One problem related to engine belts and pulleys has been reported for the 1999 Volvo V70. The most recently reported issues are listed below.
The tensioner bearings in my 1999 Volvo V70 seized, thus causing the timing belt to fail, causing the cylinders to hit and bend the valves. The recommended service interval for this equipment is 105,000 miles or 72 months; the vehicle has 76,200 miles and is about 72 months old. It's unclear to me whether this type of failure at highway speed would cause the car to suddenly fail, which might cause a crash. I have not yet had this repaired, but will save all parts if NHTSA is interested.