Current through Register Vol. 48, No. 38, September 20, 2024
a) An operator
may satisfy the requirements of this Subpart by establishing a trust fund which
conforms to the requirements of this Section and submitting an original, signed
duplicate of the trust agreement to the Agency.
b) The trustee must be an entity which has
the authority to act as a trustee and:
1)
Whose trust operations are regulated by the Department of Financial and
Professional Regulation; or
2) Who
complies with the Corporate Fiduciary Act [205 ILCS 620 ].
c) The trust agreement must be on the form
specified in Appendix A, Illustration A and the trust agreement must be
accompanied by a formal certificate of acknowledgment, on the form specified in
Appendix A, Illustration B. Schedule A of the trust agreement must be updated
within 60 days after a change in the amount of the current closure and
post-closure cost estimates covered by the agreement.
d) Payments into the trust:
1) The operator must make a payment into the
trust fund each year during the pay-in period.
2) The pay-in period is the number of years
remaining until the site reaches the stage in its expected operating life at
which the cost of premature closure would be the greatest, as indicated by its
closure plan. Provided, however, that the pay-in period shall not be less than
three years nor greater than ten years.
3) Annual payments are determined by the
following formula:
Annual payment = (CE-CV)/Y
Where:
|
CE
|
=
|
Current cost estimate
|
|
CV
|
=
|
Current value of the trust fund
|
|
Y
|
=
|
Number of years remaining in the pay in
period.
|
4)
The operator must make the first annual payment prior to the initial receipt of
waste for disposal, or prior to March 1, 1985 for sites receiving waste for
disposal prior to that date. The operator must also, prior to such initial
receipt of waste, submit to the Agency a receipt from the trustee for the first
annual payment.
5) Subsequent
annual payments must be made no later than 30 days after each anniversary of
the first payment.
6) The operator
may accelerate payments into the trust fund, or may deposit the full amount of
the current cost estimate at the time the fund is established.
e) The trustee must evaluate the
trust fund annually as of the day the trust was created, or on an earlier date
as may be provided in the agreement. The trustee must notify the operator and
the Agency of the value within 30 days after the evaluation date.
f) Release of excess funds:
1) If the value of the financial assurance is
greater than the total amount of the current cost estimate, the operator may
submit a written request to the Agency for release from the trust fund of the
amount in excess of the current cost estimate.
2) Within 60 days after receiving a request
from the operator for release of funds, the Agency will instruct the trustee to
release to the operator those funds the Agency specifies in writing.
g) Reimbursement for closure and
post-closure care expenses:
1) After
initiating closure, an operator or any other person authorized to perform
closure or post-closure care may request reimbursement for closure or
post-closure care expenditures by submitting itemized bills to the
Agency.
2) Within 60 days after
receiving bills for closure or post-closure care activities, the Agency will
determine whether the expenditures are in accordance with the closure or
post-closure care plan and if so, it will instruct the trustee to make
reimbursement in amounts the Agency specifies in writing.
3) If the Agency has reason to believe that
the cost of closure and post-closure care will be significantly greater than
the value of the trust fund, it may withhold reimbursement of those amounts it
deems prudent until it determines that the operator is no longer required to
maintain financial assurance for closure and post-closure care.
