Illinois Administrative Code › Title 32 - ENERGY › Part 326 - FINANCIAL ASSURANCE REQUIREMENTS › Section 326.90 - Financial Assurance Arrangements

Current through Register Vol. 48, No. 28, July 12, 2024
This Section shall apply to applicants for specific licenses
				and general and specific licensees required to secure and file financial
				assurance arrangements with the Agency.
a) The licensee or applicant shall choose
			 from the financial assurance arrangements specified in Sections
			 326.100
			 through
			 326.160.
b) The wording of the financial assurance
			 arrangement shall contain the provisions described in this Part, and may use
			 wording identical to the wording of the corresponding arrangement in Appendices
			 B through F. No additional restrictions may be placed on any financial
			 assurance arrangement filed with the Agency.
c) A signed original of the financial
			 assurance arrangement shall be provided to and filed with the Agency in a
			 dollar amount greater than or equal to either the amount specified in Section
			 326.70(a)
			 or the amount specified in a cost estimate approved by the Agency in order to
			 continuously cover the cost estimate for decommissioning.
1) The cost estimate and reclamation plan
			 shall be reviewed annually by the licensee or when required by the Agency. The
			 Agency may require the licensee to adjust the value of the cost estimate and
			 reclamation plan to recognize any increases or decreases resulting from
			 inflation or deflation, changes in engineering plans, activities performed and
			 any other condition affecting costs for reclamation. These changes will be
			 required to ensure that sufficient financial assurance amounts are provided and
			 retained to cover cost of reclamation.
2) When a change in activities not requiring
			 a license amendment would raise the cost estimate for reclamation to an amount
			 greater than the amount of the financial assurance arrangements currently filed
			 with the Agency, the licensee shall notify the Agency within 60 days after the
			 increase. This notification shall include submission of revised cost estimates
			 and reclamation plans for Agency review and approval. Upon approval of the
			 revised cost estimates, the licensee may be required to file additional
			 financial assurance arrangements at least equal to this increase.
3) When a license amendment would raise the
			 cost estimate for reclamation to an amount greater than the amount of the
			 financial assurance arrangements currently filed with the Agency, the amendment
			 shall be held until the required financial assurance arrangements are
			 established.
4) When the current
			 reclamation cost estimate decreases, upon the written request of the licensee,
			 and provided that the decrease is verified by the Agency, the Agency shall
			 authorize the reduction in the amount of financial assurance required for the
			 facility to the amount of the approved amended reclamation cost estimate.
AGENCY NOTE: If the license is amended and the licensee no
				longer meets the criteria for needing a reclamation plan (specified in Section
				326.60
				or
				326.70(b)
				), but still must secure financial assurance in accordance with Section
				326.70(a),
				the licensee may substitute new arrangements to meet the requirements of
				Section
				326.70(a).
5) For specific licensees, the term of the
			 financial assurance arrangement shall be for the period from issuance of the
			 license until termination of the license by the Agency in accordance with 32
			 Ill. Adm. Code 330.
6) For general
			 licensees, the term of the financial assurance arrangement shall be for the
			 period from approval of the financial assurance arrangement until all devices
			 covered by the instrument have been properly transferred or disposed
			 of.
7) The Agency will release all
			 financial assurance arrangements not drawn upon pursuant to Section
			 326.180,
			 upon termination of the license, or if the license is amended so that the
			 license is no longer subject to financial assurance requirements of Section
			 326.60
			 or 326.70.