ATCP 93.735(1)(c) (c)

ATCP 93.735(1)(c)1. 1. The fund is dedicated by state constitutional provision or local government statute, charter, ordinance, or order as a contingency fund for general emergencies, including taking corrective action and compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum underground storage tanks and is funded for 5 times the full amount of coverage required under s. ATCP 93.705 or funded for part of the required amount of coverage and used in combination with other mechanisms that provide the remaining coverage.

ATCP 93.735(1)(c)2. 2. If the fund is funded for less than 5 times the amount of coverage required under s. ATCP 93.705, the amount of financial responsibility demonstrated by the fund may not exceed one-fifth the amount in the fund.

ATCP 93.735(1)(d) (d)

ATCP 93.735(1)(d)1. 1. The fund is dedicated by state constitutional provision, or local government statute, charter, ordinance, or order to pay for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum storage tanks.

ATCP 93.735(1)(d)2. 2. A payment is made to the fund once every year for 7 years until the fund is fully funded. This 7-year period is hereafter referred to as the pay-in period.

ATCP 93.735(1)(d)3. 3. The amount of each payment shall be determined by the formula (TF - CF)/Y, where TF is the total required financial assurance for the owner or operator, CF is the current amount in the fund, and Y is the number of years remaining in the pay-in period.

ATCP 93.735(1)(d)4. 4. If the method in this paragraph is chosen, one of the following is also required:

ATCP 93.735(1)(d)4.a. a. The local government owner or operator has available bonding authority, approved through voter referendum if such approval is necessary prior to the issuance of bonds, for an amount equal to the difference between the required amount of coverage and the amount held in the dedicated fund. This bonding authority shall be available for taking corrective action and for compensating third parties for bodily injury and property damage caused by accidental releases arising from the operation of petroleum storage tanks.

ATCP 93.735(1)(d)4.b. b. The local government owner or operator has a letter signed by the appropriate state attorney general stating that the use of the bonding authority will not increase the local government’s debt beyond the legal debt ceilings established by Wisconsin statutes. The letter shall also state that prior voter approval is not necessary before use of the bonding authority.

ATCP 93.735(2) (2) To demonstrate that it meets the requirements of the local government fund, the chief financial officer of the local government owner or operator or guarantor shall sign a letter worded exactly as specified in 40 CFR 280.107 (d), except for the following:

ATCP 93.735(2)(a) (a) The instructions in brackets in the letter shall be replaced by the relevant information and the brackets deleted.

ATCP 93.735(2)(b) (b) If financial responsibility for aboveground tanks within the scope of this subchapter is demonstrated using this method, all of the following changes shall be made:

ATCP 93.735(2)(b)1. 1. Reference in the letter to underground tanks shall be amended to refer to aboveground tanks.

ATCP 93.735(2)(b)2. 2. Certification that wording is identical to the wording required in 40 CFR 280.107 (d) shall be deleted.

ATCP 93.735 Note Note: A link to 40 CFR 280 is available at the following EPA Web site: http://www.epa.gov/oust/fedlaws/cfr.htm.

ATCP 93.735 History History: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19; correction in (1) (a) made under s. 35.17, Stats., Register October 2019 No. 766.

ATCP 93.737 ATCP 93.737 Substitution of financial assurance mechanisms by owner or operator.

ATCP 93.737(1) (1) An owner or operator may substitute any alternate financial assurance mechanisms as specified in this subchapter, provided that at all times an effective financial assurance mechanism or combination of mechanisms is maintained which satisfies the financial responsibility requirements of s. ATCP 93.705.

ATCP 93.737(2) (2) After obtaining alternate financial assurance as specified in this subchapter, an owner or operator may cancel a financial assurance mechanism by providing notice to the provider of financial assurance.

ATCP 93.737 History History: CR 17-092: cr. Register October 2019 No. 766, eff. 11-1-19.

ATCP 93.740 ATCP 93.740 Cancellation or nonrenewal by a provider of financial assurance.

ATCP 93.740(1) (1) 

ATCP 93.740(1)(a) (a) Except as otherwise provided, a provider of financial assurance may cancel or fail to renew an assurance mechanism by sending a notice of termination by certified mail to the owner or operator.

ATCP 93.740(1)(b) (b) Termination of a guarantee, a surety bond, or a letter of credit may not occur until 120 days after the date on which the owner or operator receives the notice of termination as evidenced by the return receipt.

ATCP 93.740(1)(c) (c)

ATCP 93.740(1)(c)1. 1. Termination of insurance or risk retention group coverage or state-funded assurance, except for nonpayment or misrepresentation by the insured, may not occur until 60 days after the date on which the owner or operator received notice of termination as evidenced by the return receipt.

ATCP 93.740(1)(c)2. 2. Termination for nonpayment of premium or misrepresentation by the insured may not occur until a minimum of 10 days after the date on which the owner or operator receives the notice of termination, as evidenced by the return receipt.

ATCP 93.740(2) (2)