Illinois Administrative Code
Title 8 - AGRICULTURE AND ANIMALS
Part 900 - LIVESTOCK MANAGEMENT FACILITY REGULATIONS
Subpart G - LAGOON FINANCIAL RESPONSIBILITY
Section 900.701 - Scope, Applicability, and Definitions
Universal Citation: 8 IL Admin Code ยง 900.701
Current through Register Vol. 48, No. 38, September 20, 2024
a) This Subpart provides procedures by which the owner of a new or modified livestock waste lagoon registered under the Livestock Management Facilities Act provides evidence of financial responsibility satisfying the requirements of Section 17 of the Livestock Management Facilities Act.
b) Owners of lagoons must comply with the financial responsibility requirements of this Part either:
1) on or before June 1,
1999; or
2) before the lagoon is
placed in service.
c) For the purposes of this Subpart, the following terms have the following meanings:
1) "Audited financial statement"
means financial statements, including a balance sheet and notes to financial
statements, prepared in conformity with generally accepted accounting
principles following an examination conducted in accordance with generally
accepted auditing standards that has attached the unqualified opinion of an
independent certified public accountant licensed under Illinois law or an
entity permitted to engage in the practice of public accounting under
subsection (b)(3) of Section 14 of the Illinois Public Accounting Act
[225
ILCS 450/14] .
2) "Financial institution" means:
A) An insurer providing commercial or private
insurance to evidence financial responsibility for lagoon closure in accordance
with Section
900.709
of this Part;
B) A guarantor
providing a guarantee as evidence of financial responsibility for lagoon
closure in accordance with Section
900.710 of this
Part;
C) The issuer of a surety
bond as evidence of financial responsibility for lagoon closure in accordance
with Section
900.711 of this
Part;
D) The issuer of a letter of
credit as evidence of financial responsibility for lagoon closure in accordance
with Section
900.712 of this
Part; or
E) The livestock waste
lagoon closure fund managed by the Illinois Farm Development Authority that
evidences financial responsibility for lagoon closure in accordance with
Section
900.714
of this Part.
3)
"Guarantor" means a person who assumes all or part of the obligations of a
lagoon owner for closure of a lagoon in accordance with Section
900.710 of this Part.
For purposes of this definition, the owner of the lagoon may be the guarantor
provided adequate resources exist to guarantee the closure costs in accordance
with Section
900.710 of this
Part.
4) "Level of surety" means
the level, calculated in accordance with Section
900.703 of this
Part, at which evidence of financial responsibility must be provided.
5) "Surety instrument" means any of the
devices listed in Section
900.702
of this Part by which a lagoon owner evidences financial responsibility for
lagoon closure. Unless the context requires otherwise, "surety instrument"
includes a combination of surety instruments.
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