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-1092 - Appendix M-Local government guarantee with standby trust made by a local government

Current through Register Vol. 24-14, July 15, 2024
Guarantee made this [date] by [name of guaranteeing entity],
				  a local government organized under the laws of [name of state], herein referred
				  to as Guarantor, to the Washington State Department of Ecology and to any and
				  all third parties, and obliges, on behalf of [local government owner or
				  operator].
Recitals
1. Guarantor meets or exceeds [select one:
				the local government bond rating test requirements of WAC 173-360A-1070, the
				local government financial test requirements of WAC 173-360A-1071, or the local
				government fund requirements of WAC 173-360A-1073]   .
2. [Local government owner or operator] owns
				or operates the following underground storage tank(s) covered by this
				Guarantee: [List the number of tanks at each facility and the name(s) and
				address(es) of the facility(ies) where the tanks are located. If more than one
				instrument is used to assure different tanks at any one facility, for each tank
				covered by this instrument, list the tank identification number provided in the
				notification submitted pursuant to WAC 173-360A-0200, and the name and address
				of the facility.] This Guarantee satisfies the requirements of Part 10 of
				chapter 173-360A WAC for assuring funding for [insert: "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"; if coverage is different for different tanks or
				locations, indicate the type of coverage applicable to each tank or location]
				arising from operating the above-identified underground storage tank(s) in the
				amount of [insert dollar amount] per occurrence and [insert: dollar amount]
				annual aggregate.
3. Incident to
				our substantial governmental relationship with [local government owner or
				operator], Guarantor guarantees to Washington State Department of Ecology and
				to any and all third parties that:
a. In the
				event that [local government owner or operator] fails to provide alternate
				coverage within 60 days after receipt of a notice of cancellation of this
				Guarantee and the Washington State Department of Ecology has determined or
				suspects that a release has occurred at an underground storage tank covered by
				this Guarantee, the Guarantor, upon instructions from the Department must fund
				a standby trust fund in accordance with the provisions of WAC 173-360A-1050, in
				an amount not to exceed the coverage limits specified above.
b. In the event that the Department
				determines that [local government owner or operator] has failed to perform
				remedial action for releases arising out of the operation of the
				above-identified tank(s) in accordance with WAC 173-360A-0750, the Guarantor
				upon written instructions from the Department must fund a standby trust fund in
				accordance with the provisions of WAC 173-360A-1050, in an amount not to exceed
				the coverage limits specified above.
c. If [owner or operator] fails to satisfy a
				judgment or award based on a determination of liability for bodily injury or
				property damage to third parties caused by ["sudden" and/or "nonsudden"]
				accidental releases arising from the operation of the above-identified tank(s),
				or fails to pay an amount agreed to in settlement of a claim arising from or
				alleged to arise from such injury or damage, the Guarantor, upon written
				instructions from the Department, must fund a standby trust in accordance with
				the provisions of WAC 173-360A-1050 to satisfy such judgment(s), award(s), or
				settlement agreement(s) up to the limits of coverage specified above.