Current through Register Vol. 48, No. 38, September 20, 2024
a) An owner or
operator may satisfy the requirements of this Subpart by establishing a fully
funded trust fund that conforms to the requirements of this Section and
submitting to the Agency an original signed duplicate of the trust
agreement.
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 under 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 forms
prescribed by the Agency. 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) The trust fund must be fully funded from
the date that the trust agreement becomes effective.
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 CCR surface
impoundment establishes a trust fund after having used one or more alternative
mechanisms specified in this Subpart, the trust fund must be fully funded and
established according to the specifications of this Section.
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 the 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 corrective action, closure, or post-closure care an owner or
operator, or any other person authorized to perform corrective action, closure,
or post-closure care, 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 amounts the Agency
specifies in writing as expenditures made in accordance with the closure,
post-closure care, or corrective action plan.
3) If the Agency determines, based on
information 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 amounts 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. If 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).
