Current through Register Vol. 48, No. 38, September 20, 2024
a) An owner or
operator may satisfy the requirements of this Subpart G by establishing a trust
fund that 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 that has the
authority to act as a trustee and of whom either of the following is true:
1) It is an entity whose trust operations are
examined by the Illinois Department of Financial and Professional Regulation
pursuant to the Illinois Banking Act [205 ILCS 5 ]; or
2) It is an entity that complies with the
Corporate Fiduciary Act [205 ILCS 620 ].
c) The trust agreement must be on the forms
specified in Appendix A, Illustration A of this Part, and the trust agreement
must be accompanied by a formal certification of acknowledgement, 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,
post-closure, and corrective action cost estimates covered by the
agreement.
d) Payments into the
trust.
1) For closure and post-closure care.
A) The owner or operator must make a payment
into the trust fund each year during the pay-in period.
B) The pay-in period is the initial permit
term or the remaining operating life of the facility as estimated in the
closure plan, whichever period is shorter.
C) Annual payments are determined by the
following formula:
Where:
|
CE
|
=
|
Current cost estimate
|
|
CV
|
=
|
Current value of the trust fund
|
|
Y
|
=
|
Number of years remaining in the pay-in
period.
|
D)
The owner or operator must make the first annual payment prior to the initial
receipt of waste for disposal. The owner or operator must also, prior to
initial receipt of waste, submit to the Agency a receipt from the trustee for
the first annual payment.
E)
Subsequent annual payments must be made no later than 30 days after each
anniversary of the first payment.
F) The owner or 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.
G) An owner or operator required to provide
additional financial assurance for an increase in the cost estimate because of
an amendment to this Subchapter i may provide such additional financial
assurance pursuant to this subsection (d)(1)(G). The owner or operator may
provide the increase by contributing to a new or existing trust fund pursuant
to this Section. Subsection (d)(2) of this Section notwithstanding, the pay-in
period for such additional financial assurance must be not less than three
years.
2) For corrective
action at MSWLF units.
A) The owner or
operator must make payments into the trust fund annually over one-half of the
estimated length of the corrective action program in the case of corrective
action for known releases. This period is referred to as the pay-in
period.
B) The owner or operator
must make the first payment into the trust fund equal to at least one-half of
the current cost estimate for corrective action divided by the number of years
in the corrective action pay-in period, as defined in subsection (d)(2)(A) of
this Section. The amount of subsequent payments must be determined by the
following formula:
Where:
|
RB
|
=
|
Most recent estimate of the required trust fund
balance for corrective action (i.e., the total costs that will be incurred
during the second half of the corrective action period)
|
|
CV
|
=
|
Current value of the trust fund
|
|
Y
|
=
|
Number of years remaining in the pay-in
period.
|
C)
The owner or operator must make the initial payment into the trust fund no
later than 120 days after the remedy has been selected in accordance with the
requirements of Section
811.325.
BOARD NOTE: Subsection (d) of this Section is partly derived
from
40 CFR 258.74(a)(2), (a)(4),
and (a)(5) (2005).
e) The trustee must
evaluate the trust fund annually, as of the day the trust was created or on
such earlier date as may be provided in the agreement. The trustee must notify
the owner or operator and the Agency of the value within 30 days after the
evaluation date.
f) If the owner or
operator of a MSWLF unit establishes a trust fund after having used one or more
alternative mechanisms specified in this Subpart G, the initial payment into
the trust fund must be at least the amount that the fund would contain if the
trust fund were established initially and annual payments made according to the
specifications of this Section.
BOARD NOTE: Subsection (f) of this Section is derived from
40 CFR
258.74(a)(6) (2005).
g) Release of excess funds.
1) If the value of the financial assurance is
greater than the total amount of the current cost estimate, the owner or
operator may submit a written request to the Agency for a release of the amount
in excess of the current cost estimate.
2) Within 60 days after receiving a request
from the owner or operator for a release of funds, the Agency must instruct the
trustee to release to the owner or operator such funds as the Agency specifies
in writing to be in excess of the current cost estimate.
h) Reimbursement for closure, post-closure
care, and corrective action expenses.
1)
After initiating closure or corrective action, an owner or operator, or any
other person authorized to perform closure, post-closure care, or corrective
action, may request reimbursement for closure, post-closure care, or corrective
action expenditures, by submitting itemized bills to the Agency.
2) Within 60 days after receiving the
itemized bills for closure, post-closure care, or correction action activities,
the Agency must determine whether the expenditures are in accordance with the
closure, post-closure care, or corrective action plan. The Agency must instruct
the trustee to make reimbursement in such amounts as the Agency specifies in
writing as expenditures in accordance with the closure, post-closure care, or
corrective action plan.
3) If the
Agency determines, based on such information as is available to it, that the
cost of closure and post-closure care or corrective action will be greater than
the value of the trust fund, it must withhold reimbursement of such amounts as
it determines are necessary to preserve the fund in order to accomplish closure
and post-closure care or corrective action until it determines that the owner
or operator is no longer required to maintain financial assurance for closure
and post-closure care or corrective action. In the event the fund is inadequate
to pay all claims, the Agency must pay claims according to the following
priorities:
A) Persons with whom the Agency
has contracted to perform closure, post-closure care, or corrective action
activities (first priority);
B)
Persons who have completed closure, post-closure care, or corrective action
authorized by the Agency (second priority);
C) Persons who have completed work that
furthered the closure, post-closure care, or corrective action (third
priority);
D) The owner or operator
and related business entities (last priority).
