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*Attachment 1 <br /> QUESTIONS AND ANSWERS REGARDING <br /> FINANCIAL RESPONSIBILITY <br /> FOR <br /> PETROLEUM UNDERGROUND STORAGE TANKS (USTs) <br /> 1 . What does "financial responsibility" mean? <br /> Simply stated, it means that the UST owner or operator has <br /> evidence of coverace through an approved mechanism to pay for the <br /> costs of cleanup :-d third party liability caused by an <br /> unauthorized release of petroleum from an UST. <br /> 2 . Where does the regni.rement come from? <br /> EPA regulations (Section 280 . 90, Subpart H-Financial <br /> Responsibility, Part 280, 40 CFR) published on October 26, 1988 , <br /> requires owners =d operators of USTs to show through insurance <br /> coverace or other acceptable mechanisms that they can pay for <br /> cleanup and third-party damages resulting from leaks that may <br /> occur from their DST` s . <br /> 3 . Who is subject to the "financial responsibility" <br /> requirement? <br /> owners and operators of petroleum UST systems that meet the <br /> federal definiticn of an UST. Owners and operators of USTs that <br /> are not subject to the requirement to obtain a permit to own or <br /> operate pursuant to Section 25284 of the California Health & <br /> Safety Code (H&SC) are exem_ t from having to demonstrate <br /> financial respons_bility. <br /> 4 . When must owners and operators comply with the requirement? <br /> The federal comp=-ante dates are specified in the Federal <br /> Regulations . January 24, 1989- for the largest marketers owning <br /> 1, 000 or more USTs and other UST owners with a net worth of $20 <br /> million. October 26 , 1989- for large marketers owning 100-999 <br /> USTs . April 26, 1991- for mid-size marketers owning 13-99 USTs . <br /> December 31, 1953- for petroleum UST owners or operators not <br /> described above, excluding local governmental entities . February <br /> 18 , 1994- local eevernmental entities . As of December 31, 1993— <br /> all <br /> 1 1993all petroleum UST owners or operators (extent Local Government <br /> entities) must demonstrate financial res onsibil.it . <br /> S . How can UST owne,s and operators demonstrate "financial <br /> responsibility? <br /> a. Sy a combina_ion of any of the mechanisms authorized by the <br /> implementing federal regulations . The State Fund is one of the <br /> authorized mechanisms . Refer to the "Petroleum Underground <br /> Storage Tank Financial Responsibility Guide" for specific <br /> requirements on the chosen mechanism; and <br /> b. By notifying the appropriate local implementing agency of the <br /> mechanism used bJ completing and submitting the "Certification of <br /> Financial Respcnsibility" (Attachment 1) within 45 calendar days <br /> of the appropr_aze compliance date and when renewing permits ; and <br /> OVER <br />