New Mexico Administrative Code › Title 20 - ENVIRONMENTAL PROTECTION › Chapter 5 - PETROLEUM STORAGE TANKS › Part 117 - FINANCIAL RESPONSIBILITY › Section 20.5.117.1764 - FORM DOCUMENTS FOR LOCAL GOVERNMENT BOND RATING TEST

Current through Register Vol. 35, No. 13, July 16, 2024
A. To demonstrate
				that it meets the local government bond rating test, the chief financial
				officer of a local government owner or operator and/or guarantor described in
				Subsection A of 20.5.117.1714 NMAC shall sign a letter worded exactly as
				follows, except that the instructions in brackets are to be replaced by the
				relevant information and the brackets deleted:
LETTER FROM CHIEF FINANCIAL
							 OFFICER
I am the chief financial officer of [insert: name
							 and address of local government owner or operator, or guarantor]. This letter
							 is in support of the use of the bond rating test to demonstrate financial
							 responsibility for [insert: "taking corrective action" and/or "compensating
							 third parties for bodily injury and property damage"] caused by [insert:
							 "sudden accidental releases" or "non-sudden accidental releases" or "accidental
							 releases"] in the amount of at least [insert: dollar amount] per occurrence and
							 [insert: dollar amount] annual aggregate arising from operating (an)
							 underground storage tank(s) and at least [insert: dollar amount] per occurrence
							 and [insert: dollar amount] annual aggregate arising from operating (an) above
							 ground storage tank(s).
Storage tanks at the following facilities are assured
							 by this bond rating test: [List for each facility: the name and address of the
							 facility where tanks are assured by the bond rating test].
The details of the issue date, maturity, outstanding
							 amount, bond rating, and bond rating agency of all outstanding bond issues that
							 are being used by [name of local government owner or operator, or guarantor] to
							 demonstrate financial responsibility are as follows: [complete table]
Issue Maturity Outstanding Bond Rating
Date Date Amount Rating Agency
[Moody's or Standard & Poor's]
The total outstanding obligation of [insert amount],
							 excluding refunded bond issues, exceeds the minimum amount of $1,000,000. All
							 outstanding general obligation bonds issued by this government that have been
							 rated by Moody's or Standard & Poor's are rated as at least investment
							 grade (Moody's Baa or Standard & Poor's BBB) based on the most recent
							 ratings published within the last 12 months. Neither rating service has
							 provided notification within the last 12 months of downgrading of bond ratings
							 below investment grade or of withdrawal of bond rating other than for repayment
							 of outstanding bond issues.
I hereby certify that the wording of this letter is
							 identical to the wording specified in Subsection A of 20.5.117.1764 New Mexico
							 Administrative Code (NMAC) as such regulations were constituted on the date
							 shown immediately below.
[Signature]
Name]
[Title]
[Date]
B. To
				demonstrate that it meets the local government bond rating test, the chief
				financial officer of a local government owner or operator and/or guarantor
				described in Subsection B of 20.5.117.1714 NMAC shall sign a letter worded
				exactly as follows, except that the instructions in brackets are to be replaced
				by the relevant information and the brackets deleted:
LETTER FROM CHIEF FINANCIAL
							 OFFICER
I am the chief financial officer of [insert: name
							 and address of local government owner or operator, or guarantor]. This letter
							 is in support of the use of the bond rating test to demonstrate financial
							 responsibility for [insert: "taking corrective action" and/or "compensating
							 third parties for bodily injury and property damage"] caused by [insert:
							 "sudden accidental releases" or "non-sudden accidental releases" or "accidental
							 releases"] in the amount of at least [insert: dollar amount] per occurrence and
							 [insert: dollar amount] annual aggregate arising from operating (an)
							 underground storage tank(s) and at least [insert: dollar amount] per occurrence
							 and [insert: dollar amount] annual aggregate arising from operating (an) above
							 ground storage tank(s). This local government is not organized to provide
							 general governmental services and does not have the legal authority under state
							 law or constitutional provisions to issue general obligation debt.
Storage tanks at the following facilities are assured
							 by this bond rating test: [List for each facility: the name and address of the
							 facility where tanks are assured by the bond rating test].
The details of the issue date, maturity, outstanding
							 amount, bond rating, and bond rating agency of all outstanding revenue bond
							 issues that are being used by [name of local government owner or operator, or
							 guarantor] to demonstrate financial responsibility are as follows: [complete
							 table]
Issue Maturity Outstanding Bond Rating
Date Date Amount Rating Agency
[Moody's or Standard & Poor's]
The total outstanding obligation of [insert amount],
							 excluding refunded bond issues, exceeds the minimum amount of $1,000.000. All
							 outstanding revenue bonds issued by this government that have been rated by
							 Moody's or Standard & Poor's are rated as at least investment grade
							 (Moody's Baa or Standard & Poor's BBB) based on the most recent ratings
							 published within the last 12 months. The revenue bonds listed are not backed by
							 third-party credit enhancement or are insured by a municipal bond insurance
							 company. Neither rating service has provided notification within the last 12
							 months of downgrading of bond ratings below investment grade or of withdrawal
							 of bond rating other than for repayment of outstanding bond issues.
I hereby certify that the wording of this letter is
							 identical to the wording specified in Subsection B of 20.5.117.1764 New Mexico
							 Administrative Code (NMAC) as such regulations were constituted on the date
							 shown immediately below.
[Signature]
[Name]
[Title]
[Date]