Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 721 - IDENTIFICATION AND LISTING OF HAZARDOUS WASTE › Subpart H - FINANCIAL REQUIREMENTS FOR MANAGEMENT OF EXCLUDED HAZARDOUS SECONDARY MATERIALS › Section 721.243 - Financial Assurance Condition

Current through Register Vol. 48, No. 28, July 12, 2024
As required by Section
				  721.104(a)(24)(F)(vi),
				  an owner or operator of a reclamation facility or an intermediate facility must
				  have financial assurance as a condition of the exclusion. The owner or operator
				  must choose from among the options specified in subsections (a) through
				  (e).
a) Trust Fund
1) An owner or operator may satisfy the
				requirements of this Section by establishing a trust fund that conforms to the
				requirements of this subsection (a) and submitting an originally signed
				duplicate of the trust agreement to the Agency. 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.
2) The wording of the trust agreement must be
				identical to the wording specified by the Agency pursuant to Section
				721.251,
				and the trust agreement must be accompanied by a formal certification of
				acknowledgment as specified by the Agency pursuant to Section 721.251. Schedule
				A of the trust agreement must be updated within 60 days after any change in the
				amount of the current cost estimate covered by the agreement.
3) The trust fund must be funded for the full
				amount of the current cost estimate before it may be relied upon to satisfy the
				requirements of this Section.
4)
				Whenever the current cost estimate changes, the owner or operator must compare
				the new cost estimate with the trustee's most recent annual valuation of the
				trust fund. Within 60 days after the change in the cost estimate, if the value
				of the fund is less than the amount of the new cost estimate, the owner or
				operator must either deposit an amount into the fund so that its value after
				this deposit at least equals the amount of the current cost estimate, or the
				owner or operator must obtain other financial assurance that satisfies the
				requirements of this Section to cover the difference.
5) If the value of the trust fund is greater
				than the total amount of the current cost estimate, the owner or operator may
				submit a written request to the Agency for release of the amount in excess of
				the current cost estimate.
6) If an
				owner or operator substitutes other financial assurance that satisfies the
				requirements of this Section for all or part of the trust fund, it may submit a
				written request to the Agency for release of the amount in excess of the
				current cost estimate covered by the trust fund.
7) Within 60 days after receiving a request
				from the owner or operator for a release of funds, as specified in subsection
				(a)(5) or (a)(6), the Agency must instruct the trustee to release to the owner
				or operator such funds as the Agency specifies in writing. If the owner or
				operator begins final closure pursuant to Subpart G of 35 Ill. Adm. Code 724 or
				725, it may request reimbursements for partial or final closure expenditures by
				submitting itemized bills to the Agency. The owner or operator may request
				reimbursements for partial closure only if sufficient funds are remaining in
				the trust fund to cover the maximum costs of closing the facility over its
				remaining operating life. No later than 60 days after receiving bills for
				partial or final closure activities, if the Agency determines that the partial
				or final closure expenditures are in accordance with the approved closure plan,
				or otherwise justified, the Agency must instruct the trustee to make
				reimbursements in those amounts as the Agency specifies in writing. If the
				Agency has reason to believe that the maximum cost of closure over the
				remaining life of the facility will be significantly greater than the value of
				the trust fund, the Agency may withhold reimbursements of such amounts as the
				Agency deems prudent until the Agency determines, in accordance with 35 Ill.
				Adm. Code
				725.243(i),
				that the owner or operator is no longer required to maintain financial
				assurance for final closure of the facility. If the Agency does not instruct
				the trustee to make such reimbursements, the Agency must provide to the owner
				or operator a detailed written statement of reasons.
8) The Agency must agree to termination of
				the trust fund when either of the following has occurred:
A) The Agency determines that the owner or
				operator has substituted alternative financial assurance that satisfies the
				requirements of this Section; or
B)
				The Agency releases the owner or operator from the requirements of this Section
				in accordance with subsection (i).