8 CAR § 80-302. Trust fund eligibility

(a)(1)(A) Every owner or operator of an underground petroleum storage tank system is required by 40 C.F.R. § 280.93 to demonstrate financial responsibility for taking corrective action in response to an accidental release from an underground petroleum storage tank system. (B) One mechanism that may be used to partially satisfy this requirement is the Petroleum Storage Tank Trust Fund. (2) Every owner or operator choosing to use the trust fund as a mechanism to partially satisfy the financial responsibility requirements described in subdivision (a)(1) of this section also must utilize an additional financial responsibility mechanism, as described in subdivision (d)(2) of this section, for the first seven thousand five hundred dollars ($7,500) of the costs of corrective action. (b) In accordance with the Petroleum Storage Tank Trust Fund Act, Arkansas Code § 8-7-901 et seq., owners or operators of certain aboveground petroleum storage tank systems also may qualify for and access the trust fund. (c)(1) The trust fund shall not be accessed for storage tank systems storing any substance listed under Section 101(14) of the Comprehensive Environmental Response, Compensation, and Liability Act of 1980, 42 U.S.C. § 9601(14), as amended. (2) These tank systems shall not be considered qualified storage tanks for the purposes of Subparts 3 and 4 of this part. (d) To be eligible for the trust fund, the owner or operator must: (1) Register each petroleum storage tank and pay the annual storage tank fees required by this part for each tank until the permanent closure requirements of this part are satisfied; and (2) Maintain financial responsibility in the amount of seven thousand five hundred dollars ($7,500) per occurrence for corrective action costs by any one (1) or combination of the following: (A) Insurance; (B) Guaranty; (C) Surety bond,; (D) Letter of credit; (E) Insurance pool; or (F) Any other mechanism allowed by 40 C.F.R. pt. 280. (e)(1) Any person requesting Advisory Committee on Petroleum Storage Tanks review of a Division of Environmental Quality’s determination on trust fund eligibility or costs must file a request with the Division of Environmental Quality within ninety (90) days of the date of the Division of Environmental Quality’s determination. (2) A request for advisory committee review must be in writing and mailed to the Division of Environmental Quality’s postal address to the attention of the Associate Director, Office of Land Resources.