New York Codes, Rules and Regulations › Title 6 - DEPARTMENT OF ENVIRONMENTAL CONSERVATION › Chapter V - RESOURCE MANAGEMENT SERVICES › Subchapter E - WATER REGULATION › Part 613 - Petroleum Bulk Storage › Subpart 613-8 - Financial Responsibility › Section 613-8.6 - Recordkeeping

Current through Register Vol. 46, No. 28, July 10, 2024
(a)
					 Tank system owners or operators must maintain evidence of all financial
					 assurance mechanisms used to demonstrate financial responsibility under this
					 Subpart for an underground storage tank until released from the requirements of
					 this Subpart under subdivision
					 8.7(b) of this
					 Subpart. A tank system 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) A tank
					 system owner or operator must maintain the following types of evidence of
					 financial responsibility:
(1) For assurance
					 mechanisms specified in paragraphs 8.4(d)(1) through (6) or (8) through (11) of
					 this Subpart, a copy of the instrument worded as specified must be
					 maintained.
(2) For financial tests
					 or guarantees, or local government financial tests or local government
					 guarantees supported by the local government financial test under paragraph
					 8.4(d)(1), (2), (9), or (10) of this Subpart, respectively, a copy of the chief
					 financial officer's letter based on year-end financial statements for the most
					 recent completed financial reporting year, must be maintained. Such evidence
					 must be on file no later than 120 days after the close of the financial
					 reporting year.
(3) For guarantees,
					 surety bonds, or letters of credit under paragraph 8.4(d)(2), (4), or (5) of
					 this Subpart, respectively, a copy of the signed standby trust fund agreement
					 and copies of any amendments to the agreement must be maintained.
(4) For local government guarantees under
					 subparagraph 8.4(d)(10)(iv) of this Subpart, a copy of the signed standby trust
					 fund agreement and copies of any amendments to the agreement must be
					 maintained.
(5) For local
					 government bond rating tests under paragraph 8.4(d)(8) of this Subpart, a copy
					 of the local government tank system owner or operator's bond rating published
					 within the last twelve months by Moody's or Standard & Poor's must be
					 maintained.
(6) For the local
					 government guarantees under paragraph 8.4(d)(10) of this Subpart, where the
					 guarantor's demonstration of financial responsibility relies on the bond rating
					 test under 8.4(d)(8) must maintain a copy of the guarantor's bond rating
					 published within the last twelve months by Moody's or Standard &
					 Poor"s.
(7) For insurance policies
					 or risk retention group coverages under paragraph 8.4(d)(3) of this Subpart, a
					 copy of the signed insurance policy or risk retention group coverage policy
					 must be maintained, along with the endorsement or certificate of insurance and
					 any amendments to the agreements.
(8) For local government funds under
					 paragraph 8.4(d)(11) of this Subpart, the following documents must be
					 maintained:
(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 clause
					 8.4(d)(11)(i)(
c
) of this Subpart using incremental funding
					 backed by bonding authority, the financial statements must:
(a) show the previous year's balance, the
					 amount of funding during the year, and the closing balance in the fund;
					 and
(b) include documentation of
					 the required bonding authority (
i.e.
, the results of a voter
					 referendum under subclause
					 8.4(d)(11)(i)(
c
)(
1
) of this Subpart, or
					 attestation by the State Attorney General as specified under subclause
					 8.4(d)(11)(i)(
c
)(
2
) of this
					 Subpart).
(9)
					 For local government guarantees supported by a local government fund under
					 paragraphs 8.4(d)(10) and (11) of this Subpart, respectively, a copy of the
					 guarantor's year-end financial statements for the most recent completed
					 financial reporting year showing the amount of the fund must be
					 maintained.
(10)
(i) For assurance mechanisms specified in
					 paragraphs 8.4(d)(1) through (11) of this Subpart, an updated copy of a
					 certification of financial responsibility worded as follows must be maintained,
					 except that the instructions in brackets must be replaced with the relevant
					 information and the brackets deleted:
Certification of Financial
						Responsibility
[Tank system owner or operator] hereby certifies
						that it is in compliance with the requirements of 6 NYCRR Part
						613-8.
The financial assurance mechanism(s) used to
						demonstrate financial responsibility under 6 NYCRR Part 613-8 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 "non-sudden accidental releases" or
						"accidental releases."]
[Signature of tank system owner or
						operator]
[Name of tank system owner or
						operator]
[Title]
[Date]
[Signature of witness or notary]
[Name of witness or notary]
[Date]
(ii) The tank system owner or operator must
					 update this certification whenever the financial assurance mechanism(s) used to
					 demonstrate financial responsibility change(s).