Virginia Administrative Code › Title 9 - ENVIRONMENT › Agency 25 - STATE WATER CONTROL BOARD › Chapter 590 - PETROLEUM UNDERGROUND STORAGE TANK FINANCIAL RESPONSIBILITY REQUIREMENTS › Section 9VAC25-590-160 - Recordkeeping

Current through Register Vol. 40, No. 24, July 15, 2024
A. Owners or
				operators shall maintain evidence of all financial assurance mechanisms used to
				demonstrate financial responsibility under this chapter for an underground
				storage tank until released from the requirements of this chapter under
				9VAC25-590-180.
				An owner or operator shall maintain such evidence at the underground storage
				tank site or the owner's or operator's place of work in this Commonwealth.
				Records maintained off-site shall be made available upon request of the
				department.
B. Owners or operators
				shall maintain the following types of evidence of financial responsibility:
1. An owner or operator using an assurance
				mechanism specified in
				9VAC25-590-60
				through
				9VAC25-590-110 and
				9VAC25-590-250
				shall 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, 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. A
				local government owner or operator using the local government bond rating test
				under
				9VAC25-590-250
				shall maintain a copy of its bond rating published within the last 12 months by
				Moody's or Standard & Poor's.
4. A local government owner or operator using
				the local government guarantee under
				9VAC25-590-250,
				where the guarantor's demonstration of financial responsibility relies on the
				bond rating test under
				9VAC25-590-250
				shall maintain a copy of the guarantor's bond rating published within the last
				12 months by Moody's or Standard & Poor's.
5. An owner or operator using an insurance
				policy or group self-insurance pool coverage shall maintain a copy of the
				signed insurance policy or group self-insurance pool plan and membership
				agreement, with the endorsement or certificate of insurance and any amendments
				to the agreements.
6. An owner or
				operator using a local government fund under
				9VAC25-590-250
				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
				40 CFR
				280.107(c) (as incorporated
				by reference in
				9VAC25-590-250)
				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.
If the fund is established under
				  40 CFR
				  280.107(c) (as incorporated
				  by reference in
				  9VAC25-590-250)
				  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
				  40 CFR
				  280.107(c)(1)) (as
				  incorporated by reference in
				  9VAC25-590-250),
				  or attestation by the Virginia Attorney General as specified under
				  40 CFR
				  280.107(c)(2) (as
				  incorporated by reference in
				  9VAC25-590-250).
7. 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.
8.
a.
An owner or operator using an assurance mechanism specified
				  in
				  9VAC25-590-60
				  through
				  9VAC25-590-110,
				  9VAC25-590-210,
				  or
				  9VAC25-590-250
				  shall maintain an updated copy of a certification of financial responsibility
				  worded identically as specified in Appendix IX, except that instructions in
				  brackets are to be replaced with the relevant information and the brackets
				  deleted.
b. The owner or
				operator shall update this certification whenever the financial assurance
				mechanism or mechanisms used to demonstrate financial responsibility
				changes.