Current through Register Vol. 48, No. 9, September 27, 2024
(a) Owners or
operators must maintain evidence of all financial assurance mechanisms used to
demonstrate financial responsibility under this subpart for an UST until
released from the requirements of this subpart under Section 280.113. An owner
or operator must maintain such evidence at the UST site or the owner's or
operator's place of work. Records maintained off-site must be made available
upon request of the Department.
(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 Sections 280.95 through 280.100, or
Section 280.102, or Sections 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 Section 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 Section 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 Section
280.106, where the guarantor's demonstration of financial responsibility relies
on the bond rating test under Section 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 the SUPERB fund must maintain on file a copy of the
Certification of Financial Responsibility required under Section
280.101(d).
(9) An owner or
operator using a local government fund under Section 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 Section
280.107(c) 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
Section 280.107(c) 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 Section
280.107(c)(1)), or attestation by the State Attorney General as specified under
Section 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 statement for the
most recent completed financial reporting year showing the amount of the
fund.
(11)
(i) An owner or operator using an assurance
mechanism specified in Sections 280.95 through 280.107 must maintain an updated
copy of a certification of financial responsibility using a Department form or
a Department approved form, worded as follows, except that instructions in
brackets are to be replaced with the relevant information and the brackets
deleted:
CERTIFICATION OF FINANCIAL
RESPONSIBILITY
Complete and return one copy to the Department. Keep one
copy on file, to be provided upon request.
Site Name ________ Site #
_____________________________________
Site Address
______________________________________________________________________
Choose one or a combination of assurance mechanisms to
demonstrate financial responsibility under R.61-92.280, Subpart H of the South
Carolina Underground Storage Tank Control Regulations (SCUSTCR). Complete the
chart for each mechanism selected.
MECHANISM NAME OF ISSUER AMOUNT OF COVERAGE PERIOD OF
COVERAGE
1. State fund (SUPERB)--[If
you select this, show deductible coverage here.]
2. Self insurance
3. Guarantee
4. Pollution insurance or risk retention
group
5. Surety bond
6. Letter of credit
7. Trust fund
8. Local government options
______ hereby certifies compliance with the requirements of
Subpart H of SCUSTCR Part 280.
[owner or operator]
__________________________
_________________________________
[Signature of owner or operator] [Signature of witness or
notary]
___________________________
____________________________
[Name of owner or operator] [Name of witness or
notary]
___________________________
_________________________________
[Title] [Date]
___________________________
_________________________________
[Date]
(ii) The owner or operator must update this
certification whenever the financial assurance mechanism(s) used to demonstrate
financial responsibility change(s). As stated in Section 280.110, a copy must
be sent to the Department under the following circumstances:
(1) you install a new tank system;
(2) you have confirmed that there has been a
release;
(3) you change financial
mechanisms;
(4) the Environmental
Protection Agency or the Department requests your records. No mechanism may
require expenditure of funds from the SUPERB Account or the SUPERB Financial
Responsibility Fund prior to exhausting that mechanism.
