Current through Supplement No. 395, January, 2025
1. Owners or
operators must maintain evidence of all financial assurance mechanisms used to
demonstrate financial responsibility under sections
33.1-24-08-80 through
33.1-24-08-106 for an
underground storage tank until released from the requirements of sections
33.1-24-08-80 through
33.1-24-08-106 under section
33.1-24-08-103. An owner or
operator must maintain such evidence at the underground storage tank site or
the owner's or operator's place of business. Records maintained offsite must be
made available upon request of the department.
2. An owner or operator must maintain the
following types of evidence of financial responsibility:
a. An owner or operator using an assurance
mechanism specified in sections
33.1-24-08-85 through
33.1-24-08-90, or section
33.1-24-08-92, or sections
33.1-24-08-94 through
33.1-24-08-97, must maintain a
copy of the instrument worded as specified;
b. An owner or operator using a financial
test or guarantee, or a local government financial test, or a local government
guarantee supported by a 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 one hundred twenty days after the close of the financial
reporting year;
c. 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;
d. A local
government owner or operator using a local government guarantee under
subsection 4 of section
33.1-24-08-96 must maintain a
copy of the signed standby trust fund agreement and copies of any amendments to
the agreement;
e. A local
government owner or operator using the local government bond rating test under
section 33.1-24-08-94 must maintain a
copy of its bond rating published within the last twelve months by Moody's or
Standard and Poor's;
f. A local
government owner or operator using the local government guarantee under section
33.1-24-08-96, where the
guarantor's demonstration of financial responsibility relies on the bond rating
test under section
33.1-24-08-94 must maintain a
copy of the guarantor's bond rating published within the last twelve months by
Moody's or Standard and Poor's;
g.
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;
h. 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 subsection 4 of section
33.1-24-08-91;
i. An owner or operator using a local
government fund under section
33.1-24-08-97 must maintain the
following documents:
(1) A copy of the state
constitutional provision or local government statute, charter, ordinance or
order dedicating the fund;
(2)
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 3 of section
33.1-24-08-97 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; and
(3) If the
fund is established under subsection 3 of section
33.1-24-08-97 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 subdivision a of subsection 3 of section
33.1-24-08-97, or attestation by
the state attorney general as specified under subdivision b of subsection 3 of
section 33.1-24-08-97;
j. 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; or
k. An owner or operator
using an assurance mechanism specified in sections
33.1-24-08-85 through
33.1-24-08-97 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 sections
33.1-24-08-80 through
33.1-24-08-106.
The financial assurance mechanism(s) used to demonstrate
financial responsibility under sections
33.1-24-08-80 through
33.1-24-08-106 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).
