43 C.F.R. § 3214.22 What must I do if I want to use a letter of credit to back my bond?
Title 43 - Public Lands: Interior
Your letter of credit must: (a) Be issued by a Federally-insured financial institution authorized to do business in the United States; (b) Be payable to the Department of the Interior, Bureau of Land Management; (c) Be irrevocable during its term and have an initial expiration date of no sooner than one year after the date we receive it; (d) Be automatically renewable for a period of at least one year, unless the issuing financial institution gives us written notice, at least 90 days before the letter of credit expires, that it will no longer renew the letter of credit; and (e) Include a clause that authorizes the Secretary of the Interior to demand immediate payment, in part or in full, if you do not meet your obligations under the requirements of 43 CFR 3200.4 or provide substitute security for a letter of credit which the issuer has stated it will not renew before the letter of credit expires.
Title 43: Public Lands: Interior
PART 3200—GEOTHERMAL RESOURCE LEASING
Subpart 3214—Personal and Surety Bonds
§ 3214.22 What must I do if I want to use a letter of credit to back my bond?
