Iowa Administrative Code › Agency 567 - Environmental Protection Commission › Title IX - Spills and Hazardous Conditions › Chapter 136 - Financial Responsibility for Underground Storage Tanks › Rule 567-136.20 - Record Keeping

Current through Register Vol. 47, No. 3, July 24, 2024
(1) Owners 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 of this chapter under rule
				136.22(455B). 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 offsite must be made available upon request of the Iowa
				department of natural resources.
(2) An owner or operator must maintain the
				following types of evidence of financial responsibility:
a. An owner or operator using an assurance
				mechanism specified in rules 136.6(455B) to 136.11(455B) or rules 136.13(455B)
				to 136.16(455B) must maintain a copy of the instrument worded as
				specified.
b. 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.
c. 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.
d. A
				local government owner or operator using a local government guarantee under
				subrule 136.15(4) must maintain a copy of the signed standby trust fund
				agreement and copies of any amendments to the agreement.
e. A local government owner or operator using
				the local government bond rating test under rule 136.13(455B) must maintain a
				copy of its bond rating published within the last 12 months by Moody's or
				Standard & Poor's.
f. A local
				government owner or operator using the local government guarantee under rule
				136.15(455B), where the guarantor's demonstration of financial responsibility
				relies on the bond rating test under rule 136.13(455B), must maintain a copy of
				the guarantor's bond rating published within the last 12 months by Moody's or
				Standard & Poor's.
g. 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.
h. An owner or
				operator using a local government fund under rule 136.16(455B) must maintain
				the following documents:
(1) A copy of the
				state constitutional provision or local government statute, charter, ordinance,
				or order dedicating the fund, and
(2) Year-end financial statements for the
				most recent completed financial reporting year showing the amount in the fund.
				If the fund is established under subrule 136.16(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.
(3) If the fund is
				established under subrule 136.16(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 paragraph 136.16(3)
"a"
), or attested by the state
				attorney general as specified under paragraph 136.16(3)
"b. "
i. 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.
j. An owner or
				operator using an assurance mechanism specified in rules 136.6(455B) through
				136.16(455B) 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
[Owner or operator] hereby certifies that it is in compliance
				  with the requirements of 567-Chapter 136 of the Iowa Administrative Code
				  (IAC).
The financial assurance mechanism(s) used to demonstrate
				  financial responsibility under 567-Chapter 136 IAC 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).