New Mexico Administrative Code
Title 20 - ENVIRONMENTAL PROTECTION
Chapter 5 - PETROLEUM STORAGE TANKS
Part 117 - FINANCIAL RESPONSIBILITY
Section 20.5.117.1721 - RECORD KEEPING
Universal Citation: 20 NM Admin Code 20.5.117.1721
Current through Register Vol. 35, No. 18, September 24, 2024
A. Owners and operators shall maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under this part for a storage tank until released from the requirements of this part under 20.5.117.1723 NMAC. An owner or operator shall maintain such evidence at the storage tank site or the owner's or operator's place of business. Records maintained off-site shall be made available upon request of the department.
B. Owners and operators shall maintain the following types of evidence of financial responsibility:
(1) An owner or operator using an assurance
mechanism specified in 20.5.117.1705 NMAC through 20.5.117.1710 NMAC or
20.5.117.1712 NMAC or 20.5.117.1714 through 20.5.117.1717 NMAC shall maintain a
copy of the instrument worded as specified in this part.
(2) An owner or operator using a financial
test or guarantee, a local government financial test a local government
guarantee supported by the local government financial test shall 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 shall 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 shall
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
Subsection D of 20.5.117.1716 NMAC shall 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 20.5.117.1714 NMAC shall
maintain a copy of its bond rating published within the last 12 months by
Moody's or Standard & Poor's.
(6) A local government owner or operator
using the local government guarantee under 20.5.117.1716 NMAC, where the
guarantor's demonstration of financial responsibility relies on the bond rating
test under 20.5.117.1714 NMAC shall maintain a copy of the guarantor's bond
rating published within the last 12 months by Moody's or Standard &
Poor's.
(7) An owner or operator
using an insurance policy or risk retention group coverage shall 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 shall maintain on
file a copy of any evidence of coverage supplied by or required by the state
under Subsection D of 20.5.117.1711 NMAC.
(9) An owner or operator using a local
government fund under 20.5.117.1717 NMAC shall maintain the following
documents:
(a) a copy of the state
constitutional provision or local government statute charter, ordinance, or
order dedicating the fund, and
(b)
year-end financial statements for the most recent completed financial reporting
year showing the amount in the fund. If the fund is established under
Subsection A of 20.5.117.1717 NMAC using incremental funding backed by bonding
authority, the financial statements shall show the previous year's balance the
amount of funding during the year, and the closing balance in the
fund.
(c) If the fund is
established under Subsection A of 20.5.117.1717 NMAC using incremental funding
backed by bonding authority, the owner or operator shall also maintain
documentation of the required bonding authority, including either the results
of a voter referendum under Paragraph (1) of Subsection C of 20.5.117.1717 NMAC
or attestation by the state attorney general as specified under Paragraph (2)
of Subsection C of 20.5.117.1717 NMAC.
(10) A local government owner or operator
using the local government guarantee supported by the local government fund
shall 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) Owners and operators
using an assurance mechanism specified in 20.5.117.1705 through 20.5.117.1717
NMAC shall maintain an updated copy of a certification of financial
responsibility worded as specified in 20.5.117.1771 NMAC. The owner or operator
shall update this certification whenever the financial assurance mechanism(s)
used to demonstrate financial responsibility change(s).
Disclaimer: These regulations may not be the most recent version. New Mexico may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
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