Illinois Administrative Code
Title 8 - AGRICULTURE AND ANIMALS
Part 900 - LIVESTOCK MANAGEMENT FACILITY REGULATIONS
Subpart G - LAGOON FINANCIAL RESPONSIBILITY
Section 900.713 - Certificate of Deposit or Designated Savings Account
Current through Register Vol. 48, No. 12, March 22, 2024
a) A lagoon owner may provide evidence of financial responsibility for closure of a livestock waste lagoon by designating certificates of deposit or savings accounts for use as financial responsibility.
b) The issuing or depository financial institution must be an entity whose deposits are insured by the Federal Deposit Insurance Corporation or the Federal Savings and Loan Insurance Corporation.
c) The Department may draw on the certificates of deposit or savings accounts to pay the costs of closing a lagoon in accordance with this subsection. The Department shall close a lagoon when the lagoon is removed from service and:
d) The Director of the Department shall be listed as trustee of the certificates of deposit or savings accounts for the lagoon owner.
e) At maturity of any certificate of deposit designated as financial responsibility for lagoon closure, the certificate shall be renewed or the proceeds deposited into a designated savings account that meets the requirements of this Section.
f) The Department shall relinquish trusteeship of the certificates of deposit or savings accounts when: