Mississippi Administrative Code › Title 11 - Mississippi Department of Environmental Quality › Part 5 - Underground Storage Tank Regulations › Chapter 2 - Mississippi Commission on Environmental Quality Underground Storage Tanks Regulations Technical Standards and Corrective Action Requirements for Owners and Operators of Underground Storage Tanks (UST) (Adopted March 22, 1989; Amended August 25, 2011, Last Amended August 23, 2018) › Rule 11-5-2.8 - Financial Responsibility › Section 11-5-2.8-280.111 - Recordkeeping

Current through June 25, 2024
(a) Owners or operators must maintain
				  evidence of all financial assurance mechanisms used to demonstrate financial
				  responsibility under this rule for an underground storage tank until released
				  from the requirements of this rule under § 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 §§ 280.95 through 280.100 or § 280.102 or
				  §§ 280.104 through 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 § 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 §
				  280.104 must maintain a copy of its bond rating published within the last
				  twelve months by Moody's or Standard & Poor's.
(6) A local government owner or operator
				  using the local government guarantee under § 280.106, where the
				  guarantor's demonstration of financial responsibility relies on the bond rating
				  test under § 280.104 must maintain a copy of the guarantor's bond rating
				  published within the last twelve months by Moody's or Standard &
				  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
				  § 280.101(d).
(9) An owner or
				  operator using a local government fund under § 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 § 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 § 280.107 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 § 280.107(c)(1) ), or attestation by the State Attorney General as
				  specified under § 280.107(c)(2).
(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 §§ 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
[Owner or operator] hereby certifies that it is in
					 compliance with the requirements of Rule 2.8 of 40 CFR part 280.
The financial assurance mechanism(s) used to demonstrate
					 financial responsibility under Rule 2.8 of 40 CFR 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).
[58 FR 9051, Feb. 18, 1993]