Current through August 26, 2024
(1) To use a guarantee to meet the financial
responsibility requirements of s.
ATCP 93.705, an owner or operator shall obtain a guarantee
that conforms to the requirements of this section. The guarantor shall be a
firm that is engaged in a substantial business relationship with the owner or
operator and issues the guarantee as an act incident to that business
relationship or the guarantor shall be a firm that meets at least one of the
following requirements:
(a) The firm
possesses a controlling interest in the owner or operator.
(b) The firm possesses a controlling interest
in a firm described under par. (a).
(c) The firm is controlled through stock
ownership by a common parent firm that possesses a controlling interest in the
owner or operator.
(2)
(a) Within 120 days of the close of each
financial reporting year, the guarantor shall demonstrate that it meets the
financial test criteria of s.
ATCP 93.710 based on year-end financial statements for the
latest completed financial reporting year by completing the letter from the
chief financial officer described in s.
ATCP 93.710(4), and the guarantor shall
deliver the letter to the owner or operator.
(b) If the guarantor fails to meet the
requirements of the financial test at the end of any financial reporting year,
within 120 days of the end of that financial reporting year, the guarantor
shall send notice by certified mail to the owner or operator before
cancellation or non-renewal of the guarantee.
(c) If the department notifies the guarantor
that he or she no longer meets the requirements of the financial test of s.
ATCP 93.710(2) or
(3), the guarantor shall notify the owner or
operator within 10 days of receiving such notification from the
department.
(d) Under either par.
(b) or (c), the guarantee shall terminate no less than 120 days after the date
the owner or operator receives the notification as evidenced by the return
receipt.
(e) The owner or operator
shall obtain alternative coverage as specified in s.
ATCP 93.753.
(3) The guarantee shall be worded exactly as
found in
40 CFR
280.96(c) except for the
following:
(a) The instructions in brackets
in the guarantee shall be replaced by the relevant information and the brackets
deleted.
(b) If financial
responsibility for aboveground tanks within the scope of this subchapter is
demonstrated using this method, all of the following changes shall be made:
1. Reference in the guarantee to underground
tanks shall be amended to refer to aboveground tanks.
2. Certification that wording is identical to
the wording required in
40 CFR
280.96(c) shall be deleted.
Note: A link to 40 CFR 280 is available at the
following EPA Web site: http://www.epa.gov/oust/fedlaws/cfr.htm.
(4)
(a) An
owner or operator who uses a guarantee to satisfy the requirements of s.
ATCP 93.705 shall establish a standby trust fund when the
guarantee is obtained.
(b) Under
the terms of the guarantee, all amounts paid by the guarantor under the
guarantee shall be deposited directly into the standby trust fund in accordance
with instructions from the department under s.
ATCP 93.747.
(c) This standby trust fund shall meet the
requirements for standby trust funds in s.
ATCP 93.725.
