Michigan Administrative Code › Department - Licensing and Regulatory Affairs › Bureau of Fire Services › Underground Storage Tank Regulations. R 29.2101-29.2192 › AMENDMENTS TO ADOPTED FEDERAL REGULATIONS › Subpart H - FINANCIAL RESPONSIBILITY › Section R. 29.2168d - Recordkeeping

Current through Vol. 24-12, July 15, 2024
Rule 68d. Section 280.111 is amended to read as
						follows:
Section 280.111.
(a) O/Os shall 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 O/O shall 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
					 O/O shall maintain the following types of evidence of financial responsibility:
(1) An O/O using an assurance mechanism
					 specified in section 280.95 through section 280.100 or section 280.102 or
					 section 280.104 through section 280.107 shall maintain a copy of the instrument
					 worded as specified.
(2) An O/O
					 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 must be on file no later than 120 days after the close of the
					 financial reporting year.
(3) An
					 O/O using a guarantee, surety bond, or letter of credit shall maintain a copy
					 of the signed standby trust fund agreement and copies of any amendments to the
					 agreement.
(4) A local government
					 O/O using a local government guarantee under section 280.106 (d) shall maintain
					 a copy of the signed standby trust fund agreement and copies of any amendments
					 to the agreement.
(5) A local
					 government O/O using the local government bond rating test under section
					 280.104 shall maintain a copy of its bond rating published within the last 12
					 months by Moody's or Standard and Poor's.
(6) A local government O/O 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 shall maintain a copy of the guarantor's bond rating published within
					 the last 12 months by Moody's or Standard and Poor's.
(7) An O/O using an insurance policy or risk
					 retention group coverage shall 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 O/O covered by a state fund or other
					 state assurance shall maintain on file a copy of any evidence of coverage
					 supplied by or required by the state under section 280.101(d).
(9) An O/O using a local government fund
					 under section 280.107 shall maintain the following documents.
(i) A copy of the state constitutional
					 provision or local government statute, charter, ordinance, or order dedicating
					 the fund.
(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
					 O/O shall 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 O/O 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.
(11) An O/O using an assurance mechanism
					 specified in sections 280.95 through 280.107 shall 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
[Owner 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).