S.C. Code Regs. § § 61-92.280.H.107
A local government owner or operator may satisfy the requirements of Section 280.93 by establishing a dedicated fund account that conforms to the requirements of this section. Except as specified in paragraph (b) of this section, a dedicated fund may not be commingled with other funds or otherwise used in normal operations. A dedicated fund will be considered eligible if it meets one of the following requirements:
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; and,
LETTER FROM CHIEF FINANCIAL OFFICER
I am the chief financial officer of [insert: name and address of local government owner or operator, or guarantor]. This letter is in support of the use of the local government fund mechanism to demonstrate financial responsibility for [insert: "taking corrective action" and/or "compensating third parties for bodily injury and property damage"] caused by [insert: "sudden accidental releases" or "nonsudden accidental releases" or "accidental releases"] in the amount of at least [insert: dollar amount] per occurrence and [insert: dollar amount] annual aggregate arising from operating (an) underground storage tank(s).
Underground storage tanks at the following facilities are assured by this local government fund mechanism:
[List for each facility: the name and address of the facility where tanks are assured by the local government fund].
[Insert: "The local government fund is funded for the full amount of coverage required under Section 280.93, or funded for part of the required amount of coverage and used in combination with other mechanism(s) that provide the remaining coverage." or "The local government fund is funded for five times the full amount of coverage required under Section 280.93, or funded for part of the required amount of coverage and used in combination with other mechanisms(s) that provide the remaining coverage," or "A payment is made to the fund once every year for seven years until the fund is fully-funded and [name of local government owner or operator] has available bonding authority, approved through voter referendum, of an amount equal to the difference between the required amount of coverage and the amount held in the dedicated fund" or "A payment is made to the fund once every year for seven years until the fund is fully-funded and I have attached a letter signed by the State Attorney General stating that (1) the use of the bonding authority will not increase the local government's debt beyond the legal debt ceilings established by the relevant state laws and (2) that prior voter approval is not necessary before use of the bonding authority"].
The details of the local government fund are as follows:
Amount in Fund (market value of fund at close of last fiscal year): __________________________
[If fund balance is incrementally funded as specified in Section 280.107(c), insert:
Amount added to fund in the most recently completed fiscal year: _______________________________
Number of years remaining in the pay-in-period: ___________ ]
A copy of the state constitutional provision, or local government statute, charter, ordinance, or order dedicating the fund is attached.
I hereby certify that the wording of this letter is identical to the wording specified in R.61-92.280.107(d) as such regulations were constituted on the date shown immediately below.
[Date] ______________________________________
[Signature] __________________________________
[Name] _____________________________________
[Title] _____________________________________
S.C. Code Regs. § 61-92.280.H.107