Financial Mechanism for Multiple Facilities

Section 704 Section 704.221  Financial Mechanism for Multiple Facilities An owner or operator may use a financial assurance mechanism specified in Sections 704.213 or 704.220 to meet the financial assurance requirement for more than one injection well.  Evidence of financial assurance submitted to the Agency must include a list showing, for each injection well, the USEPA identification number, name, address, and the amount of funds for plugging and abandonment assured by the mechanisms.  The operator must provide sufficient financial assurance to the Agency to plug and abandon all of the wells the operator has in Illinois.  The amount of funds available through the mechanism must be no less than the sum of funds that would be available if a separate mechanism has been established and maintained for each injection well.  In directing funds available through the mechanism for plugging and abandonment of any of the injection wells covered by the mechanism, the Agency may direct only the amount of funds designated for that injection well, unless the owner or operator agrees to use additional funds available under the mechanism. BOARD NOTE:  Derived from 40 CFR 144.63(h) (2005).