New Mexico Administrative Code › Title 20 - ENVIRONMENTAL PROTECTION › Chapter 5 - PETROLEUM STORAGE TANKS › Part 117 - FINANCIAL RESPONSIBILITY › Section 20.5.117.1721 - RECORD KEEPING

Current through Register Vol. 35, No. 13, July 16, 2024
A. Owners
				and operators shall maintain evidence of all financial assurance mechanisms
				used to demonstrate financial responsibility under this part for a storage tank
				until released from the requirements of this part under 20.5.117.1723 NMAC. An
				owner or operator shall maintain such evidence at the storage tank site or the
				owner's or operator's place of business. Records maintained off-site shall be
				made available upon request of the department.
B. Owners and operators shall maintain the
				following types of evidence of financial responsibility:
(1) An owner or operator using an assurance
				mechanism specified in 20.5.117.1705 NMAC through 20.5.117.1710 NMAC or
				20.5.117.1712 NMAC or 20.5.117.1714 through 20.5.117.1717 NMAC shall maintain a
				copy of the instrument worded as specified in this part.
(2) An owner or operator using a financial
				test or guarantee, a local government financial test 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 shall 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 shall
				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
				Subsection D of 20.5.117.1716 NMAC shall 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 20.5.117.1714 NMAC shall
				maintain a copy of its bond rating published within the last 12 months by
				Moody's or Standard & Poor's.
(6) A local government owner or operator
				using the local government guarantee under 20.5.117.1716 NMAC, where the
				guarantor's demonstration of financial responsibility relies on the bond rating
				test under 20.5.117.1714 NMAC shall maintain a copy of the guarantor's bond
				rating published within the last 12 months by Moody's or Standard &
				Poor's.
(7) 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 to the
				agreements.
(8) An owner or
				operator 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 Subsection D of 20.5.117.1711 NMAC.
(9) An owner or operator using a local
				government fund under 20.5.117.1717 NMAC shall maintain the following
				documents:
(a) a copy of the state
				constitutional provision or local government statute charter, ordinance, or
				order dedicating the fund, and
(b)
				year-end financial statements for the most recent completed financial reporting
				year showing the amount in the fund. If the fund is established under
				Subsection A of 20.5.117.1717 NMAC using incremental funding backed by bonding
				authority, the financial statements shall show the previous year's balance the
				amount of funding during the year, and the closing balance in the
				fund.
(c) If the fund is
				established under Subsection A of 20.5.117.1717 NMAC using incremental funding
				backed by bonding authority, the owner or operator shall also maintain
				documentation of the required bonding authority, including either the results
				of a voter referendum under Paragraph (1) of Subsection C of 20.5.117.1717 NMAC
				or attestation by the state attorney general as specified under Paragraph (2)
				of Subsection C of 20.5.117.1717 NMAC.
(10) A local government owner or operator
				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) Owners and operators
				using an assurance mechanism specified in 20.5.117.1705 through 20.5.117.1717
				NMAC shall maintain an updated copy of a certification of financial
				responsibility worded as specified in 20.5.117.1771 NMAC. The owner or operator
				shall update this certification whenever the financial assurance mechanism(s)
				used to demonstrate financial responsibility change(s).