The rules and regulations will vary from state to state. My suggestion would be to contact the local fire department as they will probably want to do an inspection. If you are storing Coal Tar based sealer you will have to deal with the hazardous materials team.
It makes sense to build a berm around the tank to contain spill however unlikely. Also, be sure to use both a gate valve and ball valve at your outlet point for added safety.
I recommend a II phase hydraulic power unit as this will give you the HP you need without the fear of running out of gas.
I happen to have a 4500 gal tank for sale if interested.
You can contact me at m.lagares@toplinepavement.com
