Requirements for Recordkeeping

(1) An Owner or Operator shall maintain documentation, in accordance with 310 CMR 80.59, of financial assurance mechanisms used to demonstrate financial responsibility for a UST system until released from the requirements in accordance with 310 CMR 80.61. The Owner or Operator shall keep the documentation in hard copy or electronically in accordance with 310 CMR 80.36. Upon request from the Department, the Owner or Operator shall make the documentation available to the Department as soon as possible, but in no event more than seven business days after receiving the request. (2) An Owner or Operator shall maintain the following documentation of financial responsibility: (a) An Owner or Operator using the Underground Storage Tank Petroleum Cleanup Fund shall maintain a current certificate of compliance. (b) 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 thereto. (c) An Owner or Operator using a surety bond with a standby trust shall maintain a copy of the surety bond and any amendments thereto, and a copy of the signed standby trust fund agreement and any amendments thereto. (d) An Owner or Operator using a letter of credit with a standby trust shall maintain a copy of the letter of credit and any amendments thereto, and a copy of the signed standby trust fund agreement and any amendments thereto. (e) An Owner or Operator using a trust fund shall maintain a copy of the trust fund and any amendment thereto. (f) An Owner or Operator using the local government bond rating test shall maintain: 1. A copy of its bond rating published within the last 12 months by Moody's or Standard & Poor's; and 2. A copy of the letter signed by the chief financial officer in accordance with 310 CMR 80.54(6)(d) or (e). (g) An Owner or Operator using a local government fund shall maintain: 1. A copy of the state constitutional provision or local government statute, charter, ordinance, or order dedicating the fund; and 2. A copy of the letter signed by the chief financial officer in accordance with 310 CMR 80.54(7)(d); and 3. Year-end financial statements for the most recent completed financial reporting year showing the amount in the fund. If the fund is established 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; and 4. If the fund is established using incremental funding backed by bonding authority, the Owner or Operator shall maintain documentation of the required bonding authority, including either the results of a voter referendum under 310 CMR 80.54(7)(c)1., or attestation by the State Attorney General as specified under 310 CMR 80.54(7)(c)2. (h) An Owner or Operator using 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 in accordance with 310 CMR 80.54(8)(c). Such evidence must be on file no later than 120 days after the close of the financial reporting year. (i) An Owner or Operator using the local government guarantee shall maintain: 1. A copy of the signed standby trust fund agreement and copies of any amendments thereto, if the local government guarantee is supported by a standby trust. 2. A copy of the chief financial officer's letter based on year-end financial statements for the most recent completed financial reporting year in accordance with 310 CMR 80.54(8)(c), if the local government guarantee is supported by the local government financial test. Such evidence must be on file no later than 120 days after the close of the financial reporting year. 3. A copy of the guarantor's bond rating published within the last 12 months by Moody's or Standard & Poor's, if the local government guarantee is supported by the bond rating test. 4. A copy of the guarantor's year-end financial statements for the most recent completed financial reporting year showing the amount of the fund, if the local government guarantee is supported by the local government fund. (j) An Owner or Operator using a financial test shall maintain a copy of the chief financial officer's letter and year-end financial statements for the most recent completed financial reporting year on which the financial test is based. Such evidence shall be on file no later than 120 days after the close of the financial reporting year. (k) An Owner or Operator using a guarantee shall maintain: 1. 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 shall be on file no later than 120 days after the close of the financial reporting year. 2. A copy of the signed standby trust fund agreement and copies of any amendments thereto. (3) An Owner or Operator using a financial assurance mechanism specified in 310 CMR 80.54(1) through (11) shall maintain an updated copy of a certification of financial responsibility worded as follows, except that italicized 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 310 CMR 80.51 through 80.63. The financial assurance mechanism(s) used to demonstrate financial responsibility under 310 CMR 80.51 through 80.63 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] (a) The Owner or Operator shall update this certification whenever the financial assurance mechanism(s) used to demonstrate financial responsibility change(s).