Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 848 - MANAGEMENT OF USED AND WASTE TIRES › Subpart D - FINANCIAL ASSURANCE › Section 848.410 - Trust Fund

Current through Register Vol. 48, No. 28, July 12, 2024
a) An owner or
				operator may satisfy the requirements of this Subpart by establishing a trust
				fund that conforms to the requirements of this Section and submitting an
				originally signed duplicate of the trust agreement to the Agency.
b) The trustee must be an entity that has the
				authority to act as a trustee and whose trust operations are regulated and
				examined by a federal or state agency.
c) The trust agreement must be irrevocable,
				must be on forms prescribed by the Agency, must be accompanied by a formal
				certification of acknowledgment on a form prescribed by the Agency, and must
				contain provisions addressing, at a minimum, the establishment, management, and
				termination of the trust and a schedule listing, at a minimum, the sites
				covered by the trust, the current approved removal cost for each of those
				sites, and prohibitions against third party access to the trust funds other
				than as provided in the trust agreement. The schedule required under this
				subsection (c) must be in the form prescribed by the Agency and must be updated
				within 60 days after a change in the amount of the current approved removal
				cost for any site covered by the trust.
d) Payments into the Trust
1) The owner or operator must make a payment
				into the trust fund each year during the pay-in period. However, after
				expiration of the pay-in period, neither the owner nor the operator may use a
				pay-in period to fund the trust and must instead make a lump sum payment to
				further fund the trust.
2) The
				pay-in period is three years and commences on the date any of the sites covered
				by the trust agreement first receives used or waste tires.
3) Annual payments are determined by the
				following formula:
Annual payment
=
(CE-CV)/Y
where:
CE
=
Current total approved removal cost estimate for all
							 sites covered by the trust agreement
CV
=
Current value of the trust fund
Y
=
Number of years remaining in the pay in
							 period.
4)
				The owner or operator must make the first annual payment before used or waste
				tires are received at a site covered by the trust agreement. Before receiving
				used tires at a site covered by the trust agreement, the owner or operator must
				submit to the Agency a receipt from the trustee for the first annual
				payment.
5) Subsequent annual
				payments must be made no later than 30 days after each anniversary of the first
				payment.
6) The owner or operator
				may either accelerate payments into the trust fund, or may deposit the full
				amount of the current approved removal cost estimate at the time the fund is
				established.
7) The owner or
				operator must maintain the value of the fund at no less than the value the fund
				would have if annual payments were made as specified in subsection
				(d)(3).
8) If the owner or operator
				establishes a trust fund after having used one or more alternative mechanisms,
				the first payment must be in at least the amount the fund would contain if the
				trust fund were established initially and payments made as provided in
				subsection (d)(3).