Illinois Administrative Code › Title 35 - ENVIRONMENTAL PROTECTION › Part 725 - INTERIM STATUS STANDARDS FOR OWNERS AND OPERATORS OF HAZARDOUS WASTE TREATMENT, STORAGE, AND DISPOSAL FACILITIES › Subpart H - FINANCIAL REQUIREMENTS › Section 725.245 - Financial Assurance for Post-Closure Monitoring and Maintenance

Current through Register Vol. 48, No. 28, July 12, 2024
An owner or operator of a facility with a hazardous waste
				  disposal unit must establish financial assurance for post-closure care of the
				  disposal units. The owner or operator must choose from the following
				  options:
a) Post-Closure Trust Fund
1) An owner or operator may satisfy the
				requirements of this Section by establishing a post-closure trust fund that
				conforms to the requirements of this subsection and submitting an original,
				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
				as specified in 35 Ill. Adm. Code
				724.251
				and the trust agreement must be accompanied by a formal certification of
				acknowledgment (as specified in 35 Ill. Adm. Code 724.251). Schedule A of the
				trust agreement must be updated within 60 days after a change in the amount of
				the current post-closure cost estimate covered by the agreement.
3) Payments into the trust fund must be made
				annually by the owner or operator over the remaining operating life of the
				facility as estimated in the closure plan; this period is hereafter referred to
				as the "pay-in period". The payments into the post-closure trust fund must be
				made as follows:
A) The first payment must be
				at least equal to the current post-closure cost estimate, except as provided in
				subsection (f), divided by the number of years in the pay-in period.
B) Subsequent payments must be made no later
				than 30 days after each anniversary date of the first payment. The amount of
				each subsequent payment must be determined by this formula:
Next Payment
=
(
CE-CV
)
Y
Where:
CE
=
the current closure cost estimate
CV
=
the current value of the trust fund
Y
=
the number of years remaining in the pay-in
							 period
4) The owner or operator may accelerate
				payments into the trust fund or may deposit the full amount of the current
				post-closure cost estimate at the time the fund is established. However, the
				owner or operator must maintain the value of the fund at no less than the value
				that the fund would have if annual payments were made as specified in
				subsection (a)(3).
5) If the owner
				or operator establishes a post-closure trust fund after having used one or more
				alternate mechanisms specified in this Section, the owner or operator's first
				payment must be in at least the amount that the fund would contain if the trust
				fund were established initially and annual payments made as specified in
				subsection (a)(3).
6) After the
				pay-in period is completed, whenever the current post-closure cost estimate
				changes during the operating life of the facility, the owner or operator must
				compare the new estimate with the trustee's most recent annual valuation of the
				trust fund. If the value of the fund is less than the amount of the new
				estimate, the owner or operator, within 60 days after the change in the cost
				estimate, must either deposit an amount into the fund so that its value after
				this deposit at least equals the amount of the current post-closure cost
				estimate, or obtain other financial assurance as specified in this Section to
				cover the difference.
7) During the
				operating life of the facility, if the value of the trust fund is greater than
				the total amount of the current post-closure cost estimate, the owner or
				operator may submit a written request to the Agency for release of the amount
				in excess of the current post-closure cost estimate.
8) If an owner or operator substitutes other
				financial assurance as specified in this Section for all or part of the trust
				fund, owner or operator may submit a written request to the Agency for release
				of the amount in excess of the current post-closure cost estimate covered by
				the trust fund.
9) Within 60 days
				after receiving a request from the owner or operator for release of funds as
				specified in subsection (a)(7) or (a)(8), the Agency must instruct the trustee
				to release to the owner or operator such funds as the Agency specifies in
				writing.
10) During the period of
				post-closure care, the Agency must approve a release of funds if the owner or
				operator demonstrates to the Agency that the value of the trust fund exceeds
				the remaining cost of post-closure care.
11) An owner or operator or any other person
				authorized to perform post-closure care may request reimbursement for
				post-closure care expenditures by submitting itemized bills to the Agency.
				Within 60 days after receiving bills for post-closure activities, the Agency
				must instruct the trustee to make reimbursement in those amounts as the Agency
				specifies in writing if the Agency determines that the post-closure care
				expenditures are in accordance with the approved post-closure plan or otherwise
				justified. If the Agency does not instruct the trustee to make such
				reimbursements, the Agency must provide the owner or operator with a detailed
				written statement of reasons.
12)
				The Agency must agree to termination of a trust when either of the following
				occurs:
A) An owner or operator substitutes
				alternate financial assurance, as specified in this Section; or
B) The Agency releases the owner or operator
				from the requirements of this Section in accordance with subsection
				(h).