<<Prev Rule

Texas Administrative Code

Next Rule>>
TITLE 30ENVIRONMENTAL QUALITY
PART 1TEXAS COMMISSION ON ENVIRONMENTAL QUALITY
CHAPTER 37FINANCIAL ASSURANCE
SUBCHAPTER IFINANCIAL ASSURANCE FOR PETROLEUM UNDERGROUND STORAGE TANK SYSTEMS
RULE §37.875Financial Assurance Recordkeeping

(a) Owners or operators must maintain proof of all financial assurance mechanisms used to demonstrate financial assurance under this subchapter for a petroleum underground storage tank (UST) until released from the requirements of this subchapter under §37.885 of this title (relating to Release from the Requirements). An owner or operator must maintain this evidence at the UST site or the owner's or operator's place of business. Records maintained off-site must be made available in a timely manner upon request of the agency.

(b) An owner or operator must maintain the following types of evidence of financial assurance.

  (1) An owner or operator using a financial assurance mechanism specified in §37.825 of this title (relating to Financial Test of Self-Insurance), §37.830 of this title (relating to Guarantee), §37.835 of this title (relating to Insurance and Risk Retention Group Coverage), §37.840 of this title (relating to Surety Bond), §37.845 of this title (relating to Letter of Credit), §37.850 of this title (relating to Trust Fund), §37.855 of this title (relating to Standby Trust Fund), and 40 Code of Federal Regulations §§280.104-280.107 (relating to Local Government Bond Rating Test, Local Government Financial Test, Local Government Guarantee, and Local Government Fund, respectively) must maintain a copy of the instrument worded as specified.

  (2) An owner or operator using a financial test or guarantee, or a local government financial test, or a local government guarantee supported by the local government financial test must maintain a copy of the chief financial officer's letter based on year-end financial statements for the most recent completed financial reporting year. This documentation must be on file no later than 120 days after the close of the financial reporting year.

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

  (4) An owner or operator using an insurance policy or risk retention group coverage must 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.

  (5) A local government owner or operator must comply with the recordkeeping requirements of 40 CFR §280.111(b)(4)-(6) and (9)-(10) as applicable to the local government mechanism used to demonstrate financial assurance.


Source Note: The provisions of this §37.875 adopted to be effective November 23, 2000, 25 TexReg 11399

Link to Texas Secretary of State Home Page | link to Texas Register home page | link to Texas Administrative Code home page | link to Open Meetings home page