Current through Register Vol. 41, No. 3, September 23, 2024
A. Owners or
operators shall maintain evidence of all financial assurance mechanisms used to
demonstrate financial responsibility under this chapter for an underground
storage tank until released from the requirements of this chapter under
9VAC25-590-180.
An owner or operator shall maintain such evidence at the underground storage
tank site or the owner's or operator's place of work in this Commonwealth.
Records maintained off-site shall be made available upon request of the
department.
B. Owners or operators
shall maintain the following types of evidence of financial responsibility:
1. An owner or operator using an assurance
mechanism specified in
9VAC25-590-60
through
9VAC25-590-110 and
9VAC25-590-250
shall 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, 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. A
local government owner or operator using the local government bond rating test
under
9VAC25-590-250
shall maintain a copy of its bond rating published within the last 12 months by
Moody's or Standard & Poor's.
4. A local government owner or operator using
the local government guarantee under
9VAC25-590-250,
where the guarantor's demonstration of financial responsibility relies on the
bond rating test under
9VAC25-590-250
shall maintain a copy of the guarantor's bond rating published within the last
12 months by Moody's or Standard & Poor's.
5. An owner or operator using an insurance
policy or group self-insurance pool coverage shall maintain a copy of the
signed insurance policy or group self-insurance pool plan and membership
agreement, with the endorsement or certificate of insurance and any amendments
to the agreements.
6. An owner or
operator using a local government fund under
9VAC25-590-250
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
40 CFR
280.107(c) (as incorporated
by reference in
9VAC25-590-250)
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.
If the fund is established under
40 CFR
280.107(c) (as incorporated
by reference in
9VAC25-590-250)
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
40 CFR
280.107(c)(1)) (as
incorporated by reference in
9VAC25-590-250),
or attestation by the Virginia Attorney General as specified under
40 CFR
280.107(c)(2) (as
incorporated by reference in
9VAC25-590-250).
7. 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.
8.
a.
An owner or operator using an assurance mechanism specified
in
9VAC25-590-60
through
9VAC25-590-110,
9VAC25-590-210,
or
9VAC25-590-250
shall maintain an updated copy of a certification of financial responsibility
worded identically as specified in Appendix IX, except that instructions in
brackets are to be replaced with the relevant information and the brackets
deleted.
b. The owner or
operator shall update this certification whenever the financial assurance
mechanism or mechanisms used to demonstrate financial responsibility
changes.
Statutory Authority: §§ 62.1-44.15 and
62.1-44.34:9 of the Code of Virginia;
42 USC §
6901 et seq.; 40 CFR Parts 280 and
281.
