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NMED FORM FOR IRREVOCABLE STANDBY LETTER OF CREDIT

By Edna Tucker,2015-01-07 04:52
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NMED FORM FOR IRREVOCABLE STANDBY LETTER OF CREDIT

    NMED FORM FOR IRREVOCABLE STANDBY LETTER OF CREDIT

    New Mexico Governmental Entity as Payee

    Instructions: This Irrevocable Standby Letter of Credit form is to be used by governmental entities who own or operate a facility and who choose the option of using an irrevocable standby letter of credit to provide financial assurance under 20.9.1.906. The Irrevocable Standby Letter of Credit submitted to the Department shall be worded exactly as in the form (except bracketed language, which shall be filled in as appropriate), unless the applicant explicitly requests alternate language that is approved by the Department.

    IRREVOCABLE STANDBY LETTER OF CREDIT

    New Mexico Governmental Entity as Payee.

[Addressee]

    [Name of local government entity]

Dear Sir or Madam:

    We hereby establish our Irrevocable Standby letter of Credit No.____ in your favor, at the request and for the account of [owners or operator's name and address] up to the aggregate amount of [in words] United States dollars $______, available upon presentation of

    (1) a sight draft from the New Mexico Environment Department, bearing reference to this letter of credit No. _____, and

    (2) a signed statement from the secretary of the New Mexico Environment Department reading as follows: “I certify that the amount of the draft is payable pursuant to regulations issued under authority of the Solid Waste Act as amended.”

    This letter of credit is effective as of [date] and shall expire on [date at least 1 year later], but such expiration date shall be automatically extended for a period of [at least 1 year] of [date] and on each successive expiration date, unless, at least 120 days before the current expiration date, we notify you, the New Mexico Environment Department and [owner's or operator's name] by certified mail that we have decided not to extend this letter of credit beyond the current expiration date. In the event you're so notified, any unused portion of the credit shall be available upon presentation of the above mentioned sight draft and statement of certification for 120 days after the date of receipt by both you and [owner's or operator's name], as shown on the signed return receipts.

    Whenever this letter of credit is drawn on under and in compliance with the terms of this credit, we shall duly honor such draft upon presentation to us, and we shall deposit the amount of the draft directly into the [trust fund or standby trust fund] of [owner's or operator's name] in accordance with your instructions.

IRREVOCABLE STANDBY LETTER OF CREDIT

    New Mexico Governmental Entity as Payee

    Page 1 of 2

    Notices under this Irrevocable Standby Letter of Credit shall be to:

    [Name and address of responsible office within the local governmental entity] [Name and address of owner or operator]

Bureau Chief, Solid Waste Bureau

    New Mexico Environment Dept.

    P.O. Box 26110

    Santa Fe, NM 87502-6110

We certify that the wording of this letter of credit is identical to the wording of this letter in Solid

    Waste Bureau form dated ____________, or as otherwise worded by explicit approval of the Department.

    [Signature(s) and title(s) of official(s) of issuing institution] [Date]

This credit is subject to the Uniform Commercial Code.

IRREVOCABLE STANDBY LETTER OF CREDIT

    New Mexico Governmental Entity as Payee

    Page 2 of 2

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