[Code of Federal Regulations]

[Title 40, Volume 26]

[Revised as of July 1, 2006]

From the U.S. Government Printing Office via GPO Access

[CITE: 40CFR280.101]



[Page 540]

 

                   TITLE 40--PROTECTION OF ENVIRONMENT

 

         CHAPTER I--ENVIRONMENTAL PROTECTION AGENCY (CONTINUED)

 

PART 280_TECHNICAL STANDARDS AND CORRECTIVE ACTION REQUIREMENTS FOR 

OWNERS AND OPERATORS OF UNDERGROUND STORAGE TANKS (UST)--Table of Contents

 

                   Subpart H_Financial Responsibility

 

Sec.  280.101  State fund or other state assurance.



    (a) An owner or operator may satisfy the requirements of Sec.  

280.93 for underground storage tanks located in a state, where EPA is 

administering the requirements of this subpart, which assures that 

monies will be available from a state fund or state assurance program to 

cover costs up to the limits specified in Sec.  280.93 or otherwise 

assures that such costs will be paid if the Regional Administrator 

determines that the state's assurance is at least equivalent to the 

financial mechanisms specified in this subpart.

    (b) The Regional Administrator will evaluate the equivalency of a 

state fund or other state assurance principally in terms of: Certainty 

of the availability of funds for taking corrective action and/or for 

compensating third parties; the amount of funds that will be made 

available; and the types of costs covered. The Regional Administrator 

may also consider other factors as is necessary.

    (c) The state must submit to the Regional Administrator a 

description of the state fund or other state assurance to be supplied as 

financial assurance, along with a list of the classes of underground 

storage tanks to which the funds may be applied. The Regional 

Administrator may require the state to submit additional information as 

is deemed necessary to make a determination regarding the acceptability 

of the state fund or other state assurance. Pending the determination by 

the Regional Administrator, the owner or operator of a covered class of 

USTs will be deemed to be in compliance with the requirements of Sec.  

280.93 for the amounts and types of costs covered by the state fund or 

other state assurance.

    (d) The Regional Administrator will notify the state of his 

determination regarding the acceptability of the state's fund or other 

assurance in lieu of financial mechanisms specified in this subpart. 

Within 60 days after the Regional Administrator notifies a state that a 

state fund or other state assurance is acceptable, the state must 

provide to each owner or operator for which it is assuming financial 

responsibility a letter or certificate describing the nature of the 

state's assumption of responsibility. The letter or certificate from the 

state must include, or have attached to it, the following information: 

the facility's name and address and the amount of funds for corrective 

action and/or for compensating third parties that is assured by the 

state. The owner or operator must maintain this letter or certificate on 

file as proof of financial responsibility in accordance with Sec.  

280.107(b)(5).