Code of Massachusetts Regulations › 310 CMR - DEPARTMENT OF ENVIRONMENTAL PROTECTION › Title 310 CMR 80.00 - Underground Storage Tank Systems › FINANCIAL RESPONSIBILITY › Section 80.59 - Requirements for Recordkeeping

Current through Register 1525, July 5, 2024
(1) An Owner or
				Operator shall maintain documentation, in accordance with 310 CMR 80.59, of
				financial assurance mechanisms used to demonstrate financial responsibility for
				a UST system until released from the requirements in accordance with
				310 CMR
				80.61. The Owner or Operator shall keep the
				documentation in hard copy or electronically in accordance with
				310 CMR
				80.36. Upon request from the Department, the
				Owner or Operator shall make the documentation available to the Department as
				soon as possible, but in no event more than seven business days after receiving
				the request.
(2) An Owner or
				Operator shall maintain the following documentation of financial
				responsibility:
(a) An Owner or Operator using
				the Underground Storage Tank Petroleum Cleanup Fund shall maintain a current
				certificate of compliance.
(b) An
				Owner or Operator 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 thereto.
(c) An Owner or
				Operator using a surety bond with a standby trust shall maintain a copy of the
				surety bond and any amendments thereto, and a copy of the signed standby trust
				fund agreement and any amendments thereto.
(d) An Owner or Operator using a letter of
				credit with a standby trust shall maintain a copy of the letter of credit and
				any amendments thereto, and a copy of the signed standby trust fund agreement
				and any amendments thereto.
(e) An
				Owner or Operator using a trust fund shall maintain a copy of the trust fund
				and any amendment thereto.
(f) An
				Owner or Operator using the local government bond rating test shall maintain:
1. A copy of its bond rating published within
				the last 12 months by Moody's or Standard & Poor's; and
2. A copy of the letter signed by the chief
				financial officer in accordance with
				310 CMR
				80.54(6)(d) or
				(e).
(g) An Owner or Operator using a local
				government fund shall maintain:
1. A copy of
				the state constitutional provision or local government statute, charter,
				ordinance, or order dedicating the fund; and
2. A copy of the letter signed by the chief
				financial officer in accordance with
				310 CMR
				80.54(7)(d); and
3. 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; and
4. If the fund is established using
				incremental funding backed by bonding authority, the Owner or Operator shall
				maintain documentation of the required bonding authority, including either the
				results of a voter referendum under
				310 CMR
				80.54(7)(c)1., or
				attestation by the State Attorney General as specified under
				310 CMR
				80.54(7)(c)2.
(h) An Owner or Operator using 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 in accordance with
				310 CMR
				80.54(8)(c). Such evidence
				must be on file no later than 120 days after the close of the financial
				reporting year.
(i) An Owner or
				Operator using the local government guarantee shall maintain:
1. A copy of the signed standby trust fund
				agreement and copies of any amendments thereto, if the local government
				guarantee is supported by a standby trust.
2. A copy of the chief financial officer's
				letter based on year-end financial statements for the most recent completed
				financial reporting year in accordance with
				310 CMR
				80.54(8)(c), if the local
				government guarantee is supported by the local government financial test. Such
				evidence must be on file no later than 120 days after the close of the
				financial reporting year.
3. A copy
				of the guarantor's bond rating published within the last 12 months by Moody's
				or Standard & Poor's, if the local government guarantee is supported by the
				bond rating test.
4. A copy of the
				guarantor's year-end financial statements for the most recent completed
				financial reporting year showing the amount of the fund, if the local
				government guarantee is supported by the local government fund.
(j) An Owner or Operator using a
				financial test shall maintain a copy of the chief financial officer's letter
				and year-end financial statements for the most recent completed financial
				reporting year on which the financial test is based. Such evidence shall be on
				file no later than 120 days after the close of the financial reporting
				year.
(k) An Owner or Operator
				using a guarantee shall maintain:
1. 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.
2. A copy of the signed
				standby trust fund agreement and copies of any amendments thereto.