms of the letter of credit, the 120 days shall begin on the date the owner or operator receives the notice as evidenced by the return receipt. ATCP 93.720 HistoryHistory: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19. ATCP 93.723(1)(1) To use a trust fund to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall establish a trust fund that conforms to the requirements of this section. The trustee shall be an entity that has the authority to act as a trustee and whose trust operations are regulated and examined by a federal agency or an agency of the state in which the fund is established. ATCP 93.723(2)(a)(a) The instructions in brackets in the agreement shall be replaced by the relevant information and the brackets deleted. ATCP 93.723(2)(b)(b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made: ATCP 93.723(2)(b)1.1. Reference in the agreement to underground tanks shall be amended to refer to aboveground tanks. ATCP 93.723(4)(4) The trust fund, when established, shall be funded for the full required amount of coverage or funded for part of the required amount of coverage and used in combination with other mechanisms that provide the remaining required coverage. ATCP 93.723(5)(5) If the value of the trust fund is greater than the required amount of coverage, the owner or operator may submit a written request to the department for release of the excess. ATCP 93.723(6)(6) If other financial assurance as specified in this subchapter is substituted for all or part of the trust fund, the owner or operator may submit a written request to the department for release of the excess. ATCP 93.723(7)(7) Within 60 days after receiving a request from the owner or operator for release of funds as specified in sub. (5) or (6), the department shall instruct the trustee to release to the owner or operator such funds as the department specifies in writing.