N.Y. Comp. Codes R. & Regs. Tit. 6 §§ 613-8.6

Current through Register Vol. 46, No. 45, November 2, 2024

Section 613-8.6 - Recordkeeping

(a) Tank system owners or operators must 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 subdivision 8.7(b) of this Subpart. A tank system owner or operator must 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) A tank system owner or operator must maintain the following types of evidence of financial responsibility:

(1) For assurance mechanisms specified in paragraphs 8.4(d)(1) through (6) or (8) through (11) of this Subpart, a copy of the instrument worded as specified must be maintained.

(2) For financial tests or guarantees, or local government financial tests or local government guarantees supported by the local government financial test under paragraph 8.4(d)(1), (2), (9), or (10) of this Subpart, respectively, a copy of the chief financial officer's letter based on year-end financial statements for the most recent completed financial reporting year, must be maintained. Such evidence must be on file no later than 120 days after the close of the financial reporting year.

(3) For guarantees, surety bonds, or letters of credit under paragraph 8.4(d)(2), (4), or (5) of this Subpart, respectively, a copy of the signed standby trust fund agreement and copies of any amendments to the agreement must be maintained.

(4) For local government guarantees under subparagraph 8.4(d)(10)(iv) of this Subpart, a copy of the signed standby trust fund agreement and copies of any amendments to the agreement must be maintained.

(5) For local government bond rating tests under paragraph 8.4(d)(8) of this Subpart, a copy of the local government tank system owner or operator's bond rating published within the last twelve months by Moody's or Standard & Poor's must be maintained.

(6) For the local government guarantees under paragraph 8.4(d)(10) of this Subpart, where the guarantor's demonstration of financial responsibility relies on the bond rating test under 8.4(d)(8) must maintain a copy of the guarantor's bond rating published within the last twelve months by Moody's or Standard & Poor"s.

(7) For insurance policies or risk retention group coverages under paragraph 8.4(d)(3) of this Subpart, a copy of the signed insurance policy or risk retention group coverage policy must be maintained, along with the endorsement or certificate of insurance and any amendments to the agreements.

(8) For local government funds under paragraph 8.4(d)(11) of this Subpart, the following documents must be maintained:

(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 clause 8.4(d)(11)(i)(c) of this Subpart using incremental funding backed by bonding authority, the financial statements must:

(a) show the previous year's balance, the amount of funding during the year, and the closing balance in the fund; and

(b) include documentation of the required bonding authority (i.e., the results of a voter referendum under subclause 8.4(d)(11)(i)(c)(1) of this Subpart, or attestation by the State Attorney General as specified under subclause 8.4(d)(11)(i)(c)(2) of this Subpart).

(9) For local government guarantees supported by a local government fund under paragraphs 8.4(d)(10) and (11) of this Subpart, respectively, a copy of the guarantor's year-end financial statements for the most recent completed financial reporting year showing the amount of the fund must be maintained.

(10)

(i) For assurance mechanisms specified in paragraphs 8.4(d)(1) through (11) of this Subpart, an updated copy of a certification of financial responsibility worded as follows must be maintained, except that the instructions in brackets must be replaced with the relevant information and the brackets deleted:

Certification of Financial Responsibility

[Tank system owner or operator] hereby certifies that it is in compliance with the requirements of 6 NYCRR Part 613-8.

The financial assurance mechanism(s) used to demonstrate financial responsibility under 6 NYCRR Part 613-8 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 "non-sudden accidental releases" or "accidental releases."]

[Signature of tank system owner or operator]

[Name of tank system owner or operator]

[Title]

[Date]

[Signature of witness or notary]

[Name of witness or notary]

[Date]

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

N.Y. Comp. Codes R. & Regs. Tit. 6 §§ 613-8.6

Adopted New York State Register July 19, 2023/Volume XLV Issue 29, eff. 10/17/2023