Mich. Admin. Code R. 29.2168d

Current through Vol. 24-22, December 15, 2024

Section R. 29.2168d - Recordkeeping

Rule 68d. Section 280.111 is amended to read as follows:

Section 280.111.

(a) O/Os shall maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under this subpart for an underground storage tank until released from the requirements of this subpart under section 208.113. An O/O shall maintain such evidence at the underground storage tank site or the owner's or operator's place of work. Records maintained off-site must be made available upon request of the implementing agency.

(b) An O/O shall maintain the following types of evidence of financial responsibility:

(1) An O/O using an assurance mechanism specified in section 280.95 through section 280.100 or section 280.102 or section 280.104 through section 280.107 shall maintain a copy of the instrument worded as specified.

(2) An O/O 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 must be on file no later than 120 days after the close of the financial reporting year.

(3) An O/O using a guarantee, surety bond, or letter of credit shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement.

(4) A local government O/O using a local government guarantee under section 280.106 (d) shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement.

(5) A local government O/O using the local government bond rating test under section 280.104 shall maintain a copy of its bond rating published within the last 12 months by Moody's or Standard and Poor's.

(6) A local government O/O 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 shall maintain a copy of the guarantor's bond rating published within the last 12 months by Moody's or Standard and Poor's.

(7) An O/O using an insurance policy or risk retention group coverage shall 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 O/O covered by a state fund or other state assurance shall maintain on file a copy of any evidence of coverage supplied by or required by the state under section 280.101(d).

(9) An O/O using a local government fund under section 280.107 shall maintain the following documents.

(i) A copy of the state constitutional provision or local government statute, charter, ordinance, or order dedicating the fund.

(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 O/O shall 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 O/O 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.

(11) An O/O using an assurance mechanism specified in sections 280.95 through 280.107 shall maintain an updated copy of a certification of financial responsibility worded as follows, except that instructions in brackets are to be replaced with the relevant information and the brackets deleted:

Certification of Financial Responsibility

[Owner or operator] hereby certifies that it is in compliance with the requirements of subpart H of 40 C.F.R. Part 280.

The financial assurance mechanism(s) used to demonstrate financial responsibility under subpart H of 40 C.F.R. Part 280 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 corrective 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]

The owner or operator must update this certification whenever the financial assurance mechanism(s) used to demonstrate financial responsibility change(s).

Mich. Admin. Code R. 29.2168d

1998-2000 AACS; 2018 MR 21, Eff. 11/14/2018