(a) Owners and/or operators must 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 under Section 14. An owner and/or operator must
maintain such evidence at the underground storage tank site or the owner's or
operator's place of business. Records maintained off-site must be made
available upon request of the department.
(b) An owner and/or operator must maintain
the following types of evidence of financial responsibility:
(i) An owner and/or operator using an
assurance mechanism specified in
40 CFR
280.95 through 280.99 or 280.102 or 280.104
through 280.107, must maintain a copy of the instrument worded as
specified.
(ii) An owner and/or
operator using a financial test or guarantee 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.
(iii) A local government owner or operator
using the local government bond rating test must maintain a copy of its bond
rating published within the last 12 months by Moody's or Standard &
Poor's.
(iv) A local government
owner or operator using the local government guarantee where the guarantor's
demonstration of financial responsibility relies on the bond rating test must
maintain a copy of the guarantor's bond rating published within the last 12
months by Moody's or Standard & Poor's.
(v) An owner and/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.
(vi) An owner or
operator using a local government fund must 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 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.
(C) If the
fund is established 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 or attestation by
the State Attorney General.
(vii) 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.
(viii) An owner and/or
operator using an assurance mechanism specified in
40 CFR
280.95 through 280.107, must maintain an
updated copy of a certification of financial responsibility worded as follows,
except that instructions are to be replaced with the relevant information;
Certification of Financial Responsibility
[Owner and/or operator] hereby certifies that it is in
compliance with the requirements of Chapter XIX of the Water Quality Division
Rules and Regulations.
The financial assurance mechanism(s) used to demonstrate
financial responsibility under this chapter 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 "non sudden accidental releases" or
"accidental releases."]
[Signature of owner and/or operator,] [name of owner and/or
operator,] [title,] [date,] [signature of witness or notary,] [name of witness
or notary,] [date].
(ix) The
owner and/or operator must update this certification whenever the financial
assurance mechanism(s) used to demonstrate financial responsibility
change(s).
