Section 29.2168d. Recordkeeping.

d. Section 280.111 is amended to read as follows:

Section 280.111 (a) Owners or operators must maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under this subpart for an underground storage tank until released from the requirements of this subpart under section 208.113. An owner or operator must maintain such evidence at the underground storage tank site or the owner's or operator's place of work. Records maintained  off-site  must  be made available upon request of the implementing agency.

(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 section 280.95 through section280.100 or section 280.102 or section 280.104 through section 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 and 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 and 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 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 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(a)(3) 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(a)(3) 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(a)(3)(i)),  or  attestation  by  the  state  attorney general as specified under section 280.107(a)(3)(ii).

(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 statements for the most recent completed financial reporting year showing the amount of the fund.

(11)   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 worded as  follows,  except   that instructions in brackets are to be replaced with the relevant information and the brackets deleted:

Certification Of Financial Responsibility

[Owners or operator] hereby certifies that it is in compliance   with  the requirements of subpart H of 40 C.F.R. Part 280.

The financial assurance mechanism(s)   used  to  demonstrate  financial responsibility under subpart H of 40 C.F.R. Part 280 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).

History: 1998-2000 AACS.