Record Keeping

PURPOSE: This rule describes the records that owners and operators must maintain for their financial responsibility instruments. (1) Owners or operators shall maintain evidence of all financial assurance mechanisms used to demonstrate financial responsibility under 10 CSR 26-3.090 through 10 CSR 263.115 for an underground storage tank (UST) until released from the requirements of 10 CSR 26-3.090 through 10 CSR 26-3.115 under 10 CSR 26-3.109. An owner or operator shall maintain this evidence at the UST site or the owner’s or operator’s place of business. Records maintained off-site shall be made available upon request of the department. (2) An owner or operator shall maintain the following types of evidence of financial responsibility: (A) An owner or operator using an assurance mechanism specified in 10 CSR 263.095 through 10 CSR 26-3.100 or 10 CSR 26-3.102 or 10 CSR 26-3.112 through 10 CSR 26-3.115 shall maintain a copy of the instrument worded as specified; (B) An owner or operator using a financial test or guarantee shall maintain a copy of the chief financial officer’s letter based on yearend financial statements for the most recent completed financial reporting year. This evidence shall be on file no later than one hundred twenty (120) days after the close of the financial reporting year; (C) An owner or operator using a guarantee, surety bond, or letter of credit shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement; (D) A local government owner or operator using a local government guarantee under 10 CSR 26-3.114(4) shall maintain a copy of the signed standby trust fund agreement and copies of any amendments to the agreement; (E) A local government owner or operator using the local government bond rating test under 10 CSR 26-3.112 shall maintain a copy of its bond rating published within the last twelve (12) months by Moody’s or Standard & Poor’s; (F) A local government owner or operator using the local government guarantee under 10 CSR 26-3.114, where the guarantor’s demonstration of financial responsibility relies on the bond rating test under 10 CSR 26-3.112, shall maintain a copy of the guarantor’s bond rating published within the last twelve (12) months by Moody’s or Standard & Poor’s; (G) 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; (H) An owner or operator covered by the Petroleum Storage Tank Insurance Fund must maintain on file a copy of any evidence of coverage supplied by or required by the department under 10 CSR 26-3.101(1); (I) An owner or operator using a local government fund under 10 CSR 26-3.115 shall maintain the following documents: 1. A copy of the state constitutional provision or local government’s statute, charter, ordinance, or order dedicating the fund; 2. Year-end financial statements for the most recent completed financial reporting year showing the amount in the fund. If the fund is established under 10 CSR 263.115(1)(C) 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 3. If the fund is established under 10 CSR 26-3.115(1)(C) using incremental funding backed by bonding authority, the owner or operator shall also maintain documentation of the required bonding authority, including either the results of a voter referendum (under 10 CSR 26-3.115 (1)(C)1.) or attestation by the state attorney general as specified under 10 CSR 26-3.115(1)(C)2.; (J) 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; and (K) An owner or operator using an assurance mechanism specified in 10 CSR 263.095 through 10 CSR 26-3.102 or 10 CSR 26-3.112 through 10 CSR 26-3.115 shall maintain an updated copy of a certification of financial responsibility worded as specified in Form 9, included herein. The owner or operator shall update this certification whenever the financial assurance mechanism(s) used to demonstrate financial responsibility change(s). Substance Storage Tanks Form 9—Certification of Financial Responsibility The following text should be used to comply with the requirements of 10 CSR 26-3.107(2)(K) as follows, except that the instructions in brackets are to be replaced by 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 10 CSR 26-3.090–10 CSR 26-3.115. The financial assurance mechanism(s) used to demonstrate financial responsibility under 10 CSR 26-3.090–10 CSR 26-3.115 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 owner or operator] [Name of owner or operator] [Title] [Date] [Signature of witness or notary] [Name of witness or notary] [Date] AUTHORITY: section 319.114, RSMo 2000 and section 319.129, RSMo Supp. 2010.* This rule originally filed as 10 CSR 2011.107. Original rule filed Feb. 7, 1991, effective Aug. 30, 1991. Amended: Filed Aug. 3, 1993, effective April 9, 1994. Amended: Filed Jan. 14, 1997, effective Sept. 30, 1997. Moved and amended: Filed April 15, 2011, effective Dec.30, 2011. *Original authority: 319.114, RSMo 1989 and 319.129, RSMo 1989, amended 1991, 1996, 1998, 2001, 2008.