(a) Owners or operators must maintain
evidence of all financial assurance mechanisms used to demonstrate financial
responsibility under this rule for an underground storage tank until released
from the requirements of this rule under § 208.113. An owner or operator
must maintain such evidence at the underground storage tank site or the owner's
or operator's place of work. Records maintained off-site must be made available
upon request of the implementing agency.
(b) An owner or operator must maintain the
following types of evidence of financial responsibility:
(1) An owner or operator using an assurance
mechanism specified in §§ 280.95 through 280.100 or § 280.102 or
§§ 280.104 through 280.107 must maintain a copy of the instrument
worded as specified.
(2) An owner
or operator using a financial test or guarantee, or a local government
financial test or a local government guarantee supported by the local
government financial test must maintain a copy of the chief financial officer's
letter based on year-end financial statements for the most recent completed
financial reporting year. Such evidence must be on file no later than 120 days
after the close of the financial reporting year.
(3) An owner or operator using a guarantee,
surety bond, or letter of credit must maintain a copy of the signed standby
trust fund agreement and copies of any amendments to the agreement.
(4) A local government owner or operator
using a local government guarantee under § 280.106(d) must maintain a copy
of the signed standby trust fund agreement and copies of any amendments to the
agreement.
(5) A local government
owner or operator using the local government bond rating test under §
280.104 must maintain a copy of its bond rating published within the last
twelve months by Moody's or Standard & Poor's.
(6) A local government owner or operator
using the local government guarantee under § 280.106, where the
guarantor's demonstration of financial responsibility relies on the bond rating
test under § 280.104 must maintain a copy of the guarantor's bond rating
published within the last twelve months by Moody's or Standard &
Poor's.
(7) An owner or operator
using an insurance policy or risk retention group coverage must maintain a copy
of the signed insurance policy or risk retention group coverage policy, with
the endorsement or certificate of insurance and any amendments to the
agreements.
(8) An owner or
operator covered by a state fund or other state assurance must maintain on file
a copy of any evidence of coverage supplied by or required by the state under
§ 280.101(d).
(9) An owner or
operator using a local government fund under § 280.107 must maintain the
following documents:
(i) A copy of the state
constitutional provision or local government statute, charter, ordinance, or
order dedicating the fund, and
(ii) Year-end financial statements for the
most recent completed financial reporting year showing the amount in the fund.
If the fund is established under § 280.107(a)(3) using incremental funding
backed by bonding authority, the financial statements must show the previous
year's balance, the amount of funding during the year, and the closing balance
in the fund.
(iii) If the fund is
established under § 280.107 using incremental funding backed by bonding
authority, the owner or operator must also maintain documentation of the
required bonding authority, including either the results of a voter referendum
(under § 280.107(c)(1)), or attestation by the State Attorney General as
specified under § 280.107(c)(2).
(10) A local government owner or operator
using the local government guarantee supported by the local government fund
must maintain a copy of the guarantor's year-end financial statements for the
most recent completed financial reporting year showing the amount of the
fund.
(11) An owner or operator
using an assurance mechanism specified in §§ 280.95 through 280.107
must maintain an updated copy of a certification of financial responsibility
worded as follows, except that instructions in brackets are to be replaced with
the relevant information and the brackets deleted:
Certification of Financial Responsibility
[Owner or operator] hereby certifies that it is in
compliance with the requirements of Rule 2.8 of 40 CFR part 280.
The financial assurance mechanism(s) used to demonstrate
financial responsibility under Rule 2.8 of 40 CFR part 280 is (are) as
follows:
[For each mechanism, list the type of mechanism, name of
issuer, mechanism number (if applicable), amount of coverage, effective period
of coverage and whether the mechanism covers "taking corrective action" and/or
"compensating third parties for bodily injury and property damage caused by"
either "sudden accidental releases" or "nonsudden accidental releases" or
"accidental releases."]
[Signature of owner or operator]
[Name of owner or operator]
[Title]
[Date]
[Signature of witness or notary]
[Name of witness or notary]
[Date]
The owner or operator must update this certification
whenever the financial assurance mechanism(s) used to demonstrate financial
responsibility change(s).
[58 FR 9051, Feb. 18, 1993]
58 FR 9051, Feb. 18,
1993
