South Carolina Code of Regulations › Chapter 61 - DEPARTMENT OF HEALTH AND ENVIRONMENTAL CONTROL › Subchapter 61-92 - UNDERGROUND STORAGE TANK CONTROL REGULATIONS › Part 280 - TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST) › Subpart H - FINANCIAL RESPONSIBILITY › Section 61-92.280.H.111 - RECORDKEEPING

Current through Register Vol. 48, No. 6, June 28, 2024
(a) Owners or
				  operators must maintain evidence of all financial assurance mechanisms used to
				  demonstrate financial responsibility under this subpart for an UST until
				  released from the requirements of this subpart under Section 280.113. An owner
				  or operator must maintain such evidence at the UST site or the owner's or
				  operator's place of work. Records maintained off-site must be made available
				  upon request of the Department.
(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 Sections 280.95 through 280.100, or
				  Section 280.102, or Sections 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 Section 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 Section 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 Section
				  280.106, where the guarantor's demonstration of financial responsibility relies
				  on the bond rating test under Section 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 the SUPERB fund must maintain on file a copy of the
				  Certification of Financial Responsibility required under Section
				  280.101(d).
(9) An owner or
				  operator using a local government fund under Section 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 Section
				  280.107(c) 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
				  Section 280.107(c) 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 Section
				  280.107(c)(1)), or attestation by the State Attorney General as specified under
				  Section 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 statement for the
				  most recent completed financial reporting year showing the amount of the
				  fund.
(11)
(i) An owner or operator using an assurance
				  mechanism specified in Sections 280.95 through 280.107 must maintain an updated
				  copy of a certification of financial responsibility using a Department form or
				  a Department approved form, worded as follows, except that instructions in
				  brackets are to be replaced with the relevant information and the brackets
				  deleted:
CERTIFICATION OF FINANCIAL
					 RESPONSIBILITY
Complete and return one copy to the Department. Keep one
					 copy on file, to be provided upon request.
Site Name ________ Site #
					 _____________________________________
Site Address
					 ______________________________________________________________________
Choose one or a combination of assurance mechanisms to
					 demonstrate financial responsibility under R.61-92.280, Subpart H of the South
					 Carolina Underground Storage Tank Control Regulations (SCUSTCR). Complete the
					 chart for each mechanism selected.
MECHANISM NAME OF ISSUER AMOUNT OF COVERAGE PERIOD OF
					 COVERAGE
1. State fund (SUPERB)--[If
				  you select this, show deductible coverage here.]
2. Self insurance
3. Guarantee
4. Pollution insurance or risk retention
				  group
5. Surety bond
6. Letter of credit
7. Trust fund
8. Local government options
______ hereby certifies compliance with the requirements of
					 Subpart H of SCUSTCR Part 280.
[owner or operator]
__________________________
					 _________________________________
[Signature of owner or operator] [Signature of witness or
					 notary]
___________________________
					 ____________________________
[Name of owner or operator] [Name of witness or
					 notary]
___________________________
					 _________________________________
[Title] [Date]
___________________________
					 _________________________________
[Date]
(ii) The owner or operator must update this
				  certification whenever the financial assurance mechanism(s) used to demonstrate
				  financial responsibility change(s). As stated in Section 280.110, a copy must
				  be sent to the Department under the following circumstances:
(1) you install a new tank system;
(2) you have confirmed that there has been a
				  release;
(3) you change financial
				  mechanisms;
(4) the Environmental
				  Protection Agency or the Department requests your records. No mechanism may
				  require expenditure of funds from the SUPERB Account or the SUPERB Financial
				  Responsibility Fund prior to exhausting that mechanism.