Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 848 - MANAGEMENT OF USED AND WASTE TIRES › Subpart G - TIRE STORAGE PERMITS › Appendix A - Financial Assurance Forms › ILLUSTRATION B - Surety Bond Guaranteeing Payment

Current through Register Vol. 48, No. 28, July 12, 2024
Surety Bond Guaranteeing
					 Payment
Date bond executed:
					 _____________________________________________________
Effective date:
					 __________________________________________________________
Principal:
					 ______________________________________________________________
Type of Organization:
					 _____________________________________________________
State of incorporation:
					 ____________________________________________________
Surety(ies):
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
______________________________________________________________________
Removal Amount
					 ________________________
Illinois EPA I.D. No.
					 _______________________________________________________
Name
					 _________________________________________________________________
Address
					 _______________________________________________________________
City
					 ___________________________________________________________________
Illinois EPA I.D. No.
					 _______________________________________________________
Name
					 _________________________________________________________________
Address
					 _______________________________________________________________
City
					 ___________________________________________________________________
Please attach a separate page if more space is needed for
					 all facilities.
Total penal sum of bond: $
					 __________________________________________________
Surety's bond number:
					 _____________________________________________________
Know All Persons By These Presents, That we, the Principal
					 and Surety(ies) hereto are firmly bound to the Illinois Environmental
					 Protection Agency (hereinafter called Illinois EPA), in the above penal sum for
					 the payment of which we bind ourselves, our heirs, executors, administrators,
					 successors, and assigns jointly and severally; provided that, where the
					 Surety(ies) are corporations acting as co-sureties, we, the Sureties, bind
					 ourselves in such sum "jointly and severally" only for the purpose of allowing
					 a joint action or actions against any or all of us, and for all other purposes
					 each Surety binds itself, jointly and severally with the Principal, for the
					 payment of such sum only as is set forth opposite the name of such Surety, but
					 if no limit of liability is indicated, the limit of liability shall be the full
					 amount of the penal sum.
Whereas, the Illinois Pollution Control Board (IPCB), has
					 established certain regulations applicable to the Principal, requiring that an
					 owner or operator of a used or waste tire storage or disposal site provide
					 assurance that funds will be available when needed for removal of used and
					 waste tires from the site; and
Whereas said Principal shall establish a standby trust fund
					 as is required when a surety bond is used to provide such financial
					 assurance.
The bond must guarantee that the Principal will perform
					 removal in accordance with the removal plan and guarantee that, within 90 days
					 after receipt by both the Principal and the Illinois EPA of a notice of
					 cancellation of the bond from the Surety(ies), provide alternate financial
					 assurance in accordance with 35 Ill. Adm. Code 848, Subpart D and obtain the
					 Illinois EPA's written approval of the assurance provided.
The surety will become liable on the bond obligation when,
					 under the term of the bond, the owner or operator fails to perform as
					 guaranteed by the bond. The owner or operator fails to perform when the owner
					 or operator does any one or more of the following:
A) abandons the site;
B) is adjudicated bankrupt;
C) within 30 days after the date on which the
				  known final volume of used or waste tires is received, either (i) fails to
				  complete removal or (ii) fails to submit a removal plan that is approved by the
				  Illinois EPA in accordance with 35 Ill. Adm. Code 848.506;
D) fails to initiate removal when ordered to
				  do so by the IPCB pursuant to Title VIII of the Illinois Environmental
				  Protection Act, or when ordered to do so by a court of competent
				  jurisdiction;
E) fails to complete
				  removal in accordance with the approved removal plan; or
F) fails, within 90 days after receipt by
				  both the owner or operator and the Illinois EPA of a notice of cancellation of
				  the surety bond, to provide alternate financial assurance and obtain the
				  Illinois EPA's written approval of the assurance provided.
If the Principal provides alternate financial assurance, as
					 specified in 35 Ill. Adm. Code 848, Subpart D as applicable, and obtains the
					 Illinois EPA Director's written approval of such assurance, within 90 days
					 after the date notice of cancellation is received by both the Principal and the
					 Illinois EPA from the Surety(ies), then this obligation shall be null and void;
					 otherwise it is to remain in full force and effect.
The Surety(ies) shall become liable on this bond obligation
					 only when the Principal has failed to fulfill the conditions described above.
					 Upon notification by the Illinois EPA Director that the Principal has failed to
					 perform as guaranteed by this bond, the Surety(ies) shall place funds in the
					 amount guaranteed for the facility(ies) into the standby trust fund as directed
					 by the Illinois EPA Director.
The liability of the Surety(ies) shall not be discharged by
					 any payment or succession of payments hereunder, unless and until such payment
					 or payments shall amount in the aggregate to the penal sum of the bond, but in
					 no event shall the obligation of the Surety(ies) hereunder exceed the amount of
					 said penal sum.
The Surety(ies) may cancel the bond by sending notice of
					 cancellation by certified mail to the Principal and to the Illinois EPA
					 Director, provided, however, that cancellation shall not occur during the 120
					 days beginning on the date of receipt of the notice of cancellation by both the
					 Principal and the Illinois EPA Director, as evidenced by the return
					 receipts.
The Principal may terminate this bond by sending written
					 notice to the Surety(ies), provided, however, that no such notice shall become
					 effective until the Surety(ies) receive(s) written authorization for
					 termination of the bond by the Illinois EPA Director.
(The following paragraph is an optional rider that may be
					 included but is not required.)
Principal and Surety(ies) hereby agree to adjust the penal
					 sum of the bond yearly so that it guarantees a new removal amount, provided
					 that the penal sum does not increase by more than 20 percent in any one year,
					 and no decrease in the penal sum takes place without the written permission of
					 the Illinois EPA Director.
In Witness Whereof, the Principal and Surety(ies) have
					 executed this Financial Guarantee Bond and have affixed their seals on the date
					 set forth above.
The persons whose signatures appear below hereby certify
					 that they are authorized to execute this surety bond on behalf of the Principal
					 and Surety(ies) and that the wording of this surety bond was not altered or
					 modified in any way other than as intended to complete the surety bond.
Principal Signature(s)
					 ____________________________________________________
Name(s)
					 ______________________________________________________________
Title(s)
					 ________________________________________________________________
Corporate seal
Corporate Surety(ies)
Name
					 _________________________________________________________________
Address
					 _______________________________________________________________
State of incorporation:
					 _____________________________________________________
Liability limit:
					 _$__________________________________________________________
Signature(s)
					 ____________________________________________________________
Name(s)
					 _______________________________________________________________
Title(s)
					 _________________________________________________________________
Corporate seal
Co-surety(ies)
					 ___________________________________________________________
Name
					 _________________________________________________________________
Address
					 _______________________________________________________________
State of incorporation:
					 _____________________________________________________
Liability limit:
					 _$__________________________________________________________
Signature(s)
					 ____________________________________________________________
Name(s)
					 _______________________________________________________________
Title(s)
					 _________________________________________________________________
Bond premium: _$____
___________________ of
					 _______________________________________________
______________________________________________________________________