Section 329IAC9-8-21. Record keeping

   (a) An owner or operator shall maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under this rule for an underground storage tank until released from the requirements of this rule under section 23 of this rule. An owner or operator 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 Indiana department of environmental management, underground storage tank branch.

  (b) An owner or operator shall maintain the following types of evidence of financial responsibility:

(1) An owner or operator using an assurance mechanism specified in:

(A) sections 6 through 10 of this rule;

(B) section 11(c) of this rule;

(C) section 12 of this rule; or

(D) sections 14 through 17 of this rule;

shall maintain a copy of the instrument worded as specified.

(2) An owner or operator using a:

(A) financial test or guarantee; or

(B) local government financial test or 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 one hundred twenty (120) days after the close of the financial reporting year.

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

(4) A local government owner or operator using a local government guarantee under section 16(d) of this rule shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement.

(5) A local government owner or operator using the local government bond rating test shall maintain a copy of its bond rating published within the last twelve (12) months by Moody's or Standard & Poor's.

(6) A local government owner or operator using the local government guarantee, where the guarantor's demonstration of financial responsibility relies on the local government bond rating test, shall maintain a copy of the guarantor's bond rating published within the last twelve (12) months by Moody's or Standard & Poor's.

(7) An owner or operator 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 owner or operator covered by the excess liability trust fund under section 11 of this rule shall maintain on file a copy of any evidence of coverage supplied by or required by Indiana under 40 CFR 280.101(d). If a certificate of deposit is used under section 11(c)(2) of this rule, the following must be maintained on file:

(A) The updated copy of the certification and agreement.

(B) Designation of the current location of the certificate of deposit.

(9) An owner or operator using a local government fund shall maintain the following documents:

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

(B) 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 17(a)(3) of this rule using incremental funding backed by bonding authority, the financial statements must show the following:

(i) The previous year's balance.

(ii) The amount of funding during the year.

(iii) The closing balance in the fund.

(C) If the fund is established under section 17(a)(3) of this rule using incremental funding backed by bonding authority, the owner or operator also shall maintain documentation of the required bonding authority, including either:

(i) the results of a voter referendum as specified under section 17(a)(3)(A) of this rule; or

(ii) attestation by the state attorney general as specified under section 17(a)(3)(B) of this rule.

(10) A local government owner or operator 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.

  (c) An owner or operator that uses an assurance mechanism specified in sections 6 through 17 of this rule 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 329 IAC 9-8.

The financial assurance mechanism(s) used to demonstrate financial responsibility under 329 IAC 9-8 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" or "compensating third parties for bodily injury and property damage caused by" or "taking corrective action and 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]

  (d) The owner or operator shall update the certification of financial responsibility whenever the financial assurance mechanism used to demonstrate financial responsibility changes. (Solid Waste Management Division; 329 IAC 9-8-21; filed Jul 19, 1999, 12:00 p.m.: 22 IR 3757; readopted filed Jan 10, 2001, 3:25 p.m.: 24 IR 1535)