Pub. 3 2013-2014 Issue 2

O V E R A C E N T U R Y : B U I L D I N G B E T T E R B A N K S - H E L P I N G C O L O R A D A N S R E A L I Z E D R E A M S September • October 2013 21 If you have any questions about the Certificate of Eligibility, please contact Jane Bral at (303) 318-8510 or jane.bral@ state.co.us . FEATURE ARTICLE Jane Bral Supervisor Petroleum Storage Tank Fund, Division of Oil and Public Safety THE COLORADO PETROLEUM STORAGE TANK FUND CERTIFICATE OF ELIGIBILITY The Division of Oil and Public Safety’s (OPS) Petroleum Storage Tank Fund Section receives and processes applications to the Petroleum Storage Tank Fund (the Fund) for reimbursement of costs related to the assessment and cleanup of petroleum-contaminated sites. Eligible ap- plicants to the Fund are usually tank owners or operators, but certain non-responsible parties, such as property owners and lenders, may also be eligible to apply for reimbursement. The Fund provides cleanup cost reimbursement of up to $2 million per occurrence. The purpose of the Certificate of Eligibil - ity is to encourage lenders to provide loans on properties with operative petroleum storage tanks and to ensure the lender’s eligibility as a non-responsible party (i.e., no deductible) to the Fund in the event that the borrower defaults on the loan. The Certificate of Eligibility is only available to lenders andmay be requested for any property loan that is dated on or after September 30, 1995, whether it involves a property transfer or not. For loans dated prior to September 30, 1995, there is a similar, but slightly different set of requirements – refer to the “Non-Responsible Party Eligibility Requirements – Lender” section of the Becoming Eligible for Reimbursement document by clicking on that document’s link at the bottom of the Fund’s General Information page at http://www.colorado.gov/cs/Satellite/ CDLE-OilPublicSafety/CDLE/1248095302624 for more details. To receive a Certificate of Eligibility, the lendermust submit the following documentation. • A Petroleum Storage Tank Status Sheet fully completed and signed by the lender and tank operator with data documenting compliance. This sheet, which is in the “Other Forms” section at the bottom of the Fund Forms page at http://www.colorado. gov/cs/Satellite/CDLE-OilPublicSafety/ CDLE/1248095302575, requires proof of compliance using one of the methods listed therein. • A completed Tank Addendum with information on all underground and above ground storage tanks on the site. • A site map showing the location of tanks and lines on the property. • A copy of the mortgage or loan. • A Certificate of Eligibility will only be issued if all of the following conditions have been met. • The site is an operative station with underground or aboveground storage tanks. • The tank operator is operating the station in full compliance with OPS Regulations. • Petroleum contamination does not exist on- site at the time the Certificate of Eligibility is issued. • The mortgage or loan is dated on or after September 30, 1995. n If you have any questions about the Certificate of Eligibility, please contact Jane Bral at (303) 318-8510 or jane.bral@state. co.us.