A Financial Assurance Forms

Section 807.APPENDIX A   Financial Assurance Forms Section 807.ILLUSTRATION H   Owner's or Operator's Bond With Parent Surety Owner's or Operator's Bond With Surety Date bond executed: Effective date: Surety: Surety's address: Owner or Operator: Owner or Operator's address: Site: Site address: Penal Sum: $ The Owner or Operator and Surety promise to pay the above penal sum to the Illinois Environmental Protection Agency ("IEPA") unless the Owner or Operator provides closure and post-closure care of the site in accordance with the closure and post-closure care plans for the site.  To the payment of this obligation the Owner or Operator and Surety jointly and severally bind themselves, their heirs, executors, administrators, successors and assigns. Whereas the Owner or Operator is required, under Section 21(d) of the Environmental Protection Act [415 ILCS 5/21(d)], to have a permit to conduct a waste disposal operation; and Whereas the Owner or Operator is required, under Section 21.1 of the Environmental Protection Act [415 ILCS 5/21.1], to provide financial assurance for closure and post-closure care; and Whereas the Owner or Operator and Surety agree that this bond shall be governed by the laws of the State of Illinois; and Whereas the Surety is a corporation which owns an interest in the Owner or Operator; The Surety shall pay the penal sum to the IEPA if, during the term of the bond, the Owner or Operator fails to provide closure or post-closure care for any site in accordance with the closure and post-closure care plans for that site as guaranteed by this bond.  The Owner or Operator fails to so provide when the Owner or Operator: a)         Abandons the site; b)         Is adjudicated bankrupt; c)         Fails to initiate closure of the site or post-closure care when ordered to do so by the Illinois Pollution Control Board or a court of competent jurisdiction; d)         Notifies the IEPA that it has initiated closure, or initiates closure, but fails to close the site or provide post-closure care in accordance with the closure and post-closure care plans; or e)         Fails to provide alternate financial assurance and obtain the IEPA written approval of the assurance provided within 90 days after receipt by the IEPA of a notice from the Surety that the bond will not be renewed for another term. The Surety shall pay the penal sum of the bond to the IEPA within 30 days after the IEPA mails notice to the Surety that the Owner or Operator has met one or more of the conditions described above.  Payment shall be made by check or draft payable to the State of Illinois, Landfill Closure and Post-Closure Fund. The liability of the Surety shall not be discharged by any payment or succession of payments unless and until such payment or payments shall amount in the aggregate to the penal sum of the bond.  In no event shall the obligation of the Surety exceed the amount of the penal sum. This bond shall expire on the ______day of ________, ________ [date]; but such expiration date shall be automatically extended for a period of ________ [at least one year] on _________ [date] and on each successive expiration date, unless, at least 120 days before the current expiration date, the Surety notifies both the IEPA and the Owner or Operator by certified mail that the Surety has decided not to extend this surety bond beyond the current expiration date.  The 120 days will begin on the date when both the Owner or Operator and the IEPA have received the notice, as evidenced by the return receipts. The Owner or Operator may terminate this bond by sending written notice to the Surety; provided, however, that no such notice shall become effective until the Surety received written authorization for termination of the bond from the IEPA in accordance with 35 Ill. Adm. Code 807.604. In Witness Whereof, the Owner or Operator and Surety have executed this bond and have affixed their seals on the date set forth above. The persons whose signatures appear below certify that they are authorized to execute this surety bond on behalf of the Owner or Operator and Surety and that the wording of this surety bond is identical to the wording specified in 35 Ill. Adm. Code 807.Appendix A, Illustration H as such regulation was constituted on the date this bond was executed. Owner or Operator Surety Signature Name Typed Name Address Title State of Incorporation Date Signature Typed Name Title Corporate Seal Corporate Seal