Michigan Laws 324.21510d – Reliance of owner or operator on fund to meet financial responsibility requirements; submission of request for determination; notice
Current as of: 2023 | Check for updates
|
Other versions
Terms Used In Michigan Laws 324.21510d
- Administrator: means the administrator of the authority as provided for in section 21525. See Michigan Laws 324.21502
- Authority: means the underground storage tank authority created in section 21523. See Michigan Laws 324.21502
- Deductible amount: means the amount of corrective action costs or indemnification costs that are required to be paid by an owner or operator as provided in section 21510a. See Michigan Laws 324.21502
- Financial responsibility requirements: means the financial responsibility for taking corrective action and for compensating third parties for bodily injury and property damage caused by a release from a refined petroleum underground storage tank system that the owner or operator of a refined petroleum underground storage tank system must demonstrate under part 211 and the rules promulgated under that part. See Michigan Laws 324.21502
- Fund: means the underground storage tank cleanup fund created in section 21506b and includes the bond proceeds account established within the fund. See Michigan Laws 324.21502
- in writing: shall be construed to include printing, engraving, and lithographing; except that if the written signature of a person is required by law, the signature shall be the proper handwriting of the person or, if the person is unable to write, the person's proper mark, which may be, unless otherwise expressly prohibited by law, a clear and classifiable fingerprint of the person made with ink or another substance. See Michigan Laws 8.3q
- Operator: means that term as it is defined in section 21303 or a person to whom an approved claim has been assigned or transferred. See Michigan Laws 324.21502
- Owner: means that term as it is defined in section 21303. See Michigan Laws 324.21502
- Refined petroleum: means aviation gasoline, middle distillates, jet fuel, kerosene, gasoline, residual oils, and any oxygenates that have been blended with any of these. See Michigan Laws 324.21503
- Refined petroleum underground storage tank: means an underground storage tank system used for the storage of refined petroleum. See Michigan Laws 324.21503
- Release: means that term as it is defined in section 21303. See Michigan Laws 324.21503
- Underground storage tank system: means that term as it is defined in section 21303. See Michigan Laws 324.21503
- United States: shall be construed to include the district and territories. See Michigan Laws 8.3o
If an owner or operator intends to rely on the fund to meet financial responsibility requirements, the owner or operator shall submit to the authority a request for a determination that the owner or operator would be eligible for funding under this part in the event of a release from a refined petroleum underground storage tank system. Upon receipt of a request under this subsection, the authority shall make a determination and provide notice of that determination, in writing, to the owner or operator. The notice may contain conditions for maintenance of that eligibility. A determination under this section is based upon a demonstration of all of the following:
(a) The owner or operator is not ineligible for funding under section 21510(4) and (5).
(b) The refined petroleum underground storage tank or tanks are presently in compliance with the registration and fee requirements of part 211.
(c) The owner or operator is not the United States government.
(d) The owner or operator has financial responsibility for the deductible amount. In order to demonstrate that the owner or operator has financial responsibility for the deductible amount under this section and section 21510(1)(f), the owner or operator may rely upon any financial assurance mechanism listed in 40 C.F.R. § 280.95 to 280.107 or either of the following:
(i) A financial test of self-insurance. To pass the financial test of self-insurance, the owner or operator must submit, on a form developed by the authority, financial information certified as accurate by the chief financial officer or comparable position that demonstrates a tangible net worth of at least 3 times the deductible amount required under this part.
(ii) A deposit account in the amount of the deductible amount required under this part in a financial institution as defined in section 1202 of the banking code of 1999, 1999 PA 276, MCL 487.11202, if access to the deposit account is restricted by a deposit account control agreement or similar restriction as approved by the authority that requires the approval of the administrator for a withdrawal from the deposit account.