Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-360A - Underground storage tank regulations › Part 10 - FINANCIAL RESPONSIBILITY › Section 173-360A-1040 - Recordkeeping by owners and operators

Current through Register Vol. 24-14, July 15, 2024
(1)
Requirement to maintain evidence.
Owners or operators must
				maintain evidence of all financial assurance mechanisms used to demonstrate
				financial responsibility under this part for an underground storage tank until
				released from the requirements of this part under WAC
				173-360A-1010. Owners or
				operators must make records readily available upon request by the
				department.
(2)
Types of
				evidence required.
An owner or operator must maintain the following
				types of evidence of financial responsibility:
(a)
Certification of financial
				responsibility.
An owner or operator using an assurance mechanism
				specified in WAC
				173-360A-1060 through
				173-360A-1073 must maintain an
				updated copy of a certification of financial responsibility worded as set forth
				in WAC 173-360A-1096, except that
				instructions in brackets are to be replaced with the relevant information and
				the brackets deleted. The owner or operator must update this certification
				whenever the financial assurance mechanism(s) used to demonstrate financial
				responsibility change(s).
(b)
Assurance mechanism instrument.
An owner or operator using an
				assurance mechanism specified in WAC
				173-360A-1060 through
				173-360A-1065 or
				173-360A-1070 through
				173-360A-1073 must maintain a
				copy of the instrument worded as specified.
(c) An owner or operator using a financial
				test or guarantee 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.
(d) 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.
(e) 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.
(f) An owner or operator covered by a state
				fund or other state assurance must maintain on file a copy of any evidence of
				coverage supplied by or required by the state under WAC
				173-360A-1067.
(g) A local government owner or operator
				using the local government bond rating test under WAC
				173-360A-1070 must maintain a
				copy of its bond rating published within the last 12 months by Moody's or
				Standard & Poor's.
(h) A local
				government owner or operator using the local government financial test under
				WAC 173-360A-1071 or the local
				government guarantee under WAC
				173-360A-1072 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.
(i) A local government owner or operator
				using the local government guarantee under WAC
				173-360A-1072 supported by the
				local government bond rating test under WAC
				173-360A-1070 must maintain a
				copy of the guarantor's bond rating published within the last 12 months by
				Moody's or Standard & Poor's.
(j) A local government owner or operator
				using the local government guarantee under WAC
				173-360A-1072
				(4)(a) must maintain a copy of the signed
				standby trust fund agreement and copies of any amendments to the
				agreement.
(k) An owner or operator
				using a local government fund under WAC
				173-360A-1073 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 WAC
				173-360A-1073
				(3)(c) using incremental funding backed by
				bonding authority, then the financial statements must show the previous year's
				balance, the amount of funding during the year, and the closing balance in the
				fund.
(l) An owner or
				operator using a local government fund established under WAC
				173-360A-1073
				(3)(c) using incremental funding backed by
				bonding authority must also maintain documentation of the required bonding
				authority, including either:
(i) The results
				of a voter referendum under WAC
				173-360A-1073
				(3)(c)(i); or
(ii) Attestation by the state attorney
				general as specified under WAC
				173-360A-1073
				(3)(c)(ii).