1. (1) To use a surety bond to meet the financial responsibility requirements of s. ATCP 93.705, an owner or operator shall obtain a surety bond that conforms to the requirements of this section. The surety company issuing the bond shall be listed as an acceptable surety on federal bonds in the latest Circular 570 of the U.S. department of the treasury.

2. (2) The surety bond shall be worded exactly as found in 40 CFR 280.98 (b), except for the following:

   1. (a) The instructions in brackets in the surety bond shall be replaced by the relevant information and the brackets deleted.

   2. (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:

      1. 1. Reference in the surety bond to underground tanks shall be amended to refer to aboveground tanks.

      2. 2. Certification that wording is identical to the wording required in 40 CFR 280.98 (b) shall be deleted.

         Note: A link to 40 CFR 280 is available at the following Web site: https://www.ecfr.gov/current/title-40/chapter-I/subchapter-I/part-280.

3. (3) Under the terms of the bond, the surety shall be liable on the bond obligation when the owner or operator fails to perform as guaranteed by the bond. In all cases, the surety’s liability is limited to the per-occurrence and annual aggregate penal sums.

4. (4)

   1. (a) The owner or operator who uses a surety bond to satisfy the requirements of s. ATCP 93.705 shall establish a standby trust fund when the surety bond is acquired.
   2. (b) Under the terms of the bond, all amounts paid by the surety under the bond shall be deposited directly into the standby trust fund in accordance with instructions from the department under s. ATCP 93.747.
   3. (c) This standby trust fund shall meet the requirements for standby trust funds in s. ATCP 93.725.
5. (5) The owner of the property on which tanks are located has ultimate responsibility under this chapter and shall be listed as a co-beneficiary of any policy issued.

History

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