reglab/statecodes huggingface dataset:
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-1045 - Reporting by owners and operators

Current through Register Vol. 24-14, July 15, 2024
(1)
Demonstration of financial responsibility.
(a)
Upon application for a
				license.
When applying for a license for an underground storage tank,
				the owner or operator must submit to the department of revenue a copy of the
				following to demonstrate financial responsibility for the underground storage
				tank:
(i) Certification of financial
				responsibility (WAC 173-360A-1096); and
(ii) If the financial assurance mechanisms
				used include insurance or risk retention group coverage, then the endorsement
				(WAC 173-360A-1082) or certificate of insurance (WAC 173-360A-1083
				).
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-1050 - Use of standby trusts

Current through Register Vol. 24-14, July 15, 2024
(1)
Funding of trust.
Except as specified in WAC 173-360A-1055, the
				department must require the guarantor, surety, or institution issuing a letter
				of credit to place the amount of funds stipulated by the department, up to the
				limit of funds provided by the financial assurance mechanism, into the standby
				trust if:
(a) The following conditions are
				satisfied:
(i) The owner or operator fails to
				establish alternate financial assurance within sixty days after receiving
				notice of cancellation of the guarantee, surety bond, letter of credit, or, as
				applicable, other financial assurance mechanism; and
(ii) The department determines or suspects
				that a release from an underground storage tank covered by the mechanism has
				occurred and so notifies the owner or operator or the owner or operator has
				notified the department pursuant to Part 7 of this chapter of a release from an
				underground storage tank covered by the mechanism; or
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-1055 - Use of local government guarantees without standby trusts

Current through Register Vol. 24-14, July 15, 2024
A governmental entity acting as guarantor without a standby
				  trust under WAC 173-360A-1072(4)(c) or (d)    must make payments as directed by
				  the department under the circumstances described in WAC 173-360A-1050(1)
				  through (3).
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-1060 - Mechanism-Financial test of self-insurance

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator, and/or
				guarantor, may satisfy the requirements of WAC 173-360A-1015 by passing a
				financial test as specified in this section.
(2)
Financial test requirements.
To pass the financial test of self-insurance, the owner or operator, and/or
				guarantor must meet the criteria of (a) or (b) of this subsection based on
				year-end financial statements for the latest completed fiscal year.
(a)
First test.
(i) The owner or operator, and/or guarantor,
				must have a tangible net worth of at least ten times:
(A) The total of the applicable aggregate
				amount required by WAC 173-360A-1015, based on the number of underground
				storage tanks for which a financial test is used to demonstrate financial
				responsibility to the department under this section;
(B) The sum of the corrective action cost
				estimates, the current closure and post-closure care cost estimates, and amount
				of liability coverage for which a financial test is used to demonstrate
				financial responsibility to the U.S. Environmental Protection Agency (EPA)
				under 40 C.F.R. Parts 264.101, 264.143, 264.145, 265.143, 265.145, 264.147, and
				265.147 or to a state agency under a state program authorized by EPA under Part
				271; and
(C) The sum of current
				plugging and abandonment cost estimates for which a financial test is used to
				demonstrate financial responsibility to the U.S. Environmental Protection
				Agency (EPA) under  40 C.F.R. Part 144.63  or to a state agency under a state
				program authorized by EPA under  40 C.F.R. Part 145 .
Note:
Titles of the above-referenced C.F.R.
						  citations are as follows: Part 264.101 - Corrective action for solid waste
						  management units; Part 264.143 - Financial assurance for closure; Part 264.145
						  - Financial assurance for post-closure care; Part 265.143 - Financial assurance
						  for closure; Part 265.145 -Financial assurance for post-closure care; Part
						  264.147 - Liability requirements; Part 265.147 - Liability requirements; Part
						  144.63 - Financial assurance for plugging and abandonment; and Part 145 - State
						  UIC program requirements.
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-1061 - Mechanism-Guarantee

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability
				of mechanism.
An owner or operator may satisfy the requirements of WAC
				173-360A-1015 by obtaining a guarantee that conforms to the requirements of
				this section.
(2)
Eligibility
				of guarantor.
The guarantor must be:
(a) A firm that:
(i) Possesses a controlling interest in the
				owner or operator;
(ii) Possesses a
				controlling interest in a firm described under (a)(i) of this subsection;
				or
(iii) Is controlled through
				stock ownership by a common parent firm that possesses a controlling interest
				in the owner or operator; or
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-1062 - Mechanism-Insurance and risk retention group coverage

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the requirements of WAC 173-360A-1015 by
				obtaining liability insurance that conforms to the requirements of this section
				from a qualified insurer or risk retention group. Such insurance may be in the
				form of a separate insurance policy or an endorsement to an existing insurance
				policy.
(2)
Eligibility of
				provider.
Each insurance policy must be issued by an insurer or a risk
				retention group that, at a minimum, is licensed to transact the business of
				insurance or eligible to provide insurance as an excess or surplus lines
				insurer in one or more states.
(3)
Content of policy.
Each insurance policy must be amended by an
				endorsement worded as specified in WAC 173-360A-1082 or evidenced by a
				certificate of insurance worded as specified in WAC 173-360A-1083, except that
				instructions in brackets must be replaced with the relevant information and the
				brackets deleted. Each insurance policy must cover a claim arising from an
				accidental release arising from the operation of underground storage tanks,
				regardless of how the release was discovered or identified. No endorsement may
				amend an insurance policy to restrict coverage of such a claim based on the how
				the release was discovered or identified.
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-1063 - Mechanism-Surety bond

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability
				of mechanism.
An owner or operator may satisfy the requirements of WAC
				173-360A-1015 by obtaining a surety bond that conforms to the requirements of
				this section.
(2)
Eligibility
				of surety.
The surety company issuing the bond must be among those
				listed as acceptable sureties on federal bonds in the latest Circular 570 of
				the U.S. Department of the Treasury.
(3)
Content of surety bond.
The
				surety bond must be worded as set forth in WAC 173-360A-1084, except that
				instructions in brackets must be replaced with the relevant information and the
				brackets deleted.
(4)
Liability of surety.
Under the terms of the bond, the surety will
				become liable on the bond obligation when the owner or operator fails to
				perform as guaranteed by the bond. In all cases, the surety's liability is
				limited to the per-occurrence and annual aggregate penal sums.
(5)
Standby trust.
The owner or
				operator who uses a surety bond to satisfy the requirements of WAC
				173-360A-1015 must establish a standby trust fund when the surety bond is
				acquired. Under the terms of the bond, all amounts paid by the surety under the
				bond will be deposited directly into the standby trust fund in accordance with
				instructions from the department under WAC 173-360A-1050. This standby trust
				fund must meet the requirements specified in WAC 173-360A-1066.
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-1064 - Mechanism-Letter of credit

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the
				requirements of WAC 173-360A-1015 by obtaining an irrevocable standby letter of
				credit that conforms to the requirements of this section.
(2)
Eligibility of issuing
				institution.
The issuing institution must be an entity that has the
				authority to issue letters of credit in Washington state and whose
				letter-of-credit operations are regulated and examined by a federal or state
				agency.
(3)
Content of letter
				of credit.
The letter of credit must be worded as set forth in WAC
				173-360A-1085, except that instructions in brackets are to be replaced with the
				relevant information and the brackets deleted.
(4)
Term of letter of credit.
The letter of credit must be irrevocable with a term specified by the issuing
				institution. The letter of credit must provide that credit be automatically
				renewed for the same term as the original term, unless, at least one hundred
				twenty days before the current expiration date, the issuing institution
				notifies the owner or operator by certified mail of its decision not to renew
				the letter of credit. Under the terms of the letter of credit, the one hundred
				twenty days will begin on the date when the owner or operator receives the
				notice, as evidenced by the return receipt.
(5)
Standby trust.
An owner or
				operator who uses a letter of credit to satisfy the requirements of WAC
				173-360A-1015 must also establish a standby trust fund when the letter of
				credit is acquired. Under the terms of the letter of credit, all amounts paid
				pursuant to a draft by the department will be deposited by the issuing
				institution directly into the standby trust fund in accordance with
				instructions from the department under WAC 173-360A-1050. This standby trust
				fund must meet the requirements specified in WAC 173-360A-1066.
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-1065 - Mechanism-Trust fund

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability
				of mechanism.
An owner or operator may satisfy the requirements of WAC
				173-360A-1015 by establishing a trust fund that conforms to the requirements of
				this section.
(2)
Eligibility
				of trustee.
The trustee must be an entity that has the authority to act
				as a trustee and whose trust operations are regulated and examined by a federal
				agency or an agency of the state in which the fund is established.
(3)
Content of trust agreement.
The wording of the trust agreement must be identical to the wording specified
				in WAC 173-360A-1086, except that instructions in brackets are to be replaced
				with the relevant information and the brackets deleted.
(4)
Certification of
				acknowledgment.
The trust agreement must be accompanied by a formal
				certification of acknowledgment worded as specified in WAC 173-360A-1087,
				except that instructions in brackets are to be replaced with the relevant
				information and the brackets deleted.
(5)
Amount of required funding.
The trust fund, when established, must be funded for the full required amount
				of coverage, or funded for part of the required amount of cover age and used in
				combination with other mechanism(s) that provide the remaining required
				coverage.
(6)
Release of
				excess funds.
(a)
Requests.
(i) If the value of
				the trust fund is greater than the required amount of coverage, the owner or
				operator may submit a written request to the department for release of the
				excess.
(ii) If other financial
				assurance as specified in this part is substituted for all or part of the trust
				fund, the owner or operator may submit a written request to the department for
				release of the excess.
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-1066 - Mechanism-Standby trust fund

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator using any one of
				the mechanisms authorized by WAC 173-360A-1061, 173-360A-1063, or 173-360A-1064
				must establish a standby trust fund when the mechanism is acquired.
(2)
Eligibility of trustee.
The
				trustee of the standby trust fund must be an entity that has the authority to
				act as a trustee and whose trust operations are regulated and examined by a
				federal agency or an agency of the state in which the fund is
				established.
(3)
Content of
				trust agreement.
The standby trust agreement or trust agreement must be
				worded as set forth in WAC 173-360A-1086, except that instructions in brackets
				are to be replaced with the relevant information and the brackets
				deleted.
(4)
Certification of
				acknowledgment.
The standby trust agreement or trust agreement must be
				accompanied by a formal certification of acknowledgment worded as specified in
				WAC 173-360A-1087, except that instructions in brackets are to be replaced with
				the relevant information and the brackets deleted.
(5)
Use of trust as depository for
				multiple assurances.
An owner or operator may establish one trust fund
				as the depository mechanism for all funds assured in compliance with this
				rule.
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-1067 - Mechanism-State fund or other state assurance

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the requirements of WAC
				173-360A-1015 by obtaining
				coverage from a state fund or other state assurance program.
(2)
Evidence of coverage.
The
				state must provide to each owner or operator for which it is assuming financial
				responsibility a letter or certificate describing the nature of the state's
				assumption of responsibility. The letter or certificate from the state must
				include, or have attached to it, the following information: The facility's name
				and address and the amount of funds for remedial action and/or for compensating
				third parties that is assured by the state. The owner or operator must maintain
				this letter or certificate on file as proof of financial responsibility in
				accordance with WAC
				173-360A-1040(2)(f).
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-1070 - Mechanism-Local government bond rating test

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
A local government owner or operator and/or local government serving as a
				guarantor may satisfy the requirements of WAC 173-360A-1015 by meeting the bond
				rating test requirements in subsection (2) of this section.
(2)
Bond rating test
				requirements.
(a)
General
				purpose local governments.
To pass the bond rating test, a general
				purpose local government owner or operator and/or local government must have a
				currently outstanding issue or issues of general obligation bonds of one
				million dollars or more, excluding refunded obligations, with a Moody's rating
				of Aaa, Aa, A, or Baa, or a Standard & Poor's rating of AAA, AA, A, or BBB.
				Where a local government has multiple outstanding issues, or where a local
				government's bonds are rated by both Moody's and Standard & Poor's, the
				lowest rating must be used to determine eligibility. Bonds that are backed by
				credit enhancement other than municipal bond insurance may not be considered in
				determining the amount of applicable bonds outstanding.
(b)
Nongeneral purpose local
				governments.
To pass the bond rating test, a local government owner or
				operator or local government that is not a general-purpose local government and
				does not have the legal authority to issue general obligation bonds must have a
				currently outstanding issue or issues of revenue bonds of one million dollars
				or more, excluding refunded issues, and by also having a Moody's rating of Aaa,
				Aa, A, or Baa, or a Standard & Poor's rating of AAA, AA, A, or BBB as the
				lowest rating for any rated revenue bond issued by the local government. Where
				bonds are rated by both Moody's and Standard & Poor's, the lower rating for
				each bond must be used to determine eligibility. Bonds that are backed by
				credit enhancement may not be considered in determining the amount of
				applicable bonds outstanding.
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-1071 - Mechanism-Local government financial test

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
A local government owner or operator may satisfy the requirements of WAC
				173-360A-1015 by passing the financial test specified in this
				section.
(2)
Eligibility
				requirements.
To be eligible to use the financial test, the local
				government owner or operator must have the ability and authority to assess and
				levy taxes or to freely establish fees and charges.
(3)
Financial test requirements.
To pass the local government financial test, the owner or operator must meet
				the following criteria based on year-end financial statements for the latest
				completed fiscal year:
(a) The local
				government's year-end financial statements, if independently audited, cannot
				include an adverse auditor's opinion or a disclaimer of opinion;
(b) The local government cannot have
				outstanding issues of general obligation or revenue bonds that are rated as
				less than investment grade; and
(c)
				The local government owner or operator must have a letter signed by the chief
				financial officer worded as specified in WAC 173-360A-1090.
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-1072 - Mechanism-Local government guarantee

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
A local government owner or operator
				may satisfy the requirements of WAC 173-360A-1015 by obtaining a guarantee that
				conforms to the requirements of this section.
(2)
Eligibility of guarantor.
The guarantor must be either the state in which the local government owner or
				operator is located or a local government having a "substantial governmental
				relationship" with the owner and operator and issuing the guarantee as an act
				incident to that relationship.
(3)
Test of guarantor.
A local government acting as the guarantor
				must:
(a) Demonstrate that it meets the bond
				rating test requirements of WAC 173-360A-1070 and deliver a copy of the chief
				financial officer's letter as required in WAC 173-360A-1070(3) to the local
				government owner or operator;
(b)
				Demonstrate that it meets the financial test requirements of WAC 173-360A-1071
				and deliver a copy of the chief financial officer's letter as required in WAC
				173-360A-1071(5) to the local government owner or operator; or
(c) Demonstrate that it meets the local
				government fund requirements of WAC 173-360A-1073 and deliver a copy of the
				chief financial officer's letter as required in WAC 173-360A-1073(4) to the
				local government owner or operator.
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-1086 - Appendix G-Trust agreement

Current through Register Vol. 24-14, July 15, 2024
Trust agreement, the "Agreement," entered into as of [date]
				  by and between [name of the owner or operator], a Washington state [insert
				  "corporation," "partnership," "association," or "proprietorship"], the
				  "Grantor," and [name of corporate trustee], [insert "Incorporated in the state
				  of Washington" or "a national bank"], the "Trustee."
Whereas, the Department of Ecology, "Ecology", an agency of
				  the state of Washington, has established certain regulations applicable to the
				  grantor, requiring that an owner or operator of an underground storage tank
				  must provide assurance that funds will be available when needed for remedial
				  action and third-party compensation for bodily injury and property damage
				  caused by sudden and nonsudden accidental releases arising from the operation
				  of the underground storage tank. The attached Schedule A lists the number of
				  tanks at each facility and the name(s) and addresses of the facility(ies) where
				  the tanks are located that are covered by the [insert "standby" where trust
				  agreement is standby trust agreement] trust agreement.
[Whereas, the Grantor has elected to establish [insert either
				  "a guarantee," "surety bond," or "letter of credit"] to provide all or part of
				  such financial assurance for the underground storage tanks identified herein
				  and is required to establish a standby trust fund able to accept payments from
				  the instrument (This paragraph is only applicable to the standby trust
				  agreement.)];
Whereas, the Grantor, acting through its duly authorized
				  officers, has selected the Trustee to be the trustee under this Agreement, and
				  the Trustee is willing to act as trustee;
Now, therefore, the Grantor and the Trustee agree as
				  follows:
Section 1.
Definitions.
As used in this Agreement:
(1) The term "Grantor" means the owner or
				operator who enters into this agreement and any successors or assigns of the
				Grantor.
(2) The term "Trustee"
				means the Trustee who enters into this agreement and any successor
				Trustee.
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-1087 - Appendix H-Certification of acknowledgment

Current through Register Vol. 24-14, July 15, 2024
State of Washington
County of
On this [date], before me personally came [owner or operator]
				  to me known, who, being by me duly sworn, did depose and say that she/he
				  resides at [address], that she/he is [title] of [corporation], the corporation
				  described in and which executed the above instrument; that she/he knows the
				  seal of said corporation; that the seal affixed to such instrument is such
				  corporate seal; that it was so affixed by order of the board of directors of
				  said corporation; and that she/he signed her/his name thereto by like
				  order.
[Signature of notary public]
[Name of notary public]
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency and appear in the Register pursuant to the requirements of
					 RCW
					    34.08.040.
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-1088 - Appendix I-Local government bond rating test-Letter from chief financial officer of general purpose local governments

Current through Register Vol. 24-14, July 15, 2024
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 remedial action" and/or "compensating third parties for bodily
				  injury and property damage"] caused by [insert: "sudden accidental releases" or
				  "nonsudden 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).
Underground 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 date
Maturity date
Outstanding amount
Bond Rating
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 million. 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 WAC 173-360A-1088 as such regulations were
				  constituted on the date shown immediately below.
[Date]
[Signature]
[Name]
[Title]
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency and appear in the Register pursuant to the requirements of
					 RCW
					    34.08.040.
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-1089 - Appendix J-Local government bond rating test-Letter from chief financial officer of non-general purpose local governments

Current through Register Vol. 24-14, July 15, 2024
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 remedial action" and/or "compensating third parties for bodily
				  injury and property damage"] caused by [insert: "sudden accidental releases" or
				  "nonsudden 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). 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.
Underground 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 date
Maturity date
Outstanding amount
Bond Rating
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 million. 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 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 WAC 173-360A-1089 as such regulations were
				  constituted on the date shown immediately below.
[Date]
[Signature]
[Name]
[Title]
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency and appear in the Register pursuant to the requirements of
					 RCW
					    34.08.040.
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-1090 - Appendix K-Local government financial test-Letter from chief financial officer

Current through Register Vol. 24-14, July 15, 2024
I am the chief financial officer of [insert: name and address
				  of the owner or operator]. This letter is in support of the use of the local
				  government financial test to demonstrate financial responsibility for [insert:
				  "taking remedial action" and/or "compensating third parties for bodily injury
				  and property damage"] caused by [insert: "sudden accidental releases" or
				  "nonsudden 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].
Underground storage tanks at the following facilities are
				  assured by this financial test [List for each facility: the name and address of
				  the facility where tanks assured by this financial test are located. If
				  separate mechanisms or combinations of mechanisms are being used to assure any
				  of the tanks at this facility, list each tank assured by this financial test by
				  the tank identification number provided in the notification submitted pursuant
				  to WAC 173-360A-0200.]
This owner or operator has not received an adverse opinion,
				  or a disclaimer of opinion from an independent auditor on its financial
				  statements for the latest completed fiscal year. Any outstanding issues of
				  general obligation or revenue bonds, if rated, have a Moody's rating of Aaa,
				  Aa, A, or Baa or a Standard & Poor's rating of AAA, AA, A, or BBB; if rated
				  by both firms, the bonds have a Moody's rating of Aaa, Aa, A, or Baa and a
				  Standard & Poor's rating of AAA, AA, A, or BBB.
Worksheet for Municipal Financial Test
Part I - Basic Information
1. Total Revenues
a. Revenues (dollars): _________
Value of revenues excludes liquidation of investments and
				  issuance of debt. Value includes all general fund operating and non-operating
				  revenues, as well as all revenues from all other governmental funds including
				  enterprise, debt service, capital projects, and special revenues, but excluding
				  revenues to funds held in a trust or agency capacity.
b. Subtract interfund transfers (dollars):
				_________
c. Total Revenues
				(dollars): __________
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-1096 - Appendix Q-Certification of financial responsibility

Current through Register Vol. 24-14, July 15, 2024
[Owner or operator] hereby certifies that it is in compliance
				  with the requirements of Part 10 of chapter 173-360A WAC.
The financial assurance mechanism[s] used to demonstrate
				  financial responsibility under Part 10 of chapter 173-360A WAC 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 remedial action" and/or
				  "compensating third parties for bodily injury and property damage caused by"
				  either "sudden accidental releases" or "nonsudden accidental releases" or
				  "accidental releases."]
[Signature of owner or operator]
[Name of owner or operator]
[Title]
[Date]
[Signature of witness or notary]
[Name of witness or notary]
[Date]
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency and appear in the Register pursuant to the requirements of
					 RCW
					    34.08.040.
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-1097 - Appendix R-Certification of valid claim

Current through Register Vol. 24-14, July 15, 2024
The undersigned, as principals and as legal representatives
				  of [insert owner or operator] and [insert name and address of third-party
				  claimant], hereby certify that the claim of bodily injury [and/or] property
				  damage caused by an accidental release arising from operating [owner's or
				  operator's] underground storage tank should be paid in the amount of
				  $[___].
[Signatures]
Owner or Operator
Attorney for Owner or Operator
(notary)
Date
[Signature(s)]
Claimant(s)
Attorney(s) for Claimant(s)
(notary)
Date
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency and appear in the Register pursuant to the requirements of
					 RCW
					    34.08.040.
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-1061 - Mechanism-Guarantee.

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the
				requirements of WAC
				173-360A-1015 by obtaining a
				guarantee that conforms to the requirements of this section.
(2)
Eligibility of guarantor.
The guarantor must be:
(a) A firm that:
(i) Possesses a controlling interest in the
				owner or operator;
(ii) Possesses a
				controlling interest in a firm described under (a)(i) of this subsection;
				or
(iii) Is controlled through
				stock ownership by a common parent firm that possesses a controlling interest
				in the owner or operator; or
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-1063 - Mechanism-Surety bond.

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the
				requirements of WAC
				173-360A-1015 by obtaining a
				surety bond that conforms to the requirements of this section.
(2)
Eligibility of surety.
The
				surety company issuing the bond must be among those listed as acceptable
				sureties on federal bonds in the latest Circular 570 of the U.S. Department of
				the Treasury.
(3)
Content of
				surety bond.
The surety bond must be worded as set forth in WAC
				173-360A-1084, except that
				instructions in brackets must be replaced with the relevant information and the
				brackets deleted.
(4)
Liability of surety.
Under the terms of the bond, the surety will
				become liable on the bond obligation when the owner or operator fails to
				perform as guaranteed by the bond. In all cases, the surety's liability is
				limited to the per-occurrence and annual aggregate penal sums.
(5)
Standby trust.
The owner or
				operator who uses a surety bond to satisfy the requirements of WAC
				173-360A-1015 must establish a
				standby trust fund when the surety bond is acquired. Under the terms of the
				bond, all amounts paid by the surety under the bond will be deposited directly
				into the standby trust fund in accordance with instructions from the department
				under WAC
				173-360A-1050. This standby trust
				fund must meet the requirements specified in WAC
				173-360A-1066.
Statutory Authority: Chapter 90.76 RCW. WSR 18-15-083
					 (Order 16-02), §
											173-360A-1063, filed 7/18/18,
					 effective 10/1/18.
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-1065 - Mechanism-Trust fund.

Current through Register Vol. 24-14, July 15, 2024
(1)
Applicability of mechanism.
An owner or operator may satisfy the
				requirements of WAC
				173-360A-1015 by establishing a
				trust fund that conforms to the requirements of this section.
(2)
Eligibility of trustee.
The
				trustee must be an entity that has the authority to act as a trustee and whose
				trust operations are regulated and examined by a federal agency or an agency of
				the state in which the fund is established.
(3)
Content of trust agreement.
The wording of the trust agreement must be identical to the wording specified
				in WAC 173-360A-1086, except that
				instructions in brackets are to be replaced with the relevant information and
				the brackets deleted.
(4)
Certification of acknowledgment.
The trust agreement must be
				accompanied by a formal certification of acknowledgment worded as specified in
				WAC 173-360A-1087, except that
				instructions in brackets are to be replaced with the relevant information and
				the brackets deleted.
(5)
Amount of required funding.
The trust fund, when established, must
				be funded for the full required amount of coverage, or funded for part of the
				required amount of coverage and used in combination with other mechanism(s)
				that provide the remaining required coverage.
(6)
Release of excess funds.
(a)
Requests.
(i) If the value of the trust fund is greater
				than the required amount of coverage, the owner or operator may submit a
				written request to the department for release of the excess.
(ii) If other financial assurance as
				specified in this part is substituted for all or part of the trust fund, the
				owner or operator may submit a written request to the department for release of
				the excess.
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-1089 - Appendix J-Local government bond rating test-Letter from chief financial officer of nongeneral purpose local governments

Current through Register Vol. 24-14, July 15, 2024
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 remedial action" and/or "compensating third parties for bodily
				  injury and property damage"] caused by [insert: "sudden accidental releases" or
				  "nonsudden 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). 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.
Underground 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 date
Maturity date
Outstanding
						  amount
Bond Rating
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 million. 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 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 WAC
				  173-360A-1089 as such regulations
				  were constituted on the date shown immediately below.
[Date]
[Signature]
[Name]
[Title]
Reviser's note:
The brackets and enclosed
					 material in the text of the above section occurred in the copy filed by the
					 agency.
Statutory Authority: Chapter 90.76 RCW. WSR 18-15-083
					 (Order 16-02), §
											173-360A-1089, filed 7/18/18,
					 effective 10/1/18.
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-1090 - Appendix K-Local government financial test-Letter from chief financial officer.

Current through Register Vol. 24-14, July 15, 2024
I am the chief financial officer of [insert: name and address
				  of the owner or operator]. This letter is in support of the use of the local
				  government financial test to demonstrate financial responsibility for [insert:
				  "taking remedial action" and/or "compensating third parties for bodily injury
				  and property damage"] caused by [insert: "sudden accidental releases" or
				  "nonsudden 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].
Underground storage tanks at the following facilities are
				  assured by this financial test [List for each facility: the name and address of
				  the facility where tanks assured by this financial test are located. If
				  separate mechanisms or combinations of mechanisms are being used to assure any
				  of the tanks at this facility, list each tank assured by this financial test by
				  the tank identification number provided in the notification submitted pursuant
				  to WAC 173-360A-0200.]
This owner or operator has not received an adverse opinion,
				  or a disclaimer of opinion from an independent auditor on its financial
				  statements for the latest completed fiscal year. Any outstanding issues of
				  general obligation or revenue bonds, if rated, have a Moody's rating of Aaa,
				  Aa, A, or Baa or a Standard & Poor's rating of AAA, AA, A, or BBB; if rated
				  by both firms, the bonds have a Moody's rating of Aaa, Aa, A, or Baa and a
				  Standard & Poor's rating of AAA, AA, A, or BBB.
Worksheet for Municipal Financial Test
Part I - Basic Information
1. Total Revenues
a. Revenues (dollars): _________
Value of revenues excludes liquidation of investments and
				  issuance of debt. Value includes all general fund operating and non-operating
				  revenues, as well as all revenues from all other governmental funds including
				  enterprise, debt service, capital projects, and special revenues, but excluding
				  revenues to funds held in a trust or agency capacity.
b. Subtract interfund transfers (dollars):
				_________
c. Total Revenues
				(dollars): __________
Washington Administrative Code › Title 173 - Ecology, Department of (See also Titles 197, 317, 372, and 508) › Chapter 173-400 - General regulations for air pollution sources › Section 173-400-010 - Policy and purpose

Current through Register Vol. 24-14, July 15, 2024
(1) It is the
			 policy of the department of ecology (ecology) under the authority vested in it
			 by chapter 43.21A
			 RCW to provide for the systematic control of air pollution from air contaminant
			 sources and for the proper development of the state's natural
			 resources.
(2) It is the purpose of
			 this chapter to establish technically feasible and reasonably attainable
			 standards and to establish rules generally applicable to the control and/or
			 prevention of the emission of air contaminants.
Statutory Authority:
				  Chapter
				  70.94 RCW. 91-05-064
				  (Order 90-06), § 173-400-010, filed 2/19/91, effective 3/22/91. Statutory
				  Authority:
				  Chapters
				  43.21A and
				  70.94 RCW. 83-09-036 (Order DE
				  83-13), § 173-400-010, filed 4/15/83; Order DE 76-38, § 173-400-010,
				  filed 12/21/76. Formerly WAC
				  18-04-010.